Friday, February 27, 2009
KUALA LUMPUR, Feb 27 — The police will review the security level in the compound of Parliament to ensure yesterday’s disturbance will not recur although it was not under their jurisdiction.
Kuala Lumpur police chief Datuk Wira Mohammad Sabtu Osman said Parliament had its own security personnel guarding the area “but if things like this happens, we will review the security level”.
“Certainly in Parliament, there are enough security guards, assisted by the General Operations Force,” he told reporters here today.
A commotion broke out in Parliament compound yesterday when a group of people demanded an apology from DAP chairman Karpal Singh for using the word “celaka” (“damn”) on Umno Youth.
Several members of Parliament were also involved in the scuffle.
Asked to comment on allegations by the opposition that the police did not act to end the commotion, Sabtu said: “I don’t want to comment on this matter. Anyway, no police reports have been received so far from either side.”
On police investigations into the nude pictures scandal of Bukit Lanjan assemblyman Elizabeth Wong, he dismissed rumours that her ex-boyfriend Hilmi Malek was in Malaysia.
He said Hilmi was “the only witness most wanted by the police and not as a suspect” but the police had failed to contact him to have his statement taken.
“We have not received any confirmation that Hilmi has returned home and we have found no trace of his movement here. We believe Hilmi is still in Indonesia,” he said.
He refused to say whether the police would seek Interpol’s assistance to track Hilmi down. “What I can say is we are doing something to track him down.”
So far, the police had recorded statements from 14 individuals from the media and there was no necessity at present to ask Hilmi’s family members to give a statement, he said. — Bernama
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For this one we want to force the first big letter to span about five lines. The font-size is adjusted to exactly 100 pixels while the line height is 70 pixels.
We tried a line-height of 80 but that leaves a little too much white space.
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Buyers won't find U.S.-style fire sales on foreclosed homes
Last Updated: Monday, February 23, 2009 | 3:02 PM ET Comments47Recommend28
CBC News
In the U.S., properties, such as this house under foreclosure in Oakland, Calif., can be sold for what is owed to the bank, but Canadian law states that foreclosed properties have to be sold at market value. (Paul Sakuma/Associated Press)
Alberta buyers shouldn't expect the same rock bottom prices on foreclosed homes in this province as advertised on U.S.-based television channels and websites, says the head of the province's real estate agent association.
Ads promising deals are hard to avoid, especially in Calgary where low prices on foreclosed properties in Arizona are advertised on local radio stations.
But Alberta Real Estate Association spokesman Bill Fowler is warning buyers that the situation in Canada is different.
"We see a lot of these late-night talk shows — 'Buy foreclosed property $300 down.' Well [it's] not happening in Alberta quite frankly," he said.
'There has to be an appraisal done on it and the appraisal has to be done at market value.'—Bill Fowler
Unlike in the U.S., where properties can be sold for what is owed to the bank, Canadian law stipulates that foreclosed properties have to be sold at market value, Fowler said.
"There has to be an appraisal done on it and the appraisal has to be done at market value," he said.
"It's not in the bank's best interest either, to sell it under market value. Understand that they have other mortgages in the marketplace and that would disproportionately affect those other mortgages. So if I am selling property at a distressed price, the value of my other mortgages may go down. So it doesn't serve the bank and it certainly doesn't serve the client, and it's not fair to the client either."
Fowler said buyers need to know that there are risks since they are buying "as is" with no warranties. He sold one rural listing to an investor, even though the person being foreclosed on wouldn't allow anyone on the property.
"Talk about buyer beware," he said. "When you buy a property in a normal procedure, there are warranties and representations made that provide you with some protection."
'They aren't that good a deal'
Real estate agent Francesca Serafini said foreclosed homes are often sold sight unseen.
"That could be due to a tenant and it also could be due to the state of repairs that the property requires. Sometimes they are former grow-ops, but it's not disclosed and banks don't have to disclose that," she said. "Don't be amazed that if you come into the house on the day of possession and the fridge you saw and the washer and dryer you saw are gone. "
Serafini said despite the risks, she still encourages buyers to consider foreclosed properties, as long as they are cautious and know what they are getting into.
Calgary house-flipper Keith Wagner has been hunting for good deals on homes with potential for a decade, and he isn't excited about foreclosed properties.
"They aren't that good a deal. Foreclosure is just one other stream of properties that are available," said Wagner.
Earlier this month, the Canadian Real Estate Association predicted house prices nationally will fall eight per cent this year as the number of Multiple Listing Service sales tumbles 16.9 per cent to 360,900 units.
But Canada's housing sector has not faced the level of foreclosures and financial problems reached in the United States in the past year, the Canadian Home Builders' Association noted last month. For instance, only 0.3 per cent of Canadian mortgages are 30 days in arrears, compared to 4.3 per cent in arrears for 90 days in the United States.
"Albertans are managing their resources, managing their mortgages in an exemplary fashion," Fowler said.
Homeowners who are concerned that they might lose their job or won't be able to afford their mortgage in the future should talk to their bank right away, he said.
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Last Updated: Monday, February 23, 2009 | 3:02 PM ET Comments47Recommend28
CBC News
In the U.S., properties, such as this house under foreclosure in Oakland, Calif., can be sold for what is owed to the bank, but Canadian law states that foreclosed properties have to be sold at market value. (Paul Sakuma/Associated Press)
Alberta buyers shouldn't expect the same rock bottom prices on foreclosed homes in this province as advertised on U.S.-based television channels and websites, says the head of the province's real estate agent association.
Ads promising deals are hard to avoid, especially in Calgary where low prices on foreclosed properties in Arizona are advertised on local radio stations.
But Alberta Real Estate Association spokesman Bill Fowler is warning buyers that the situation in Canada is different.
"We see a lot of these late-night talk shows — 'Buy foreclosed property $300 down.' Well [it's] not happening in Alberta quite frankly," he said.
'There has to be an appraisal done on it and the appraisal has to be done at market value.'—Bill Fowler
Unlike in the U.S., where properties can be sold for what is owed to the bank, Canadian law stipulates that foreclosed properties have to be sold at market value, Fowler said.
"There has to be an appraisal done on it and the appraisal has to be done at market value," he said.
"It's not in the bank's best interest either, to sell it under market value. Understand that they have other mortgages in the marketplace and that would disproportionately affect those other mortgages. So if I am selling property at a distressed price, the value of my other mortgages may go down. So it doesn't serve the bank and it certainly doesn't serve the client, and it's not fair to the client either."
Fowler said buyers need to know that there are risks since they are buying "as is" with no warranties. He sold one rural listing to an investor, even though the person being foreclosed on wouldn't allow anyone on the property.
"Talk about buyer beware," he said. "When you buy a property in a normal procedure, there are warranties and representations made that provide you with some protection."
'They aren't that good a deal'
Real estate agent Francesca Serafini said foreclosed homes are often sold sight unseen.
"That could be due to a tenant and it also could be due to the state of repairs that the property requires. Sometimes they are former grow-ops, but it's not disclosed and banks don't have to disclose that," she said. "Don't be amazed that if you come into the house on the day of possession and the fridge you saw and the washer and dryer you saw are gone. "
Serafini said despite the risks, she still encourages buyers to consider foreclosed properties, as long as they are cautious and know what they are getting into.
Calgary house-flipper Keith Wagner has been hunting for good deals on homes with potential for a decade, and he isn't excited about foreclosed properties.
"They aren't that good a deal. Foreclosure is just one other stream of properties that are available," said Wagner.
Earlier this month, the Canadian Real Estate Association predicted house prices nationally will fall eight per cent this year as the number of Multiple Listing Service sales tumbles 16.9 per cent to 360,900 units.
But Canada's housing sector has not faced the level of foreclosures and financial problems reached in the United States in the past year, the Canadian Home Builders' Association noted last month. For instance, only 0.3 per cent of Canadian mortgages are 30 days in arrears, compared to 4.3 per cent in arrears for 90 days in the United States.
"Albertans are managing their resources, managing their mortgages in an exemplary fashion," Fowler said.
Homeowners who are concerned that they might lose their job or won't be able to afford their mortgage in the future should talk to their bank right away, he said.
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Home sales sink unexpectedly, lowest since 1997
WASHINGTON (AP) — Sales of existing homes sank unexpectedly last month to the lowest level in nearly 12 years as potential buyers worried about their jobs and awaited details of President Barack Obama's plans to stabilize the housing market.
Sales of existing homes fell 5.3 percent to an annual rate of 4.49 million last month, from 4.74 million in December, the National Association of Realtors said Wednesday. It was the weakest showing since July 1997. And some analysts don't see sales bottoming out until later this year as prices sink further. Economists had expected sales to rise to an annual pace of 4.79 million homes.
The median sales price in January plunged to $170,300, from $199,800 a year earlier and $175,700 in December. It was the lowest price since March 2003 and the second-largest drop on record.
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WASHINGTON (AP) — Sales of existing homes sank unexpectedly last month to the lowest level in nearly 12 years as potential buyers worried about their jobs and awaited details of President Barack Obama's plans to stabilize the housing market.
Sales of existing homes fell 5.3 percent to an annual rate of 4.49 million last month, from 4.74 million in December, the National Association of Realtors said Wednesday. It was the weakest showing since July 1997. And some analysts don't see sales bottoming out until later this year as prices sink further. Economists had expected sales to rise to an annual pace of 4.79 million homes.
The median sales price in January plunged to $170,300, from $199,800 a year earlier and $175,700 in December. It was the lowest price since March 2003 and the second-largest drop on record.
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