Philadelphia Real Estate and Beyond September 20, 2011
Philadelphia Real Estate and Beyond September 20, 2011
New Fairmount Mexican Restaurant- In January 2012, La Calaca Feliz, a contemporary modern Mexican restaurant will occupy the space that formerly housed Illuminare at 2321 Fairmount Avenue. in the Art Museum Neighborhood. Owner Brian Sirhal and head chef Tim Spinner are former associates of Jose Garces. (NakedPhilly)
Philadelphia Real Estate Blog - Fairmount Ave
Race Street Pier Update – The Delaware River Waterfront Corporation is performing a traffic analysis to determine how to improve the traffic on Delaware Avenue (Columbus Boulevard). The DRWC is using consulting firm Whitman, Requardt & Associates for the traffic study. The first order of business appears to be retiming the traffic lights so they turn red or green in unison. (PlanPhilly)
10 Millions Mortgages Will Default Without Congress Intervention – 10.4 million mortgages, or one in five outstanding home loans in the U.S., will likely default if Congress refuses to implement new policy changes to prevent and sell more foreclosures, according to analyst Laurie Goodman from Amherst Securities Group. At the end of the second quarter, more than 2.7 million long-delinquent loans, others in foreclosure and REO properties sat in the shadow inventory, more than double what it was in the first quarter of 2010. With the market averaging roughly 90,000 loan liquidations per month, it would take 32 months, nearly three years, to move through the overhang. (HousingWire)
Mortgage Bankers Association Supports Large Scale REO Disposition – Large scale disposition of real estate-owned properties is needed to stabilize housing, according to the Mortgage Bankers Association. In a letter to the Federal Housing Finance Agency, the trade group said REO should be pared down in “an open and transparent process that can be easily implemented.” MBA President and CEO David Stevens said the imbalance in housing supply and demand must be solved before the country can enter a period of sustained economic growth. The MBA also supports bulk investor sales to help alleviate the REO inventory. (HousingWire)
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Blog post compliments of CenterCityTeam’s Philadelphia Real Estate Blog
Frank L. DeFazio, Esquire
Prudential Fox & Roach Realtors – Society Hill
530 Walnut Street, Suite 260
Philadelphia, PA 19106
215.521.1623 Direct
610.636.4364 Cellular
888.308.1148 Fax
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