Archive | May, 2011

Prices lowest since crises began.

The latest Standard & Poors S&P Shiller Home Price Index which came out Tuesday doesn’t bode well for the Cities at all.

In case you don’t know, I am referring to an index which is a composite 20 metropolitan area indices. It is a 3 month moving average of house prices.

Only one of the 20 metro areas showed an increase in prices from a year ago. That means 19 showed prices continuing to fall. And the greatest decline in prices, percentage-wise from those 19 metro areas – was…. yes you guessed it – Minneaplois.

Housing prices fell 10% in March from the same time frame in 2010.

It looks like prices have dipped to the lowest point since this real estate crisis started.

How low can we go? Good question. I wish I knew the answer.

Debt Collector leaves a trail of debt

I hope this guy gets the same treatment he apparently dished out to others when trying to collect.

According to the StarTribune:

Commerce Commissioner Mike Rothman said in a statement Thursday that First Financial Services, owned by Khemall Jokhoo, engaged in “oppressive debt-collection practices, which were reprehensible.”

His method of debt collecting? He allegedly told people he was a federal agent and threatened to arrest them. What a jergoff.

He and his closed business have been fined $50,000 each for threatening and harassing  people, “and other wrongdoing”.

Here’s one case where I ‘ll be rooting for the debt collectors.

We need more of this.

With help from a federal program called the Neighborhood Stabilization Program, around 591 Minneapolis homes are being targeted for rehab and future development (68%), demolition (19%), and the remainder offered to potential buyers with financial incentives (13%).

These are the types of pro-active measures I like to see. The homes are in some of the worst affected by foreclosures and this can provide powerful incentives, not only for buyers to get back in the market, but also in areas that have been hit the hardest. The only way these areas of the city have a chance to rebound is to get people in who will continue to work and take pride in their neighborhoods.

The city is planning a tour (along with LiveMSP) to show 41 of these homes. I hope they have a huge turnout and are encourage more of these policies, here and across the country.

Maps of the homes and route can be found here.


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