It’s Friday desk clearing time for this blogger. “Mortgage rates again rose to nearly 7%, a key psychological threshold that threatens the housing revival that many had hoped for this year. Catherine Hicks purchased a three-bedroom home in St. Petersburg, Fla., in January, with a 7.1% mortgage rate. Hicks hoped she would be able to refinance the mortgage later this year, but recent headlines have made her worried that rates won’t go down anytime soon. ‘When you’re going into buying your first home, you never anticipate not having the option to refinance,’ the 23-year-old Hicks said. ‘It’s definitely discouraging at this point.’”
“Captain Sandy Yawn, known for her role on Bravo’s hit series ‘Below Deck,’ and her fiancée have listed their Denver-area home amid a tumultuous chapter in the couple’s life, The Post has exclusively learned. But just a month ago, they were left reeling after hopes for that dream home were shattered when the construction company they entrusted allegedly abandoned the project — despite having poured their life savings into it. Their builder, Spencer Calvert of Pineapple Construction, stands accused of duping them and many others. Out of 33 homes contracted with Calvert’s company, only 18 were completed, leaving 15 families in limbo. Yawn voiced her frustration: ‘As many people know, our builder, Spencer Calvert stole our money along with other homeowners. It is our hope that the state attorney of St. Johns County and the state of Florida stop this white-collar crime.’”
“The Farmington Valley developer accused of stealing money and failing to build homes in return, is facing new criminal charges. William Ferrigno is accused of taking hundreds of thousands of dollars from customers. With this latest criminal charge, the Department of Consumer Protection and Attorney General’s Office says Ferrigno signed a contract with a New York couple to build them a $1.1 million dollar home in Avon. The couple paid $260,000 for the land in Avon. DCP says Ferrigno never even owned the land. Beyond the criminal charges, Ferrigno faces 34 legal actions in civil court, including lawsuits from more than a a dozen families claiming he took their deposits and failed to build homes, companies that say he did not pay them for his work, and foreclosures. A development he built in Simsbury also sued him to take control back of their HOA and HOA finances.”
“News13 is looking into a Myrtle Beach pool company after receiving complaints from viewers that the company was collecting payments but not finishing the job. Cascade Custom Pools is accused of digging a hole, installing some utilities, plaster or concrete and then not returning for weeks or months — if ever. Its business license was suspended by the state as of April 3. ‘On December 8, we were served by an attorney,” Linda Moore said. ‘And we have a lien on our home for over $8,000. It’s $8,900.’ The Moores knew it was time to find someone else to finish the pool, because they had already paid Cascade $150,000. ‘I call it a pool Ponzi scheme, OK,’ Dennis Moore said. ‘They took the deposits, did minimal work and took that money to try and fix problems and take care of other projects.’”
“The Belliveau family took the same action when their level of issues reached a breaking point for them. ‘You wake up in the middle of the night thinking, ‘Where’s our money?’ Lydia Belliveau said.”
“For years, residents of the massive Ocean Towers luxury co-op complex in Santa Monica had worried that John Spahi was abusing the power he held as a member of the buildings’ homeowners association board. Residents didn’t grasp the scale of the alleged problems until last year — when a Los Angeles County grand jury handed down a 119-count indictment accusing both Spahis, now-former Ocean Towers Housing Corp. President Joseph Orlando and his wife, Dorothy, of grand theft, identity theft and money laundering. ‘They’ve sucked our blood for the past 25 years,’ said Adel Salawy, a longtime resident who has sued John multiple times and settled twice.”
“Owning and living in a townhouse has long been a peak status symbol in New York City. But, amid growing concerns about crime — a recent poll from Citizens Budget Commission found that just 37% of New Yorkers rated public safety in their neighborhood as excellent or good, down from 50% six years ago — the migrant crisis and squatters, that’s changing. Some wealthy Gothamites are now fearful of living in charming West Village brownstones or sprawling Upper East Side limestone mansions that cost tens of millions of dollars. Herman Weisberg, head a security consulting firm, said townhouse owners are a significant portion of his business. He was recently hired by an owner who was concerned about how his neighborhood had changed in recent years. ‘[They] lived on one of the most beautiful and idyllic townhouse streets in the Village. But it’s not so beautiful and idyllic anymore when you’ve got 10 guys passing around a crack pipe in front of your house, or passed out with a needle in their arm, ‘ he said.”
“Homeowners have spoken about the ‘trauma’ of being forced from their flats and made homeless after the discovery of collapse-risk concrete in their building. A group of around 50 residents across 30 flats on a housing estate in Tillicoultry, a small town in central Scotland, were evacuated after reinforced autoclaved aerated concrete (Raac) found in the roof was deemed unsafe. Lynsey McQuater bought her flat on the Tillicoultry estate more than two decades ago after some properties were sold off under the Right to Buy scheme. She is only two years away from paying off her mortgage. ‘I was absolutely distraught, in floods of tears when it happened’ she told i. ‘I thought I had a home, I had security, I had a plan for my future. That was all ripped away.’”
“She added: ‘There have been times where I’ve been crying constantly, because it’s just so upsetting. Even now, I can’t quite believe I don’t have my home anymore. I’m looking for answers and there aren’t any coming.’ Ms McQuater said: ‘I would be heartbroken to see [her home] demolished. It’s just so scary because I just don’t know if I will be able to buy elsewhere if they [the council] buy me out. We need to see people given a decent price if it comes to it. If they go for repairs, we shouldn’t have to pay for that. We need to make sure homeowners don’t lose money. If the government has to step in and help us, so be it,’ she added.”
“Jemima Macdonald and her family had only moved into their new home in the Wollongong suburb of Thirroul a fortnight before disaster struck. Jolted awake by the sound of neighbours banging on their doors, it was 5am on Saturday when they found floodwater pouring through their backyard and into their home. The family sought shelter at their cousin’s house nearby and returned an hour later to a scene of utter devastation – their home and yard completely submerged. ‘It was just devastating to see all of our stuff just ruined,’ Ms Macdonald said. ‘We don’t have flood insurance, my partner has just been made redundant. What are we going to do, how are we going to survive this?’”