Nicolas Cage Home Auctioned

Actor Nicolas Cage's Bel Air home in Los Angles, has been auctioned in foreclosure. The celebrity that once owned over a dozen homes, has lost a number of them, due to overspending and under income.

The Judiciary Report saw this house on a Hollywood home tour years ago. It does look quite stately from the outside, which made the Judiciary Report wonder what was wrong with it other than the price ($35,000,000). When the price was eventually reduced, Cage's realtor still was unable to close a sale.

But alas, nosy TMZ posted pictures of the home's interiors and confirmed the Judiciary Report's worst suspicions, Cage suffers from bad taste in furnishings and interior design. It's a common affliction among celebrities. They have appalling taste in everything from clothes to furniture.

Cage's Bel Air home looks good from the outside, but the realtor should have staged the home, removed some of the actor's eccentric furnishings, placing them in storage and painted some of the rooms neutral tones (that green bathroom is hurting my feelings and that game room is traumatizing me).

I love movie memorabilia, but don't scare home buyers and have them startled while viewing your property and thinking, "Why is Yoda in the middle of the living room."

While it is fine to have eccentric tastes, when you are selling a home, especially in a fire sale, concessions must be made. Cage's former home was a great property with good structure, charming architectural features, situated in a prime location with a significant amount of space.

Nicolas Cage

However, it is cluttered and crammed with items and wall colors from daily living that a potential buyer cannot appreciate or envision living in.

STORY SOURCE:

Nic Cage Loses Another Home

Nic Cage -- Bye-Bye Malibu

U.S. Homes Sales Down Again

U.S. President Barack Obama

Two days ago it was announced, new U.S. home sales declined to its lowest levels on record for the month of January 2010. Today, it was reported the sale of preexisting homes in America fell to record low numbers as well, as people are having great difficulty unloading their properties, with a lack of eligible buyers.

This is not good, as it will create more foreclosures, with 2009 establishing a record number of mortgages going into default. Some banks are being cooperative, but some are not. I have heard and read of success stories, regarding homeowners who had their mortgages successfully modified.

However, some banks are still swooping in on mortgages attached to homes with a significant amount of equity and charging excessive, exorbitant penalty and legal fees, in trying to maximize profits.

In one such case, a property was valued at double the amount the bank is owed and a devastated homeowner bulldozed the property rather than let the bank auction it off.

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New Home Purchases In America Hit Record Low

U.S. Economy: Sales of Previously Owned Homes Unexpectedly Fall

February 26, 2010, 12:52 PM EST - Feb. 26 (Bloomberg) -- Sales of previously owned U.S. homes unexpectedly dropped 7.2 percent in January to a seven-month low, indicating a lack of job growth is undermining government incentives to bolster the housing market.

The decline to an annual pace of 5.05 million, reported today by the National Association of Realtors in Washington, was the second-largest on record after December’s 16.2 percent plunge. A separate report showed the economy grew at a 5.9 percent pace last quarter, faster than initially estimated...

http://www.businessweek.com

New Home Purchases In America Hit Record Low

New home sales in America hit a record low last month, of 309,000, which is a sign indicative of a weak and struggling economy. It is the lowest number since 1963 when the records began. The economic and financial systems are still log-jammed, for such a negative record to be achieved.

Buying a home is considered the American dream and if that has decreased to such low numeric levels, it should send a terrible signal to Washington that things are still amiss in the financial sector and with the American people's collective finances.

However, it is Washington and the current Congress will just interpret it as "Spend More" taxpayer money, which is the wrong answer.

Apart of the problem is unemployment has skyrocketed, many Americans have filed bankruptcy and as a result of financially challenging times, now have bad credit. It is now extremely difficult to buy a home in America with bad credit and or no job.

New home sales hit record low

Wed Feb 24, 2010 1:25pm EST - WASHINGTON (Reuters) - Sales of newly built U.S. single-family homes unexpectedly fell to a record low in January, while mortgage demand for purchases hit a 13-year low last week, fanning fears of renewed housing market weakness.

The Commerce Department said on Wednesday sales dropped 11.2 percent to a 309,000 unit annual rate, the lowest level since records started in 1963, from 348,000 units in December.

It was the third straight monthly drop in new home sales and the largest percentage decline in a year. Analysts, who had expected a 360,000 unit pace, said bad weather was partly to blame and warned of more of the same for February...

http://www.reuters.com