Results tagged “Real Estate” from Biz Waves

Is the New Homebuyer Tax Credit Bad for America?

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The political momentum to keep this tax credit may make it permanent.


Economists say extending tax credit for first-time homebuyers is bad policy

No doubt, a big tax break for first-time homebuyers is good politics. ...

Although the politics are a surefire winner, especially here in Nevada, some economists across the political spectrum question whether the tax credit is good policy.

"It's terrible policy," says Mark Calabria of the libertarian Cato Institute.

"It's awful policy," says Andrew Jakabovics, associate director for housing and economics at the liberal Center for American Progress. "It's incredibly expensive. It's not well targeted."

Read more on the tax credit.

Blind San Pedro Broker Succeeds

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This is an unusual local story.


Most clients and bank officials who deal with Guillermo Serafin never see the opaque cataract film clouding his naturally blue eyes.

Read more.

REPORT: Get Ready for Another Wave of Foreclosures

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Just when things seemed to be turning around for real estate.

Another Wave of Foreclosures Looms

(Washington Post) The housing market faces the prospect of a new round of foreclosures as hundreds of thousands of risky home loans known as option adjustable-rate mortgages reset to significantly higher payments that could force borrowers to fall behind, according to a report released Tuesday by Fitch Ratings.

About 70 percent of the $189 billion in outstanding option ARMs will reset by 2011, the report said, which would be another setback to a teetering housing market still struggling to recover from the mortgage meltdown that precipitated the financial crisis.

Read more on the coming foreclosure wave.

Hermosa Neighbors Say "Gimme Less" to Britney

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Residents of Tennyson Place in Hermosa Beach hope the rumors that Britney Spears has bought a house on their street are off the mark.

Several gossip Web sites said that the troubled pop princess purchased a Hermosa house for $6 million, about $2.5 million less than the asking price.

The Web site Manhattan Beach Confidential noted that the house at 2805 Tennyson Place was on the market for $8,585,000, which would match the asking price in the gossip reports. The Spanish-style house, which has four bedrooms and four baths, also matches the gossip Web sites' description of the home.

Neighbors say Spears visited the house a few weeks ago, possibly in the week between Christmas and New Year's.

"I'm just hoping it's not that house. Oh, Lord," said Cindy Smet, who lives in a Mediterranean-style house across the street. "I think it would have a detrimental effect on property values. But I'm not so worried about property values as much as I'm worried about the commotion."

Spears' would-be neighbors live on a cul-de-sac. On Thursday, the street was quiet except for gardeners tending to yards and a leafblower wailing in the background.

Garrison Frost, who lives in a California ranch home across from the house in question, said some of the neighbors were "agog" about Spears having visited the property.

"I think it will influence our privacy," Frost said of Spears' possible purchase of the home. "I think crime is related to traffice and the increased traffic will increase crime."

The home has been on the market on and off for years, Frost said.

The property sits behind a black fence. A sign on the gate reads" Trojan fans parking only." The 5,900-square-foot house is owned by David Brubaker, who bought it from Danny Manning, the former LA Clippers forward.

Britney Spears Moving to Hermosa Beach?!

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If true, Hermosa won't be so innocent.

Read about it here.

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About Biz Waves

Biz Waves is a one-stop Web hub for business news and content from the South Bay region of Los Angeles County and beyond.

The primary contributor is:

Muhammed El-Hasan, a business reporter at the Daily Breeze since 2000, covers aerospace and everything else about business in the South Bay. Muhammed previously reported at the San Bernardino Sun and the community news division of The Orange County Register. He also worked as a researcher in the Jerusalem bureau of the Los Angeles Times in 1996-97. But his career highlight as a young man was driving a forklift at a Gardena company near Hawthorne, where he grew up.

You can email Muhammed at muhammad.el-hasan@dailybreeze.com

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