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...seller, but it may represent a clearance level - i.e., prices low enough to draw buyers - which the market needs in order to stabilize. Other helpful factors: banks are agreeing to short sales - i.e., selling below the mortgage amount - and renegotiating some mortgages. Still, foreclosures in the Los Angeles area are up 122% over last year, according to RealtyTrac, which publishes a database of foreclosed properties...
...There's a lot to do over. Today in the greater Miami area, there are 110,000 single-family houses, condos and townhouses for sale. Some 55,000 new foreclosures were filed in the first nine months of this year, and an additional 19,000 properties were taken back by lenders. In many areas in and around the tri-county area of Miami-Dade, Broward and Palm Beach, the value of property has plummeted so much that in some instances, banks are willing to take less than one-third of a property's value just to staunch the flow...
...similar story in California, where the median price for houses dropped 41% in a year, according to the California Association of Realtors. In the Los Angeles area, the outlying suburbs of San Bernardino and Riverside have been hit the hardest due to the high number of homes owned by marginal and subprime borrowers. As a consequence, sales of distressed properties are up significantly. Also in the Los Angeles area, housing sales were up 83% in September over the prior year, with distressed properties notably contributing to the surge. "We're seeing a significant increase in sales activity over the last...
...blend of athleticism and strategy,” said Olympic silver medalist and fencing co-captain Emily Cross. “Intelligence and strength are of equal importance. It is the particular combination that everyone has which makes them a good fencer. You can make up for any weak area by being strong in another.” “Fencing is a great combination of being physically demanding and mentally demanding—it’s often likened to physical chess,” Benji Ungar, co-captain for the men’s fencing team added...
When Michael J. Aziz taught an undergraduate course on thermodynamics, what began as a curious venture into the looming energy crisis turned into an urgent call to action. “I decided that I’d better become interested in this area and see where I could help,” said Aziz, a professor of materials science. In January, he will bring this passion to the classroom as part of the Harvard Graduate Consortium on Energy And Environment, a new program that will pool the intellectual resources of doctoral students across the University to help solve...