Word: broker
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Dates: during 2000-2009
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...raised in Wallingford, Pa., a suburb of Philadelphia. His mother, a native of Louisiana, moved to Philadelphia after getting a job as a speech teacher and women’s debate team coach at Temple University. His father, who was also raised in Wallingford, was a food broker who sold everything from tuna fish to frozen waffles to dog food...
...they could flip the properties for a quick profit. Then the music stopped. "Our best guesstimate--and we've talked to lenders and developers--is that you will not see a residential construction crane in the sky in downtown Miami for a generation," says Peter Zalewski, a real estate broker and founder of Condo Vultures, a realty-intelligence service. "Well, at least seven years," he says before modifying his forecast yet again. "Let's go with a decade," he finally concludes...
...last piece of the last residential construction crane in Miami is coming down this week. Don't expect to see another crane in this city for a decade, says Peter Zalewski, a real estate broker and founder of Condo Vultures, a realty intelligence service. Miami is both a metaphor and model for once torrid real estate markets that melted in the subprime debacle. Miami developers threw up some 23,000 units beginning in 2003, many of them bought by speculators who thought they could flip them for a quick profit. Some...
...value of homes in the area remain strong even if that means simply declining less than other markets. Real estate broker Ed Nornes argues that there is a bright side to the housing lull. "It does weed out a lot of people who did not belong in this business...
...ultimately, even lenders' best efforts might be crippled by a harsh reality: plenty of homeowners are never going to be able to pay for their houses, no matter how generous the terms, because someone - the homeowner, the mortgage broker - lied about or simply ignored income and assets. Cena Valladolid, chief operating officer for Consumer Credit Counseling Service of Southern Nevada, says more than half of the homeowners who seek help from her nonprofit are living in houses they never had a realistic shot of affording. The best advice she can offer in the depressed Las Vegas real estate market...