Extra Extra : Real Estate

Startling connection between property value and city's health

Tucson homes selling for less and less

"Tucson's housing market has fallen so hard so fast that more than one in three homes sold last year went for less than $100,000.

Nearly 6,400 homes in Pima County, Arizona were sold for five figures in 2011 - that's more than 35 percent of the 18,000 homes sold last year, an Arizona Daily Star analysis shows."

Included in the report is an interactive map showing the areas of town with the most sales under $100,000 and under $25,000.



Las Vegas homeowners struggling to stay above water

"Housing experts now estimate more than 100,000 homes in the Las Vegas valley have been foreclosed since 2007. Bad enough, but they also predict another 100,000 could face foreclosure before the housing crisis ends."

KLAS, in Las Vegas, has been reporting on the mortgage crisis since 2007, but their latest series of investigations may be the hardest hitting. Lawmakers are now working with homeowners and have created the Nevada Foreclosure Mediation Program.

Billions wasted on empty NY state offices

In an investigation by Jim Hoffer, WABC-TV, it was discovered that New York is squandering away billions of dollars on unused real estate.

In Manhattan alone, the state owns buildings that are worth about a total of one billion dollars, but 25% of the real estate goes unused. What's more shocking is that some state departments are leasing office space, even when state owned buildings across the street sit empty.

Is cronyism taking place in the ATL airport?

"Atlanta's Fox 5 I-team has learned that a government watchdog group is also worried about the perception of cronyism with the city's massive food and beverage contracts at the airport.

The director of Common Cause says part of the problem is campaign contributions to Mayor Kasim Reed from companies trying to win lucrative airport contracts.

FOX 5 counted up more than $80,000 contributed to Reed from nearly three dozen airport concession companies. However, the mayor did return some of the money."

In Tucson, one in eight homes vacant

"The number of vacant homes and rentals has exploded 52 percent in Pima County in the past 10 years, thwarting a housing market recovery and driving even some middle- and upper-income neighborhoods into decline.

An Arizona Daily Star analysis of U.S. Census Bureau data shows the spike in unoccupied homes and apartments has pushed Pima County's vacancy rate from 9.4 percent of housing units in 2000 to almost 12 percent in 2010. That means about one in eight homes or apartments in Tucson is vacant."

CA fires won’t deter 150-home development, despite high-risk area

"Following the deadly Esperanza wildfire in Southern California in October 2006, in which five U.S. Forest Service firefighters were killed, a task force recommended tougher zoning and code enforcement to limit development in the mountain forests considered high fire hazard zones. Yet within a year of those recommendations, Riverside County supervisors gave the go-ahead to a 150-home, upscale development in a small mountain community that burned in Esperanza.

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Colorado farmers face losing water rights during nine-year legal struggle

In 2002, farmers in two Colorado counties experienced a devastating drought but because of shares held in a “century-old irrigation company,” were told they would be able to “keep their coveted their irrigation water.” However, nine years later, the farmers are still facing dry land and looming financial ruin. In this investigation by theDenver Post, reporters Karen E. Crummy and Eric Gorski reveal that the lawyer for the Farmers Reservoir and Irrigation Co., also represented the “United Water and Sanitation District,” which was the public water district “attempting to build a Front Range water-delivery system.” The lawyer, John P ...

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Some investors in PA still waiting after 20 years.

The NJ Casino Reinvestment Development Authority forced by former admin. to make bad loan.

The Press of Atlantic City reports that the former governor of New Jersey pressured the CRDA to make a $4 million loan to another state agency. Corzine's administration pressed the agency responsible for reinvesting casino dollars to make the loan, former Executive Director Tom Carver said. The loan helped a Democratic Party contributor and Corzine adviser to buy an affordable housing complex in Elizabeth, Union County. After the Department of Community Affairs couldn't repay the loan, the CRDA forgave nearly all of the debt.