XIAMEN, China/BEIJING (Reuters) - Yang Xiaodao, a 26-year-old civil servant in the Chinese city of Xiamen, says taking out a 30-year-mortgage on a two-bedroom apartment with her husband was the most regrettable decision of her life. FILE PHOTO - Buildings under construction are seen in downtown Xiamen, Fujian province, China July 8, 2018. REUTERS/Stella Qiu Although their parents covered the 1.5 million yuan (£172,285) down payment on the 2.9 million yuan flat, mortgage payments eat up more than 70 percent of the couple’s combined income of about 10,000 yuan a month - average for the city. “Our spending power has plummeted,” Yang said. “We do not dare to have a kid. We do not dare to buy a car. We do not dare to travel.” Throughout China, home prices that are among the highest in the world relative to incomes have pushed millions of households to debt levels similar to those seen in the United States just before its housing crisis, … [Read more...] about In China’s debt-laden Xiamen, real estate boom chokes consumption
Real estate markets
Paul F. P. Pogue Angie's List Published 10:10 p.m. UTC Jul 5, 2018 Buying or selling a home can be a daunting task. But doing so without a real estate agent can be even more so. After all, the job of a real estate agent is to cover the many details involved to ensure you’re getting the best possible outcome in your new home purchase or home sale. The benefits Agents bring a number of advantages. They have a vested interest in giving you the best customer service possible, as many depend on referrals and references to grow their customer base. And they also have a deep knowledge of the local real estate market and their ear to the ground about potential new listings and buyers. Further, since they handle scheduling, negotiations and other details, it frees your time to focus on the other aspects of your move and minimizes the risk of disagreements between you and the other party. Using a buyer's agent A homebuyer should consider a few key factors before soliciting the help … [Read more...] about Angie’s List: Do I need a real estate agent?
Several Baltimore-area homeowners are suing the largest residential real estate team in the state, alleging a "scheme of fraud and misrepresentations" involving home purchases, sales and financing.The suit, a proposed class action, names the Creig Northrop Team, Long & Foster and several mortgage firms — including Long & Foster's Prosperity Mortgage Co. — as defendants.A similar lawsuit brought against the Northrop team by a Howard County couple was settled in March.The new suit was filed Dec. 9. It alleges that the defendants used a complex scheme to get clients to buy new homes without first selling their old ones, requiring two new loans rather than one and netting more fees and commissions for the companies. The defendants fabricated documents to make these deals possible, the lawsuit also alleges.A Long & Foster spokeswoman said Monday that the company could not comment on pending litigation. Creig Northrop said he had not been served with the lawsuit and … [Read more...] about Lawsuit alleges fraud in real estate transactions
Like the sound of a Greek Revival mansion with an "amazing view"? Want to own a "piece of Baltimore history"? Willing to look beyond a "scarred exterior"? Baltimore Housing has launched a marketing campaign for a select group of so-called "eclectic" properties owned by the city, in an effort to highlight the value hidden in the sea of roughly 1,000 vacant buildings it has listed for sale.The 18 sites, drawn from across the city, include the 1838 Upton Mansion, two former schools, two firehouses, a brick warehouse, and a one-time library, as well as some vacant lots open for new construction and several blocks of rowhouses traditionally associated with the Vacants to Value program."A must-see," urge the city's materials of a five-story late-Victorian brick building listed on the National Historic Register at 1313 Druid Hill Ave., within walking distance of State Center and close to nearby schools and transit. (The city dropped the former orphanage's name — Home of the Friendless.) … [Read more...] about City goes real estate agent, pitching ‘ecletic’ surplus property
Nine real estate listing services in the Mid-Atlantic are merging to form one of the largest Realtor-owned systems in the nation, with 10 million property records.The new service, Bright MLS, includes the Metropolitan Regional Information Systems Inc., or MRIS, which spans Maryland, Virginia, Washington and parts of Pennsylvania, Delaware and West Virginia. Other owners are The Delaware Valley Real Estate Information Network Inc., or TREND, and other associations from Maryland, New Jersey, Pennsylvania and Delaware. MRIS and TREND are scheduled to announce the new venture Thursday.The system will have 85,000 Realtor and broker members and cover nearly 40,000 square miles, including parts of Maryland, Delaware, New Jersey, Pennsylvania, Virginia, Washington and West Virginia."Today's real estate market moves fast and is driven by a consumer with data, technology and high expectations," David Charron, Bright MLS's chief strategy officer and former president and CEO of MRIS, said in the … [Read more...] about MRIS and other real estate listing services merge into Bright MLS