Negative equity–what you have when you owe more on your home loan than the property is worth–is one of the defining features of the still-unfolding mortgage crisis. It’s a particularly nasty problem because it can lead to all sorts of unpleasant outcomes for the real estate market and the economy as a whole. Having negative [...]
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Metro: Boulder (Colo.) Share of homes with increasing values: 59.39% Median value: $347,200 Annual change: 2.12% Quarterly change: 3.86% Boulder, about 35 miles northwest of Denver, has had a relatively stable housing market, in part, because it is home to strong employers, including the University of Colorado, as well as a base of affluent residents. [...]
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Cleveland leads a slew of Midwestern towns on our annual list, but thanks to high taxes New York and Chicago make it too. The city of Cleveland has had a colorful history. The Cuyahoga River, which runs through the city, famously caught fire in 1969 thanks to rampant pollution, and it wasn’t the first time. [...]
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Purchasing a home is one of the biggest decisions that a person makes. Because of the serious financial commitment involved, most buyers are interested in securing the best deal possible when purchasing a home. As the economy continues to wreak havoc on our jobs and plans for retirement, many people are wondering when will be [...]
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Metro: Spartanburg (S.C.) Share of homes with increasing values: 56.81% Median value: $106,900 Annual change: 1.81% Quarterly change: 2.15% Spartanburg, about 75 miles west of Charlotte, is home to the world headquarters of Denny’s restaurant chain and three colleges—Converse College, Spartanburg Methodist College, and Wofford College. It has the state’s highest per capita college student [...]
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Avenida Mader and Plaza de Armas, Morelia, Michoacan, Mexico. One of the most compelling reasons to consider retiring to another country is the opportunity to reduce your cost of living, maybe dramatically. As one American I know who retired to Boquete, Panama put it recently, “Back in Tucson, Arizona, where I’m from, my monthly Social [...]
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Apparently not. At an auction held Wednesday in Los Angeles, no one was willing to throw down the minimum bid of $10.4 million. Debt-ridden movie star Nicolas Cage lost his Bel Air mansion to foreclosure on Wednesday. The courthouse auction was a flop, as no one was willing to make the minimum $10.4 million bid. [...]
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Where the world’s richest people unwind after a long day. Warren Buffett epitomizes living modestly in today’s tough economic climate. Despite a $47 billion fortune, the legendary investor — and the world’s third-richest man — lives in the same five-bedroom, gray stucco house he bought in Omaha, Neb.’s Happy Hollow suburb in 1958 for $31,500. [...]
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A mortgage is a loan secured by a property/house and paid in installments over a set period of time. The mortgage secures your promise that the money borrowed will be repaid.For most of us, a mortgage is the largest and most serious financial obligation we ever make. There are many different types of mortgages, each [...]
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If you’re a renter, you’re in good company. More than 95 million Americans rent their homes, according to the American Tenants Association. Maybe you live in a part of the country where the costs of home ownership are out of reach. Perhaps you don’t have the time or desire to tend to a home. Or [...]
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