February 5, 2010
Sales Of Million-Dollar Homes Drop In CA
This is the fourth year in a row that such sales have dropped.
Sales were down about 24% in 2009 compared to 2008.
Many people who want to sell their expensive homes are holding back because the market is so weak right now. Mortgage financing is difficult to come by. Home values are down, dropping many homes below $1 million.
Filed under California by Luke Ford
January 28, 2010
Office Buildings Have High Vacancy Rates
Commercial real estate will be the next shoe to drop.
That's the cliche we've been hearing for more than a year.
Vacancy rates at office buildings keep going up.
Filed under California, Real Estate by Luke Ford
Defaults in California were down about 25% in the fourth quarter. Much of the credit for this belongs to the Obama administration's mortgage modification program.
How much significance can we give to these numbers? Only time will tell.
Filed under California, Foreclosure by Luke Ford
December 24, 2009
Yisroel Pensack: Ballot Measure to Overhaul California's Tax System Receives Clearance to Collect Voter Petition Signatures
The proponent of a constitutional amendment that would overhaul California's tax system by abolishing or reducing taxes on earned incomes, commerce and industry has received authorization from state officials to solicit signatures needed to place the measure on next November's statewide ballot.
Filed under California, Economy, Politics, Real Estate, Tax, economics by Yisroel Pensack
California Assembly Bill 338 (TIF for TOD) was vetoed by Gov. Arnold Schwarzenegger on Oct. 11.
"This bill would eliminate voter approval requirements for the creation of an Infrastructure Financing District (IFD) and the issuance of tax allocation bonds by an IFD," the governor said in his veto message.
Read more on Yisroel Pensack: Tax-Increment Financing for Transit Vetoed by Gov. Schwarzenegger…
Filed under California, Politics, Real Estate, Tax by Yisroel Pensack
November 23, 2009
San Francisco Bay Area Homes Inch Up In Value
For the first time in two years, average home prices inched up in October.
I remember I was dating a girl in 2000. We met on a Jewish federation trip to Israel. She was working for Disney but quitting to take a job with Walker Digital in the San Francisco Bay Area.
Filed under California by Luke Ford
November 22, 2009
Yisroel Pensack: Southern California Attorney Submits Ballot Measure to Overhaul State's Tax System
A Chula Vista attorney has submitted a proposal to the California Attorney General's office for a constitutional amendment that would overhaul the state's tax system via the voter initiative and referendum process.
Filed under California, Politics, Real Estate, rents by Yisroel Pensack
November 1, 2009
Loan Modification Scams
There seems to be an abundant numbers of these scams in Southern California and there's also a new education campaign to warn homeowners.
How do most of these scams work? They charge people thousands of dollars for credit mediation and credit counseling, services provided free by the federal government.
Filed under California, Fraud by Luke Ford
October 26, 2009
Economist Thomas Sowell Examines The Housing Boom & Crash
I'm reading this new book by economist Thomas Sowell — The Housing Boom and Bust.
For more than a decade, US newspapers have editorialized that banks are more conservative than they should be about lending money to blacks. The current foreclosure debacle suggests otherwise.
Read more on Economist Thomas Sowell Examines The Housing Boom & Crash…
Filed under Bad Credit, Bankruptcy, Banks, Books, California, Credit Cards, Credit Line, Debt Consolidation, Defaults, Politics, mortgage by Luke Ford
October 8, 2009
Hotel Foreclosures Rise In California
More than 300 hotels in California were in foreclosure or default as of Sept. 30.
Tourism is way down in the state. Unemployment is way up.
Many hotels on the brink are fighting to stay up.
Filed under Bankruptcy, Banks, California, Foreclosure, mortgage by Luke Ford