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June 2010 Archives

Treasury Approves CA Plan to Help Homeowners

Last week the Treasury Department approved proposals from California, Arizona, Florida, Nevada and Michigan to help distressed lenders who don’t qualify for mortgage modifications and released $1.5 billion in funds to those states of the $2.1 billion set aside by the Obama administration earlier this year.

California to Play Catch-Up

The latest quarterly report from the UCLA Anderson Forecast says that the California economic recovery is expected to lag the nation in 2010 but will ramp up in 2011 and beyond.

Fed Mortgage Fraud Busts

Attorney General Eric Holder, FBI Director Robert Mueller and HUD Inspector General Kenneth Donohue held a news conference on June 17 to announce that the agencies’ three-month “Operation Stolen Dreams” sting has already netted 485 arrests for mortgage fraud nationwide.

Pimco CRE Forecast: Damp

Pacific Investment Management Co. (Pimco) released their analysis of the commercial real estate market this week, saying that unemployment and property price uncertainty will continue to put a damper on recovery.

California CRE Looking Up?

An article last week in the LATimes noted that while prices are not exactly climbing, investors are “on the prowl again” and bidding is brisk for desirable commercial properties.

SB 1178 Approved by Senate

Last week the California Senate approved SB 1178, extending anti-deficiency protection to homeowners who refinanced their original mortgage loans and are now facing foreclosure.

May Foreclosure Report

Things are looking a bit sunnier in sunny California these days according to RealtyTrac’s May foreclosure report.

Short Seller Beware

The Sacramento Bee reports that as the number of short sales in the area rise, so do the imaginative ways some people can come up with to exploit them.

Flip Flops

A short sale fraud scheme known as “flopping” is on the rise across the U.S. and two Connecticut real estate agents may be on their way to prison for their involvement in this illegal activity.

Asian Investors Fill SF Hotel Vacancies

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.

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.

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.

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.

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.

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