The most important news that made the financial circles this week is the report from the Chairman of the Federal Reserve System, Ben Bernanke, presented to the Board.

The solution Mr. Bernanke advocates to overcome the banks’ problem of too many foreclosed properties on their hands is to rent these properties. He is right because there are so many people who are unable to purchase a home because of their bankruptcy and still need a place to live.

According to Mr. Bernanke, this solution would allow banks to consolidate their real estate assets and emerge from this economic crisis. One source of information on this report: the Huffington Post.

Other financial news to note: the Oracle of Omaha, Warren Buffet, 2nd richest man in the United States, and 60 percent of his fellow CEOs are “cautiously optimistic” about 2012. Warren Buffet has been busy last year when he purchased stocks in chemicals and IBM. Source: ChiefExecutive.net

An article of The Chicago Tribune reports about code violations and how they can lose a sale. When buying a property, you must be sure that there are no financial liens and especially that the municipality has no liens or open permits on this property. This is a big problem that exists when buying a foreclosure where the buyer becomes responsible for all repairs and modifications that were made to the property. Luckily, I found a local company in Fort Lauderdale that works with owners to address problems of permits and code violations. If you’re interested, contact me and I will give you information.

Is the real estate boom in Canada is coming to an end? That’s what the newspaper RealtyTimes observed. In 2011, they write that the annual earnings on housing prices in Canada are estimated at 7.5% and sales rose by 2.2% compared to 2010. It’s a story to follow. Source: RealtyTimes.

Real estate agents are required by law not to disclose certain information that could harm or prejudice to certain groups of people. For example, when you ask “Are there many francophones in that corner?”, or “Is there a particular race in the neighborhood?”, we cannot help you. But, here’s a site that does not have the same laws as us: PicketReport. You can enter a postal code or address and read the details of the neighborhood.

In closing, here’s a city that IKEA wants to build in England. It’s a very avant-garde design with impressive and spectacular surroundings. You can read more here.

Have a good week. Thank you for reading and commenting on this article

Copyright © 2011-2012, Jean ‘J’ Feuillet,
Realtor®, CIPS, SFR