Rush Limbaugh, that old populist conservative from the heartland, is selling his 20th floor penthouse at 1049 Fifth Avenue in New York for $13.95 million.

No update yet on the house-porn plans of John Edwards, that old populist liberal from the heartland.

File under: Still waiting for our populist blogger millions, damn it.

An excerpt from the Banker & tradesman article headlined Developers Seek To Replace Fenway Motel With Hotel, Retail Space:

Boston developers Weiner Ventures have told city officials they want to replace the aging Howard Johnson motel in the shadow of Fenway Park with 350,000 square feet of hotel, residential and retail space, the Boston Redevelopment Authority said today.

An update: The developer is looking at about 100 residential units.

A couple of years of ago, a credit score of 680 was enough to qualify for a very good interest rate. Actually, a few years ago all you needed was a pulse. If you’re looking to apply for a loan, you should read this article entitled Loans tight even with good credit:

Now 680 is the line of demarcation for who qualifies and who qualifies for a competitive rate,” said Greg McBride, senior financial analyst for bankrate.com, a financial Web site. “The further below 680 you are, the tougher it gets to qualify. Before, if you had a pulse, you could get a loan.”

The lack of available credit has made it tougher for some consumers to get loans. And with the recent enactment of the Credit CARD Act, many in the financial world have predicted credit will become even more difficult to get.

The difference between an excellent credit score and a mediocre number could save you hundreds of dollars each month in mortgage payments or auto loans. And with a low credit score, buyers may have trouble getting a loan.

Someone financing a $200,000 home with a credit score between 760 and 850 could have a monthly payment of $1,036 on a 30-year fixed mortgage, according to Informa Research Services. But with a credit score between 620 and 639, the monthly payment rises to $1,235.

As a broker I see the tightening of credit as a serious potential problem, thus, I’m not willing to call the bottom until I know how this credit issues is going to play out.

Your thoughts?

According to The Concord Group Real Estate Advisers:

“Metro Boston’s housing market was affected by the real estate bubble earlier than and not as severely as other metro areas around the country. Economic factors and market trends suggest that Metro Boston will be among the first areas to recover in terms of both increased home sales volume and home price appreciation.”

One positive attribute, according to Concord, is that, “Metro Boston’s housing market was not as overbuilt as other areas of the country during the housing boom. A resale-dominated market, new home sales have accounted for roughly 5% of total sales since 1990 (vs. 17% nationwide). On a percentage basis, Metro Boston’s decline in sales volume from market peak has been similar to that of the U.S. as a whole. However, peak-to-current home price decline has been significantly less severe in Metro Boston than in other regions of the country.”

The big question is employment. Employment has always lagged economic growth, and for common-sense reasons. Among other factors, companies tend to hold off on hiring, even as business rises, until they see that growth is sustainable.

The Massachusetts Association of REALTORS® (MAR) reported yesterday that the number of single-family homes put under agreement in February was up 16 percent over the same time last year, while condominiums were up 25 percent. February marks the eighth straight month that the number of both single-family homes and condominiums put under agreement had increased over the year before.

The following excerpts are from a Banker & Tradesman article, headlined Bay State Foreclosure Petitions Drop In January:

The number of foreclosures started by lenders in Massachusetts during the month of January dropped to the lowest level in more than a year, according to a new report by The Warren Group, publisher of Banker & Tradesman.

Lenders filed 1,874 petitions to foreclose – which mark the first step in the foreclosure process in Massachusetts – in January, a 9 percent decrease from 2,060 in December and 4.4 percent drop from a year earlier. Foreclosure petitions exceeded 2,000 for most months in 2009, falling below that number only in January and November.

File Under: One good report after another.

Larry Summers on CNBC: Blame it on the snow.

Remind me to use this excuse if March Boston condo numbers are down.

File under: Between rock salt and hard place.