Recent Articles
Sep 10, 2009 | No Comments | Sean Mills
SAN DIEGO-Spreads are tightening, but some financing deals are cautiously being made, speakers said at a session on capital markets at the International Council of Shopping Center’s Western Conference and Idea Exchange, which concludes here today.
Funds are still extremely tight, and the money that is available is looking for quality, says Steve Fried, a vice [...]
SAN DIEGO-Spreads are tightening, but some financing deals are cautiously being made, speakers said at a session on capital markets at the International Council of Shopping Center’s Western Conference and Idea Exchange, which concludes here today.
Funds are still extremely tight, and the money that is available is looking for quality, says Steve Fried, a vice president of Mesa West Capital, Los Angeles. The result is an odd situation in which spreads are tightening, from 13% to 15%, to 11% to 13%, despite a dearth of deals.
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Sep 10, 2009 | No Comments | Sean Mills
This is from Robert Reich’s blog. -Sean
Robert Reich was the nation’s 22nd Secretary of Labor and is a professor at the University of California at Berkeley. His latest book is “Supercapitalism.” This is his personal journal.
Why aren’t we hearing more about the worst job and wage situation since the Great Depression?
The latest employment figures (released [...]
This is from Robert Reich’s blog. -Sean
Robert Reich was the nation’s 22nd Secretary of Labor and is a professor at the University of California at Berkeley. His latest book is “Supercapitalism.” This is his personal journal.
Why aren’t we hearing more about the worst job and wage situation since the Great Depression?
The latest employment figures (released this morning) show job losses continuing to grow. According to the payroll survey, job losses are increasing more slowly than in previous months. According to the household survey, they’re accelerating — from 9.4 percent of the workforce in July to 9.7 percent in August. Bottom line: almost one out of six Americans who need a full-time job either can’t find one or is working part-time. Meanwhile, wage growth among people who have jobs has just about stopped. The Economic Policy Institute reports that between 2006 and 2008, wages grew at an annualized rate of 4.0%; by contrast, over the past three months annual wage growth has plummeted to just 0.7%. At the same time, furloughs — requiring workers to take unpaid vacations — are on the rise: recent surveys show 17% of companies imposing them. More than 20% of companies have suspended their contributions to 401(k)s and similar pension plans.
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Sep 10, 2009 | No Comments | Sean Mills
I have been tracking foreclosures in Orange County to get a basic read on where we are for the next wave of foreclosures, the Alt-A and A borrowers defaulting, and it seems to me we are nowhere near the end of this problem as the tap has not been turned on. According to www.lpsasap.com we [...]
I have been tracking foreclosures in Orange County to get a basic read on where we are for the next wave of foreclosures, the Alt-A and A borrowers defaulting, and it seems to me we are nowhere near the end of this problem as the tap has not been turned on. According to www.lpsasap.com we have seen the following numbers for the foreclosed auction properties in Huntington Beach, Irvine and Newport Beach for the last 30 days: HB has had 147 properties scheduled for auction out of these properties 4 properties sold at auction, 3 went back to the beneficiary and the rest were postponed. The postponed were due to Beneficiary’s request, mutual agreement and bankruptcy. Irvine had 157 properties scheduled for auction with 1 property sold, 13 cancelled to loan mods I suspect and 143 postponed. Newport Beach had 50 properties up for auction with 1 sold, 3 cancelled to loan mods and 47 postponed. That’s a 95% postponed properties for HB, 91% for Irvine and 94% for Newport Beach. This is typical for almost all markets I track. Northern California is seeing the same a high number of properties being postponed at the auctions with a few being sold on an ad hawk basis. If this is not ignoring the problems or kicking the can forward I am not sure what is. The attached article is on the high bankrupcy rates in the works. Please don’t get me wrong I am not naive enough to think OC is the among the riches individuals or familys in the county it is just an illustration to bring home the point.-Sean
Sept. 9 (Bloomberg) — Wealthy individuals’ Chapter 11 bankruptcy filings jumped 73 percent in the second quarter from a year earlier, according to the National Bankruptcy Research Center, a research firm in Burlingame, California.
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Sep 10, 2009 | No Comments | Sean Mills
This looks like a better opportunity for the Lenders/lien holders than a straight REO sale. Maybe the buy drugs shadow inventory of REOs and foreclosures which are in limbo due to the moratoriums will finally see the light of day and start to make it into the pipeline of homes for sale.
-Sean
By Diana Golobay [...]
This looks like a better opportunity for the Lenders/lien holders than a straight REO sale. Maybe the buy drugs shadow inventory of REOs and foreclosures which are in limbo due to the moratoriums will finally see the light of day and start to make it into the pipeline of homes for sale.
-Sean
By Diana Golobay at HousingWire
The mortgage servicing industry in coming weeks will see details of an incentive program aimed to prevent foreclosures by encouraging servicers to pursue short sales and deeds-in-lieu of foreclosure.
US Treasury Department sources confirmed to HousingWire the Treasury expects to issue details on the short sale and deed-in-lieu program later this month.
The program is being finalized and will be announced as soon as possible, according to testimony Wednesday by Federal Housing Administration (FHA) commissioner David Stevens.
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