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Foreclosures Continue To Rise Across The Nation
It is indeed a grim picture across the nation going by the rise in foreclosure filings for the year 2006. At the latest count it stood at nearly 985,000 showing a jump of 52% compared to the previous year.
Several realty watch organizations have been putting out the numbers but the message is clear. The real estate market is in the throes of some important structural corrections. The upward rise in prices has not sustained. As a result, those who bought property believing to trade on equity with further increase in market prices saw their calculations go terribly wrong. Lenders, who financed such transactions, are left facing a contracting market and less-than-satisfactory client portfolio. Add sub-prime mortgages and the scenario gets more bizarre.
The largest number of foreclosures, nearly one-tenth of the total national figure, was in the Northeast. The foreclosure rate stood at 65% and the number of foreclosure was roughly 95,658 showing a steep hike from 57,985 in 2005. The only silver lining was in Maryland and Delaware, where the foreclosure rate actually fell by 25.9% and 33% respectively. It is difficult to predict whether this could be a foreboding of what is to come.
The trend continues the same in the Southeast region as well. It showed a rise of 38% and the absolute numbers were 221,230 up from
NYC Coop Sales Price Now Public Information
It's an old axiom that, despite increasing numbers of condos, coops still account for around 80% of NYC's apartment inventory.
Yet, until recently, the sales figures were shrowded in mystery. No more. A recently passed law allows access to these figures through use of the City's ACRIS system. While the link may not be up for long, you can find a pdf guide to how the system works at NYC.gov/html/dof/html/jump/acris.shtm.
Noah's Ark 2006
In the year 2006, the Lord came unto Noah, who was now living in the United States, and said, "Once again, the earth has become wicked and over-populated, and I see the end of all flesh before me.
Build another Ark and save 2 of every living thing along with a Few good humans."
He gave Noah the blueprints, saying, "You have 6 months to build the Ark before I will start the unending rain for 40 days and 40 nights."
Six months later, the Lord looked down and...
Commercial Rent Prices Up - Square Footage Down?
A recent article in Business Week suggests that the open space model of the dot com era may, actually be a paradigm to enable businesses to reduce one of their largest expenses, namely, commercial office rent.
Yet, the position of the author is hardly universally shared, eliciting a number of rejections and criticisms in the posted comments following the article.
From my own experience, there is no doubt that, technologically, more and more things can be done in more and more places....
Bubble Metrics
I came across a very interesting website, that of the Center for Economic Policy Research, an organization that's done alot of looking into the housing bubble issue and that has alot of articles that you'll find interesting and informative.
What's really noteworthy, though, is a unique bubble calculator that seeks to measure whether you'd be better off renting or buying by plugging in the price, mortgage terms, location and projected hold time into the fields, which then takes into...
Expected Report of Year Over Year 2nd Qtr Condo Price Declines
Today's NY Sun reports that an expected industry report on condo prices will show softening on a year over year basis for the second quarter.
As the article recites, industry analysts opine on whether they foresee a repeat of the coop collapse of the late 1980's when oversupply combined with softening demand and tax reform to cause a sharp drop in prices.
Some, according to the article, feel the City's overall healthy economy will prevent this recurrence in the case of...
Worried about Interest Rates? Tell that to the Rent Guidelines Board
In an unusually raucus session of the Rent Guidelines Board's annual spectacle on guidlines increases for rent stabilized apartments in NYC, the Board members could hardly hear themselves over incessant drum beats from Tenant activists, yet still managed to outrage them, while disappointing landlords in the process.
Read about the meeting and the increases at <a...
Problems When the 1031 Tail Wags the Dog
Here's an interesting article about what happens when investors, in their zeal to meet the stringent time requirements of a 1031 exchange, invest in properties in areas they're unfamiliar with and do so without their usual degree of due diligence.
<a href="http://www.realestatejournal.com/buysell/markettrends/20060615-hagerty.html?refresh=on" >http://www.realestatejournal.com/buysell/markettrends/20060615-hagerty.html?refresh=on</a>
Everybody into the Pool!
When it comes to Terrorism Insurance, the government's days as a reinsurer of last resort are numbered, ending in 2007 following one extension of a temporary act intended to restore confidence among the Nation's insurers and reinsurers following the huge losses suffered as a result of the 9/11 attacks.
A lobbying group called the Real Estate Roundtable, <a href="http://www.rer.org/," >http://www.rer.org/,</a> recently proposed modeling a future system after that...
Taxes and Commercial Real Estate Activity in NY
Today's NY Sun has an interesting article sure to reinvigorate the timeless intellectual arm wrestling about whether booms and busts in real estate are primarily driven by tax policy or the business cycle.
This article focuses on the infamous "Cuomo Tax", formally known as the Real Property Gains Tax, enacted in the '80's by then Governor Mario Cuomo. In short, the tax that excluded townhouses and one and two family houses, surcharged capital gains on most other...
Another View on the Bubble-No Bubble Coin Toss
Glenn Roberts, Jr. of Inman News today quotes from findings of the Anderson Forecast, an economic report out of UCLA.
According to the report, housing is more likely to head for a crash rather than the gradually deflating balloon we've all be hearing about lately.
For more, check out the article ( subscription required) at <a href="http://www.inman.com/hstory.aspx?ID=53488" >http://www.inman.com/hstory.aspx?ID=53488</a>
160,310 in the previous year. Florida topped with 121,000 foreclosures second only to California for the highest number in one state.
The Midwest region bore the brunt of a slowdown in the manufacturing sector and the tough economic condition. The increase for the region stood overall at 72%. Nearly 205,000 foreclosures were filed. While Illinois, Michigan, Missouri, Nebraska and North Dakota showed increases in the range of 85-95%, Iowa and Kansas grappled with 103-108% rise.
In the Southwest region, the foreclosures touch an average of one out of every two filed in the whole nation. California filed the highest number with over 156,000. Colorado came second with an increase of 55% with 69,211 filings. Texas showed a rise of only 36% with 107,235. Here again, the cheerful news came from Louisiana, New Mexico, Oklahoma and Oregon all of which showed a dip in foreclosure filings for the fourth quarter compared to the previous quarter.
Could this be an indication of good tidings ahead? Keep your fingers crossed.
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Bob Smith is the writter of Mostlyforeclosures.com. For more information on New Mexico House Foreclosures please visit http://www.mostlyforeclosures.com/.
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