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WOW. This sort of thing is happening all over Florida. I am actually surprised it's happening here - in Florida you've got unfinished developments everywhere and homeowners living in the middle of it, not a good situation. I doubt it would get that extreme here (we don't have the homeowner's insurance crisis they do, which really contributed to the housing mess there), but that is a little scary.
i think the course will remain fine....they has almost enough memberships to build the clubhouse this spring. only lot owners could join after they sold a certain amount.
Business publications on Friday report a study that says SunTrust Banks need to seriously consider a merger to survive growing bad loans.
The analysis says that SunTrust's losses are growing because of bad loans in Florida real estate.
It advises a merger with either Regions Bank or B-B and T.
The analyst says that SunTrust is treading water."
It is my understanding from the developers and the builders in Hasentree that the note was called because Suntrust is trying to reduce the number of large real estate loans due to the economy and problems in the real estate market. The developers who have had excellent credit and have no liens on the property tried to extend their credit line and were denied by Suntrust who decided to call the note and try to recoup their investment. There are a great number of large banks in trouble right now due to the mortgage crisis- so it is not a surprise that one as large as Suntrust is having problems right now. I think that everyone needs to hope that companies that provide a large number of jobs in our community will survive this crisis and try to be positive.
I have yet to confirm this, but I heard that Wake county is preparing for a 20-40% decrease in revenues over the next 24 months!!!! Does anyone here have any idea what this means if true? They plaster at itsy little $11 million decrease or cut to the school district budget all over the news as if it is the end of the world. Imagine a 40% haircut across the entire budget! Ouch! What do they know that I know and many here seem to be in denial about? We all know where the county ofWake gets 80% of their revenue from. Bad, bad times ahead to put it simply. Again, get out of debt now, or reap the severe consequences.
wrong again. read the tbj article. it says(word for word) HasenTree partner Henry MacNair says the developers were caught in a credit crunch and had stopped making payments on the loan. He was also quoted as saying that the bank had much deeper pockets than they do and that if the bank had not taken over the note and deed, that the property would have become neglected and rundown. Those were his words. This project failed and the bank had to step in. End of story. I hope that they get evrything worked out down the road, but it will be a rough road for that development in the short term.
No bank wants to take over a huge real estate development and be forced to auction off pieces, any more than banks want to take homes in foreclosure. It doesn't benefit them.
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