The San Francisco Chronicle reported last week that foreign investors, mostly from mainland China, have their eye on more landmark San Francisco hotel properties, including the famed Sir Francis Drake Hotel, which is currently on the market. Shenzhen New World Group, a Chinese real estate development company, purchased the Los Angeles Marriott Downtown in a… CONTINUE
You Go, Girl
Single women accounted for more 2009 home purchases than single men at a rate of more than 2 to 1, according to a recent National Association of REALTORS report. Unmarried women accounted for 21 percent of home purchases in 2009, compared with unmarried men who were 10% of the buyers. The predominant markets for single… CONTINUE
Going, Going, Gone…Finally!
CNNMoney reports that there is a growing boom in real estate auctions, fueled by the growing number of REOs, new developments that have gone bust and distressed homeowners who are tired of watching their home values continue to decline while awaiting a sale. The National Auctioneers Association notes that real estate auctions have increased by… CONTINUE
Dirty Talk
Lender Processing Services, a technology firm that reports on loan delinquencies, says that its data – based on 40 million first loans and 5 million home equity loans and lines of credit — points to an escalation in prime loan delinquencies across the U.S. According to LPS analyst Steve Berg, there is a huge inventory… CONTINUE
Luxury Home Market Rebounds
A study by MDA DataQuick for the Wall Street Journal has found that sales of homes over $2 million or more in the first quarter of 2010 rose to 2005 peak levels in some areas of the country, including San Francisco, Menlo Park and Beverly Hills. The study showed that in San Francisco during the… CONTINUE
Housing Market Bipolar
Real estate experts are calling the current housing market “bipolar”, citing the rise in sales and prices on one hand and the hike in interest rates and repossessions on the other. The final diagnosis: negative in the short term, but turning positive by the end of the year. According to a CNNMoney article: One of… CONTINUE
Record Delinquencies & Foreclosures in 1Q 2010
The Mortgage Bankers Association has released its first quarter numbers for mortgage delinquencies and foreclosures and it’s a new record high. From an AP report: The number of homeowners who missed at least one mortgage payment surged to a record in the first quarter of the year, a sign that the foreclosure crisis is far… CONTINUE
Most Still Not Walking
A Harris Interactive online survey from mid-May showed that 59 percent of those surveyed would not consider walking away no matter how much negative equity they had in their home. The research was conducted on behalf of RealtyTrac and Trulia.com and surveyed 2,596 adults aged 18 and older across the U.S. Other findings according to… CONTINUE
Liar Loans Banned
In a classic case of “too little, too late”, the U.S. Senate voted to ban “liar loans” as part of the financial regulatory reform bill and require lenders to fully document a borrower’s income before approving a loan. From a CNNMoney report: This would effectively end the origination of no-doc or stated-income mortgages, which many… CONTINUE
Loophole or Noose?
C.A.R. issued an alert last week, warning consumers of a loophole in California law that allows lenders to sue foreclosed borrowers for the difference between the mortgage and property value. C.A.R. is also sponsoring legislation to close the loophole (Senate Bill 1178). From the C.A.R. alert: California has protected borrowers from so-called “deficiency” liability on… CONTINUE
Bay Area Home Prices Rise Again in April
Is two months a trend? Bay Area home prices rose again by 5.5 percent from March to April. March saw Bay Area home prices rise 33 percent from February. While prices were up, sales volume was down – single-family home sales declined by 3.7 percent from March to April in the Bay Area. From California… CONTINUE
Mortgage Fraud Mecca
A federal grand jury in Sacramento has returned indictments in two separate California mortgage fraud cases. In the first case, five defendants from Elk Grove and Fair Oaks were charged with 11 counts of mail fraud related to their alleged operation of a mortgage fraud scheme. The men changed their names to Muslim names to… CONTINUE
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