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Foreclosure Relief & Short Sales

Some highlights from the news and some useful links

Lenders Offer Plan to Head Off Foreclosures
After prodding from the Bush administration, a group of major mortgage lenders will allow some homeowners facing foreclosure to delay losing their homes for 30 days.

Norway’s Real Estate Mogul – Now Richest Man in Norway
Olav Thon, best known for his hotel chain and shopping center projects, is estimated by newspaper Aftenposten to be worth about NOK 21.2 billion (USD 4 billion). That's down slightly from NOK 21.4 billion at New Year, but even though Norway's real estate market is cooling off, Thon's fortune is fuelled by the boom of the past few years and the underlying assets of his vast portfolio of assets.

1031 exchanges yield income, write-offs
The market for exchanges has grown to more than $4 billion in 2007, from $200 million per year in 2001, said Jeff Hanson, chief investment officer at Triple Net Properties LLC, a Santa Ana, Calif.-based provider of tenant-in-common programs.

Tenancy in common is an interest in property between two or more people. But in a new twist to the old deal, clients can opt for a tenant- in-common fractional-ownership approach, which allows them to choose from among high-rise office buildings, apartment complexes and retail strip malls.

The Short Sale
When lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due. Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose; moreover, not all sellers nor all properties qualify for short sales.

Land next to Hollywood sign for sale
A mountaintop property located near the Hollywood sign and once owned by Howard Hughes is up for sale. A group of Chicago investors is putting the 138 acres of land just west of the "H" in the sign on the market Wednesday. The asking price: $22 million.

Useful Links

Save Money with Energy Efficient Products

DSIRE is a comprehensive source of information on state, local, utility, and federal incentives that promote renewable energy and energy efficiency.

Established in 1995, the Database of State Incentives for Renewables & Efficiency is an ongoing project of the North Carolina Solar Center and the Interstate Renewable Energy Council (IREC) funded by the U.S. Department of Energy.

Remodeling

Better Homes and Gardens - Remodeling
Tips on flooring, kitchens, painting and other expert advice.

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