Homeowners Lure Free Labor With Libations

Media rooms, arcade games, full gyms making downstairs space not so musty

(NEWSER) - Basements are no longer the lowly underbelly of the high-end home. With the rise of home-theater technology, and widespread community opposition to mansion expansion, wealthy homeowners are increasingly turning basements into underground playgrounds, Portfolio reports, featuring everything from faux-'50s diners to recording studios to saunas. “Whether you have a $2 million house or a $20 million house, finished basements are important," one broker says. More»

Few are above making a fib or two part of the sales pitch

(NEWSER) - When a homeowner is desperate to sell and a buyer is ready to fork over the cash, the truth about a house is often swept under the rug, MSNBC reports. Watch out for frequent fibs when talking about:

1. Personality of neighbors and the neighborhood.
2. Status of home repairs (particularly the roof).
3. Insect and rodent infestations.
4. Elevated radon levels.

'Equity strippers' deceive borrowers behind on their mortgage payments

(NEWSER) - A new form of fraud is thriving in the declining housing market, targeting desperate homeowners who are late on their mortgage payments. Known as equity strippers, companies cold-call burdened borrowers, promising a reprieve from their financial woes. In the end, they profit, and the owners end up losing their home anyway, reports the New York Times. More»

It's at 65.4%, down from a high of 69.2%, but analysts aren't worried—yet

(NEWSER) - The US homeownership rate fell to 65.4% in the first quarter to hit a 15-year-low, as foreclosures and a strong rental market kept Americans away from homeownership, according to figures released by the Census Bureau today. That's down from 66% last quarter, and from 69.2% at the market's peak in 2004. But analysts tell the LA Times there's no reason to panic—the market is just correcting itself after subprime insanity. More»

Three-strikes law takes down white-collar criminal who preyed on elderly

(NEWSER) - California's three-strikes law has produced an unusual result in Orange County: A non-violent, white-collar criminal has been sentenced to 25 years to life, reports the Los Angeles Times . But Timothy Barnett may not be getting much sympathy, given that he was convicted of swindling the elderly out of their homes. When they got into trouble during the housing crash, he swooped in with promises to help, prayed with them, and got them to unknowingly hand over their titles. More»