Real estate recap: Week of real estate in review (Edition VII)

This week, the Connect2Agent real estate recap week in review is taking it to a reform side. In this edition, we will be highlighting some of the reforms within the real estate industry that have swept across the country, while tossing in a story of high living. So sit back, buckle up and take a leisurely ride on our real estate ferris wheel.

FDIC throws out some life jackets

The FDIC (Federal Deposit Insurance Corporation) has put a proposal to Congress aiming to help distressed homeowners. The proposal is for Homeownership Preservation Loans that would help delinquent borrowers pay down up to 20% of the principal on their current mortgage. To qualify, homeowners would have to have a mortgage that originated between January 1, 2003 and June 30, 2007. Curious homeowners can find more information by visiting the FDIC's website.

Pause for thought: If a homeowner does qualify for this loan, which requires them to pay the restructured mortgage and the amount of the HPL (Homeownership Preservation Loan) costs, will it end up digging them even farther into debt?

The apple of his eye is being built in Dubai

Billionaire Mukesh Ambani is having his family's new dream custom house built in Dubai for the mere pocket change price tag of $1 billion. When completed, this will be the most expensive house in the world, not to mention the largest.

What does $1 billion buy you?

• a 550- to 600-foot-high abode with 400,000 square feet of living space, 40,000-50,000 of which is strictly for residential purposes
• 6 floors of parking space that can accomodate 150-200 cars
• a 4-story-high outdoor space
• various health and entertainment levels that include gyms, yoga rooms and ice rooms
• a house in which no two rooms will look alike and no two levels of floors will use the same building materials

Built for a king, but accommodating a billionaire, his wife and three kids, this will be a must-see when done. Check out the preview at the end of this post.

Reside-and-dash renters will have to pay to play

The Florida House will be voting on a new law that brings renters to the equality table for breaking their lease early. So far, the bill has not received any opposition. It would make Florida renters liable for at least 2 months rent for breaking their lease early.

If passed, the bill will be a boost to landlords who will be able to say to their renters, "You break it, you buy it."

Come share your story

If you have news real estate buyers and sellers can use, we invite you to share your story. Comment below or drop us a line.

If you enjoyed this post, you may want to read:

• Real estate recap: Week of real estate in review (Edition VI)
• Real estate recap: Week of real estate in review (Edition V)
• Real estate recap: Week of real estate in review (Edition IV)

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Posted by Rebecca D. Levinson