We sure missed this opportunity. This oceanfront house recently sold for a mere $34.1 million. The house was once the home of Tyco CEO, Dennis Kozlowski.
Read more here.
This AP article said that Nevada’s unemployment rate dropped for October to 14.2%. But, did it really?
Nevada’s unemployment rate dropped in October to 14.2 percent, marking the first decrease in almost five years and suggesting the recession’s choking hold on the state’s economy may be easing, the Department of Employment, Training and Rehabilitation reported Monday.
The article was also published in the RGJ (I was no longer able to find that story). But notice that it came only four days after a somewhat different story that said Nevada’s GDP decline is the worst in the US.
Gross Domestic Product decreased in 38 states in 2009, including by 6.4 percent over 2008 in Nevada.The Silver State had the largest decline in the U.S.
Since all of the data is from government sources its veracity is questionable at best. The government wants to convince us that they are doing a good job and have changed the methods that they display the statistics for that very purpose.
Now, we get another article where it explains that the drop in unemployment is actually due to Nevadans leaving the state for greener pastures. I tend to believe this story more that the others.
“Most likely, a number of workers have moved out of the state, while some have become discouraged and stopped looking for work,” he said.
Parker also said the state’s unemployment rate is heavily impacted by a decline in Nevada’s workforce as people leave the state and to look for work elsewhere.
Estimates show Nevada will lose 70,000 residents this year, Parker said.
The migration has been occurring for some time, Parker said, but this is the first month people have been leaving the state’s labor force faster than it has been losing jobs.
Ultimately, the decline should not be seen as a sign that Nevada is coming out of the recession, primarily because the state is still losing jobs.
I, for one, am not convinced that Nevada is anywhere near the end of the recession.
Banks have been trying to get out from under problems caused by the robo-signers and fraudulent documents filed in foreclosure proceedings. It appears, however that they might have moved too slowly.
The race is on for the banks to keep the scandal from metastasizing. Crisis management specialists are working around the clock to help banking executives stem the financial and public relations disaster. Shares of Bank of America, the biggest U.S. lender, are already down 21 percent for the year, making it the biggest laggard in the 30 stocks that make up the Dow Jones industrial average.
Now they are facing a blizzard of lawsuits seeking damages for homeowners that believe they were foreclosed illegally.
The class actions, which could be expanded nationally, seek damages for homeowners whose properties were illegally foreclosed upon by banks using fraudulent documents. Suits have been filed in Maryland, New Jersey and Massachusetts that target Bank of America Corp., Wells Fargo & Co., HSBC PLC and JPMorgan Chase & Co. In Florida and Maine, Ally Financial, formerly known as GMAC Mortgage, is also being targeted.
Congress is also beginning to stick its nose into the situation thinking they may find some votes. The problem is due to get much worse.
Read more here: http://www.msnbc.msn.com/id/40241849/ns/business-us_business
With the large number of foreclosures that have taken place in Nevada the banks have resorted to auction companies to dispose of their large inventories of REO properties. REDC is one of these companies.
I have, in the past, purchased properties through REDC andfound the process painless. However, I have had reports recently, that a winning bid merely constitutes a place for the banks to begin the negotiation process to sell their REO’s.
One buyer told that the bank eventually accepted the price of their winning bid
now, here is an article that tells of a “quick” closing transaction through REDC. It only took 51 days to quickly close the cash sale.
It was still a profitable deal.