Survey Finds Growing Investor Interest In Commercial Real Estate
A report from Real Estate Research Corporation found that investment interest is improving for commercial real estate. With higher perceived risk of investing in the stock market, due to slow economic growth , investors are being drawn to commercial real estate’s diversification, stability and higher absolute returns.
Learn more about this at the next Sacramento Real Estate Club meeting :
www.ccwealthbuilders.com
California had the highest number of reported mortgage fraud cases in the second quarter
California had the highest number of reported mortgage fraud cases in the second quarter, according to a report Monday.
The 283 active cases in the Golden State involved about $436 million in mortgages — more than any other state, according to the report FraudBlogger.com.
Second highest was Florida, with 213 cases and about $147 million in mortgages.
Calif. had most mortgage fraud in Q2 – Sacramento Business Journal
CoreLogic Index Shows Sharp Slow-Down in Home Price Increases
The real estate data and analytics firm CoreLogic reports that home prices in the United States increased in June, marking the fifth consecutive month of year-over-year gains in residential property values. But the California-based company says price appreciation has slowed considerably – a sign of things to come as we head into the fall season.
CoreLogic says June’s 2.3 percentage point deceleration from May is “very large by historical standards.” The deceleration was most pronounced in more expensive and distressed segments of the market.
According to Mark Fleming, chief economist for CoreLogic, home price volatility and collateral risk remain very high.
“The stabilization phase and policy intervention since the spring of 2009 has run its course. Prices are expected to further moderately decline as the economy remains weak through the fall,” Fleming said.
Fannie’s REO volume doubles on mounting foreclosures and longer disposition times
Fannie Mae’s single-family REO inventory more than doubled from Q209 to Q210, and its foreclosure rate increased 16 basis points from Q109.
The company attributed the increase to new foreclosures and added delays in the REO process.
Fannie Mae acquired 68,838 single-family REO properties through foreclosure during Q210. At June 30, Fannie had 129,310 REO properties in its inventory, with a carrying value of $13bn — an increase from 62,615 properties valued at $6bn at the end of Q209.
Fannie Mae Launches Online Resource for Struggling Homeowners
Some Foreclosure help:
Fannie Mae has rolled out a new interactive online resource for homeowners struggling with their mortgage payments. It’s KnowYourOptions.com, and it’s designed to be a virtual one-stop-shop for anyone facing financial hardship and in need of a foreclosure prevention solution.
The site is available in both English and Spanish, and includes educational videos, mortgage calculators, financial forms and checklists, and even contact details for local housing counselors and information on homeowner outreach events. A virtual assistant walks visitors through the key areas of the site to ensure ease-of-use and trouble-free navigation
The housing bust has made owning a home a lot more affordable — but in some places, prices are extraordinary; you can buy a nice condo for less than the cost of a new family car.
Some cities have dozens of attractive condominium listings selling for $50,000 or $25,000. There are some selling for less than a new Toyota Corolla. And these are not derelict hovels in crime-ridden communities: These homes are often in move-in condition and located in nice neighborhoods.
“Not to sound like a salesman, but there are some real bargains out there,” said Kevin Berman, a broker with Bankers Realty Services in Fort Lauderdale, Fla.
The housing bust has taken down the national median home price by about 23% since 2007, according to the National Association of Realtors (NAR). But condo have fallen even further, down about 25%.
In Sacramento, Calif., condo prices have fallen 59% from what they averaged in 2007, according to NAR. Miami condo prices have plunged 65%, and in Las Vegas they are off 66%.
Prices of individual units are down even more. One condo in Deerfield Beach, Fla., that sold for $115,000 five years ago now lists for $25,000. That’s a drop of nearly 80%.
Much of these price drops can be attributed to over development during the boom. Much of that came in Sand State markets such as Las Vegas Miami and Phoenix, where prices for all properties are have fallen precipitously.
California has nation’s 2nd highest foreclosure rate
CA is still a hot bed of Foreclosure activity:
Modesto posted the nation’s third highest metro foreclosure rate. Other California cities in the top 10 were Merced at No. 4 (4.47 percent of housing units); Riverside-San Bernardino-Ontario at No. 5 (4.37 percent); Stockton at No. 6 (4.37 percent); and Vallejo-Fairfield at No. 9 (3.91 percent).
A total of 93,263 properties in the Los Angeles-Long Beach-Santa Ana metro area received a foreclosure filing in the first half of 2010, the second highest total of any metro area nationwide and 2.11 percent of all housing units (one in 47) — ranking No. 35 in terms of foreclosure rate.
Other metro areas with the 10 highest foreclosure totals were Phoenix-Mesa-Scottsdale (73,352), Riverside-San Bernardino-Ontario (63,717), Las Vegas-Paradise (53,525), Atlanta-Sandy Springs-Marietta (52,381), Detroit-Warren-Livonia (47,563), New York-Northern New Jersey-Long Island (44,522), and Orlando-Kissimmee (37,352).
Sacramento has the 14th highest foreclosure-filings-per-household rate among the more than 200 RealtyTrac reports on across the country. Sacramento’s foreclosure filing rate is about half the rate of Las Vegas’ rate, ranked at the top.
Sacramento’s rate is an improvement from the previous six-month period when the rate was 3.6 percent.
Report: 75% of Nation’s Top Metros Post Foreclosure Increases
More Foreclosures -No big surprise…
RealtyTrac says it’s seeing early signs that foreclosures may have peaked in some hard-hit markets, but with three-quarters of the nation’s most populated metros showing continued increases, the numbers illustrate just how fragile the housing recovery really is.
According to the company’s Midyear 2010 Metropolitan Foreclosure Market Report, 154 of the 206 U.S. metro areas with a population of at least 200,000 posted year-over-year increases in foreclosure activity. Four states – Florida, California, Nevada and Arizona – accounted for all top 10 metro foreclosure rates.
“The fragile stability achieved in many local housing markets hinges on improvements in the underlying economy, specifically job growth,” said James J. Saccacio, RealtyTrac’s CEO. “If unemployment remains persistently high and foreclosure prevention efforts only delay the inevitable, then we could continue to see increased foreclosure activity and a corresponding weakness in home prices in many metro areas.”
Fewer U.S. small business owners expect revenues, cash flow, capital spending or hiring to increase over the next 12 months, according to a new survey done for Wells Fargo Bank by Gallup.
The lower expectations for business prospects contributed to a 17-point decline in July from April in the Wells Fargo-Gallup survey’s index of business owner confidence, finishing at -28, the lowest score since the survey’s inception more than seven years ago.
“Slower consumer spending growth appears to be weighing on small business confidence,” says Scott Anderson, Wells Fargo senior economist. “Small businesses are scaling back on hiring and capital spending plans in the third quarter and remain concerned about the overall financial health of their companies.”
Essential Short Sale Guide " A Must Read for any investor interested in Making Money in Short Sales." W.F. Sand Diego CA
Smart Investors Guide 10 Biggest Mistakes to Avoid in this Meltdown " I should have read this years ago, it would have saved me a lot of money." C.J. Sacramento CA
