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The real estate market in Tokyo is thriving, and this means that borrowing levels are low at around just 2-4%. If you do not have permanent Japanese residency status, (or Japanese spouse) then you mind find it difficult to secure a mortgage unless you have lived in Japan for over 5 years and have a permanent address. It also helps if you can speak Japanese and have a good, permanent job as this will show the bank that you have a steady income and are intending to live in Japan for some time. If you are only in Japan for a few years with your job, then you would be much better off renting a property, as it is unlikely a bank will grant you a mortgage.

Properties in Tokyo fall in to two main categories, apartments or houses. In central Tokyo you will find it almost impossible to buy a house, as most of the property in this area are apartment blocks. Further out into the suburbs there are more houses, and if you work in the city centre you can commute quite easily using the fast efficient train services. New properties tend to be the most expensive, so apartments and houses that are over 5 years old are normally more reasonably priced and represent a better investment overall, as new properties deprecate quite significantly in value after five years.

However if you are buying a property to rent out then you can charge a much higher premium for new properties, so in this case buying a new property does make sense, and apartments in key areas such as Omotesando, Akasaka and Aoyama are always in demand and represent solid investment potential. It is important to note that many Tokyo apartments include additional monthly fees for building car parking, maintenance and restoration, so don’t forget to check this before you agree any sale, and ensure you can afford it on top of the monthly mortgage payments.

In Tokyo the contracts will be signed before the mortgage is finally approved in most cases, so you will also need to ensure you have organised the downpayment fee cheque with the bank (10% of the agreed price), which must be handed to the seller upon signing the contracts. If your bank does not then come through with the mortgage for any reason this fee will be returned unpaid, however if you cancel for any other reason you will lose this money, and if the seller cancels they will have to pay double this fee back to you.

Other fees involved in real estate buying in Tokyo include the following:

• Notary’s Fee – this will depend on the property and can be anything between ¥50,000 to ¥200,000.
• Registration License Tax – this represent 1% of the total property asset value, and is sometimes included in the notary’s bill, as they would normally collect this tax and pay it in as part of their services.
• Agents Fee – the average agent fee for property transaction in Tokyo is around 3.15%, plus a one off fee of around ¥60,000.
• Fire Insurance – it is important to set up fire insurance as soon as you have a date for the handover, so that your property is covered from the moment you sign the agreement papers.
• Annual Fixed Property and City tax – this will be split down the middle and shared with the seller.
• Purchase tax and Stamp Tax – these are one off payment that will need to be paid to the tax office after you have completed the purchase.

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World economic recession and current meltdown hit every sector of business. As a sign of the recent troubled economic times is going to be on display 29 March as Real Estate Disposition Corp. (REDC) auctions off over 350 foreclosed homes. The deal will be held at an event at the Minneapolis Convention Center and starts at 9:30 a.m. The auction includes a 17-room, four-bedroom, 5,656-square-foot mansion in Cedar. It will have a starting bid of $299,000. In another deal, an eight-bedroom, 3,372-square-foot mansion in St. Paul, and it will have a starting bid of $149,000.

CEO of Irvine, Calif.-based REDC, Jeff Frieden, said his company is the “silver lining” of the foreclosure crisis. In a press release he said “While it’s troubling that people have lost their homes through foreclosure, many others are realizing their dream of owning a home through our auctions.” The company conducted a record 300 auctions last year, auctioning more than 32,800 homes. After coming in operation in 1990, REDC has sold around $5 billion of real estate assets. Among the amount last year it sold $3.4 billion.

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Cheryl Smith, a woman of Lakeland, Florida is the winner of the  HGTV Dream Home in Sonoma, Calif. valued at above $1.8 million who has entered the giveaway every year for the past 10 years, and at last learned last week that she had won. She was thrilled to hear she’d won million dollar house.  58 years old Cheryl Smith said in a telephone interview that,

“It was amazing and we couldn’t believe it.” She also added that, “This is so exciting that we’ve been unable to sleep all week,”

Cheryl’s name was drawn from almost 40 million contestants. In adding together to the custom-designed, fully well decorated home, the $2 million award package includes a corresponding Doggy Dream Home and 2009 GMC Acadia.

For the moment though, she says the whole family is enjoying the attention. The retired pair plans to visit the dream home in April.

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According to an industry report released recently, more then 11% of all mortgage are whichever offending or in foreclosure. According to the National Delinquency Report from the Mortgage Bankers Association (MBA), the percentage of borrowers at least one month behind in their mortgage payments and it rose to nearly 8% during the fourth quarter of 2008, but not in foreclosure. This turns out to be the highest rate of delinquency ever recorded by the survey, which began in 1972, and reflects a record 13% jump compared to the third quarter.

Jay Brinkmann, chief economist for the MBA, said in a prepared statement that

“Subprime ARM loans and prime ARM loans, which include Alt-A and pay-option ARMs, continue to dominate the delinquency numbers,”

and also added

“Nationwide, 48% of subprime ARMs were at least one payment past due, and in Florida over 60% of subprime ARMs were at least one payment past due.”

However, the number of home in the foreclosure development rose to 3.3%, which is an increase of 0.33 percentage points from the quarter before and up 1.26 percentage points from a year earlier. That represents nearly 1.5 million homes at risk of sliding all the way through foreclosure. The combination of these two, the number of delinquencies and loans in foreclosure came to 11.18%, the highest ever recorded by the MBA.

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A group of Israeli peace activists claimed 2 March that Israeli housing ministry takes a plan to build over 73,000 new homes in West Bank Jewish settlements. The decision has been taken just ahead of the arrival of Hillary Clinton on her first trip as US secretary of state in Israel.

The organization group, Peace Now said the numbers is taken from a government website. The site is showed that already at least 15,000 units have been approved for construction, and approval pending for a further more than 58,000 new homes. The activists claim that the plans amount to a doubling of the number of populace living in Jewish settlements. The group Peace Now also said already construction work has begun 9,000 homes.

The incoming Israeli administration is expected to step up construction in the 125 settlements, home to over 280,000 Israelis. The considered construction includes more than19, 000 units west of Israel’s security barrier in that area earmarked as the future Palestinian state, with 5,722 homes in east Jerusalem, claimed by Palestinians as the capital of such a state. Analysts say the recent planed may intensify militancy in this reason.

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