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Unemployment Driving More Foreclosures Than Subprime

August 19, 2009

Tweet Subprime lending standards are being outflanked by unemployment as the driving force in residential foreclosures. Economists estimate that 1.8 million borrowers will lose their homes this year, up from 1.4 million last year, according to Moody’s Economy.com. And the government, which has already committed billions of dollars to foreclosure-prevention efforts, has found it far […]

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94% Off In Miami

July 23, 2009

Tweet A South Florida private equity group purchased 51 new, oceanfront condo-hotel units in the luxury One Bal Harbour complex at $63 per square foot, a discount of 94 percent off of the $1,100 per square foot average recorded sales price, according to a new report from┬áCondo Vultures┬« LLC. Elcom Condominium LLC with Jorge E. […]

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90-Day Foreclosure Moratorium Kicks In Tomorrow

June 14, 2009

Tweet The new California Foreclosure Prevention Act is kicking in tomorrow (and stays in effect until January 1, 2011). Under the new rules, which apply to owned-occupied homes with first mortgages recorded between January 1, 2003 and January 1, 2008, the time period before a notice of trustee sale can be filed is extended by […]

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Colony Capital Going After Corus Bankshares

June 4, 2009

Tweet Colony Capital and the Related Companies have expressed interest in possibly pursuing the assets of one of Southern Florida’s most prolific lenders during the condo boom, Corus Bank. The bank was well known for providing large non-recourse loans to developers and converters of condominiums. As the market fell apart the bank has come under […]

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Awfully Quiet in Downtown San Jose

April 22, 2009

Tweet We know sales have been slow at the condo towers in Downtown San Jose. The question is where do the developers go from here? Do they keep hanging on, or is one of them going to succumb to the market soon? The three major new “San Jose highrise” developments are Tower 88, 360 Residences, […]

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One Rincon In Trouble

April 19, 2009

Tweet San Francisco is even tougher than San Diego … They have a stronger socialist tradition in San Francisco than in San Diego, and they mistrust the profit motive. They believe in extracting more money from the business community. Such were the words of Urban West Associates’ (the developer behind One Rincon Hill) Mike Kriozere […]

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Volume Up (Thanks to Foreclosures); Median Prices Down For Bay Area Residential Real Estate

March 19, 2009

Tweet DataQuick released its February numbers, and they reveal that overall Bay Area real estate prices continue their march down. YoY, median home prices in the Bay Area are off by some 46%. New home builders were perhaps hit the hardest as they were only able to close 321 sales last month, a 55% decline […]

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Government Unveils Its Plan For Housing

February 18, 2009

Tweet Obama and the U.S. Treasury have revealed their housing plan, and its both extensive and wildly expensive. The government is putting aside $75B to help 9 million homeowners stay in their homes. In addition, $200 billion in losses will be absorbed at Fannie Mae and Freddie Mac. The program requirements will be laid out […]

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JP Morgan and Citibank to Halt New Foreclosures

February 13, 2009

Tweet JP Morgan (JPM: 56.05 +0.43%) and Citibank (C: 48.40 +0.79%) both announced that they will halt new foreclosures for owner-occupied homes until around the first week of March as the government works on a bailout plan to help homeowners. Unfortunately, Countrywide already tried this back in mid-2008. What happened was that there was a […]

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January 2009 California Residential Foreclosure Numbers

February 12, 2009

Tweet California’s 2009 foreclosure numbers have been released by ForeclosureRadar. The number’s still are ugly, but at least lenders are providing more incentive for third party buyer’s to buy on the courthouse steps. According to the report, average lender discounts from outstanding loan balance was 41.4%, whereas it was only 16.1% a year earlier. There […]

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