Tag Archives: Wall Street

Real Estate

Residential Real Estate Prices in Nevada County 2010 – 2011

By John O’Dell

How’s Nevada County’s residential sales going?  Let’s take look at the years 2010 and 2011 from January to October of each year and compare the two.

The Year 2010 from January to the end of October.  There were a total of 1,619 listings. Total sales in that period were 750. Average list price of unsold properties was $453,771 and the average price of the properties that sold was $310,793.  Average days on the market of sold properties were 97 days.

For the year 2011 from January to the end of October. There were a total of 1,446 listings. Total sales in that period were 859 which is an  increase in sales of 14.5%. Average list price of unsold properties was $395,080. The average price of properties that sold was $260,463 a decrease in sales price of 34.1% Average days on the market were 144 about 48% longer to sell a listing.

So how does future look? Foreclosures were up 7% in October but down 31% for the same period last year. Until the foreclosures are cleared by the mess Wall Street and the banks created by their greed, I think we will see a further decrease in sales price going well into the end of next year.

Thinking of buying or selling?
For all your real estate needs
Email or call:

John J. O’Dell Realtor® GRI
(530) 263-1091
Email jodell@nevadacounty.com

Business

Swiss Bank UBS AG Pays $90.8 Million Settlement for Fraudulant Conduct

The banks keep on trying to get our money one way or another.  It’s great when the government goes after these guys. After all, don’t forget that the mess we are in with our economy is due strictly to our illustrious banks and Wall Street.

A press release from the California  Attorney General’s Office announced on May 4, 2011 the following:

“Attorney General Kamala D. Harris  announced a $90.8 million national settlement, which includes some $6.3 million for California agencies, with the multinational Swiss bank UBS AG over allegations of anticompetitive and fraudulent conduct in the municipal bond derivatives industry.

“This financial fraud harmed school districts, cities, state agencies, and non-profit groups,” Attorney General Harris said. “The multi-million dollar settlement provides restitution to those victimized and sends a strong warning to anyone contemplating similar scams.”

California participated with federal agencies and 24 other states in the negotiations that led to today’s settlement. In addition to the approximately $6.3 million in restitution, California will be entitled to a share of the $2.5 million civil penalty and $5 million in investigation costs that UBS has agreed to pay.

Under the settlement, UBS agreed to pay back a total of $90.8 million to local and state agencies nationwide, as well as to non-profit groups, that had municipal bond derivative contracts with UBS, or used UBS as a broker, between 2001 and 2004. That restitution is part of a $160 million settlement package that includes federal agencies.

Municipal bond derivatives are contracts that tax-exempt issuers use to reinvest the proceeds of bond offerings until the funds are needed, or to hedge interest rate risk.”

So what do you think?

For all your real estate needs call or email:

John J. O’Dell
Real Estate Broker
O’Dell Realty
(530) 263-1091
jodell@nevadacounty.com
 

Real Estate

60 Minutes: Mortgage Paperwork Mess, Bank Servicers Committing Fraud

I had heard about this “robo” signing. But here exposed by 60 Minutes is the story of how they did it. Its simply amazing that the banks and Wall Street created the recession that we are in, but they continue their shoddy practice without regulation even today! Banks can’t find their paper work, so why not fake it and sign anybodies name on the fake paper work. If you or I did that, we would be in jail in a heartbeat, but not the banks. The banks create whatever they need to suit their purpose.

How about punishment, do you think any of the CEO’s of any of these banks are going to jail? What do you think?

For all your real estate needs call or write:

John J. O’Dell
Real Estate Broker
O’Dell Realty
(530) 263-1091
Email John at jodell@nevadacounty.com