US senators say have deal on housing rescue bill

US senators say have deal on housing rescue bill 
 
WASHINGTON - LEADERS of the United States Senate Banking Committee said they had reached a deal on legislation to create a multibillion dollar mortgage rescue fund and a new regulator for housing finance companies Fannie Mae and Freddie Mac.
The plan would enable the Federal Housing [...]

US entered recession in Q1: Merrill

US entered recession in Q1: Merrill 
 
NEW YORK - THE United States economy is currently in a recession that began last quarter, Merrill Lynch said.
The call comes despite the fact that gross domestic product grew 0.6 per cent in the January-March period, a meagre but still-positive rate.
 
GDP readings are subject to sharp revisions [...]

BOJ keeps rates steady in uncertain times

BOJ keeps rates steady in uncertain times
 
TOKYO - The Bank of Japan (BOJ) left interest rates unchanged at 0.5 per cent on Tuesday, as expected, opting to take more time to determine when the fog will clear from the economy - both in Japan and around the world.
 
Uncertainty over the global economy and soaring energy [...]

BOJ revises up view on housing investment

BOJ revises up view on housing investment
 
TOKYO - The Bank of Japan (BOJ) upgraded its view on housing investment in its monthly report released on Tuesday, saying it has been recovering moderately.
 
The BOJ had said in last month’s report that there were signs of recovery in housing investment although it remained at low levels. [...]

Offering defaulters a way out

Offering defaulters a way out
 
Distressed mortgage buyers play a role in easing the US out of its worst housing slump since the 1930s, writes BOB IVRY
 
THE way out of the worst US housing slump since the 1930s goes through Angel Gutierrez.
 
Mr Gutierrez buys bad mortgages a dozen at a time for a fraction of their [...]

World property markets frozen: Mack

World property markets frozen: Mack
 
Bid-ask price gaps are too wide, many are sitting on the sidelines
 
(NEW YORK) Global real estate markets are frozen because buyers and sellers remain far apart on price and aren’t ready to concede values won’t return to levels achieved in 2007, Apollo Real Estate Advisors LP senior partner William Mack said.
 
‘The [...]

Fancy Aguilera’s home? Price: US$8m

Fancy Aguilera’s home? Price: US$8m

ANN BRENOFF provides the lowdown on hot celebrity properties on sale in the Los Angeles area
 
THERE’S nothing like new motherhood to get you thinking about the nest, which may explain why singer-songwriter Christina Aguilera, whose son was born in January, has listed her Hollywood Hills home for US$7,995,000.
 
Or maybe it’s [...]

Squatting on rise as US foreclosures surge

Squatting on rise as US foreclosures surge
 
Some pose as tenants who seek cash from banks as a condition to leave
 
(BROCKTON, Massachusetts) They enter through a broken first-floor window each night to sleep on a mouldy bed in the abandoned four-family house at 827 Main Street, part of a new generation of squatters emboldened by America’s [...]

California’s luxury home prices down: poll

California’s luxury home prices down: poll
 
Fall for 2nd straight quarter due to banks demanding higher credit scores
 
(SAN FRANCISO) California’s luxury home prices fell for the second consecutive quarter as banks required higher credit scores and downpayments, reducing the number of potential buyers in the state’s wealthiest communities.
 
The average price of a luxury home in the [...]

Renovation costs to get tax relief

Renovation costs to get tax relief
 
BUSINESSES can now claim new deductions on capital spending, thanks to a new tax incentive introduced by the Inland Revenue Authority of Singapore (IRAS) after it was approached by the Pro-Enterprise Panel (PEP).
 
Just about all businesses spend on fixtures and fittings, either to refurbish the premises for a fresher look [...]