The nation's housing market is in a "perilous position" that could slow the broader economy, but it is unlikely that a drop in home prices will prompt a recession, according to the latest assessment of the economy from the UCLA Anderson Forecast. In their quarterly economic forecast to be released today, the UCLA economists said that a slowdown in home sales and single-family home construction is a sign that the housing market may be on a decline. The Anderson Forecast, one of the state's most respected panels of economists, has been predicting a housing slowdown for the past couple of years, even as housing prices have skyrocketed. Click here to read more.
Pair Plead Not Guilty in Home Loan Scam. Partners preyed on desperate homeowners facing foreclosure, stealing their equity and cheating lenders, prosecutors say. Prosecutors said the scam worked like this: The suspects located homeowners whose loans were in default and persuaded them that they could avoid foreclosure with a short-term loan to cover their debts. The victims were told that their homes would be refinanced by "co-signers" with good credit. With access to the deed, the suspects took out loans against the property and eventually pocketed the majority of the proceeds, robbing homeowners of their equity by increasing their debt and saddling lenders with bad loans. This type of sham transaction, which was uncovered last month, has become increasingly common and is indicative of a boom in real estate fraud throughout California and the nation, authorities said. Click here to read more.
Hot SoCal Market Warms Up Region's REITs. The Southern California office and industrial markets have been on a tear this year, and real estate investment trusts focused on the region have seen their share prices surge. What's got everyone abuzz about Southern California is that the area's office and industrial markets have been solid performers in a generally lackluster national environment. Job growth in the area has been strong, leading to low vacancy rates and growing rents across the region. In turn, investors who placed bets on REITs focused on the area have been rewarded this year. Click here to read more.
Slow Buying Pace Compared to New Foreclosures Creates a Strong Investment Environment. According to data released today by Foreclosure.com, 85,375 foreclosed residential properties were available for sale in the United States during November -- a decrease of 2.7 percent from October. The total number of new foreclosures listed for sale in November -- 20,951 -- also decreased 2.7 percent. In the states with the highest number of foreclosure listings, including Colorado, Georgia, Indiana, Michigan, Ohio and Texas, only Georgia experienced an increase in new foreclosures from October to November. In addition, Massachusetts, North Carolina and Tennessee recorded a substantial rise in the number of new foreclosures for the second straight month, indicating early signs of a trend in those areas.
CALIFORNIA
Total Properties: 1144
New Foreclosures: 149
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~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com
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