Food, Feds, Foreclosures, and Probates

Canton Bistro is the trendy new restaurant and nightclub in Redlands, CA. Canton Bistro features not only Chinese specialties but also sushi, as well as an inviting bar area with a nightclub set-up that extends eating times well into the wee hours. The Asian fusion restaurant is the latest endeavor of Chinese chef Choung Ly, a Canton (now Guangzhou) native who lives in Yucaipa. His family owns and operates similar bistros in the desert area, and he decided to bring his culinary talents to a location closer to home. In concept, the place resembles the highly successful P.F. Chang chain of Chinese bistros but with the addition of Japanese food and a disco/nightclub. Ly seemingly spared no expense to outfit the new Canton Bistro with the most modern of looks that is nothing short of spectacular: mood-setting lighting effects, striking black and red decor, bamboo floors imported from China and a stacked stone bar matching several similar stone walls. A waterfall and a beneficent Buddha projecting peaceful vibes of good luck and good fortune enhance the front. Click here to read more.

Despite rate cut, many feeling uneasy. The Inland Empire isn't crumbling just yet, but investors on Wall Street frantically pulled their money out of turbulent global financial markets this week. Surprisingly, the Federal Reserve's three-quarter percent interest rate cut didn't do much to allay investors' fears. It's another sign the national economy may be ready to show its ugly side - perhaps a recession. Click here to read more.

In foreclosure - The downturn isn't just in housing. While experts argue over whether a recession is around the corner, San Bernardino and Riverside counties could be poised to become the poster children for economic doom and gloom. You've seen the headlines - skyrocketing foreclosures, homebuilders pulling up stakes, all right here in our own backyard. Even big-name commercial developers are getting the hint it is time to scale back. Their insatiable appetite for industrial building construction has sent vacancy rates to 15percent in the Rialto, San Bernardino, Redlands, Moreno Valley and Riverside areas - a number considered unhealthy. A recent report also indicated the office market throughout San Bernardino and Riverside counties has a 13.4percent vacancy rate, up from 10percent in the fourth quarter of 2006. Click here to read more.



Home foreclosures in California surge to more than double the previous record. Leandro Hernandez of Chino Hills is among thousands more who could be next. He tried to sell his house in 2006 to get out of a mortgage he couldn't afford but found no takers. Faced with a house worth less than his loan balance, he's trying to cut a deal with his bank. But if the lender won't budge, Hernandez, 45, says he knows what he will tell them. "Foreclose me," he said defiantly. Hernandez knows that an eviction is a lengthy process. "I'll live in the house for free for 12 months, and I'll save my money and I'll move on."



Many have already been forced out or hit the road, helping to drive foreclosures up to 31,676 statewide in the final three months last year. That's more than double the record set in 1996 near the end of the last real estate downturn. The all-time low was 637 foreclosures statewide in the second quarter of 2005, when home values were still booming. In the Inland Empire, people who stretched to buy their first home often found themselves unable to make payments as their adjustable loans reset to higher rates, and falling home values made it impossible for them to refinance.



In Southern California, Riverside County saw the biggest jump in default notices, up 119% from a year ago. Orange County was a close second, with a 116% increase from the fourth quarter of 2006. San Bernardino saw a 106% increase, San Diego was up 95%, and Ventura 89%. Los Angeles County fared better than other Southern California counties, with an 83% increase in defaults. Click here to read more.

The Probate Murders. This is how it works: A family member, or even a neighbor, may notice that an elderly person is alone and may be increasingly vulnerable. Depending on the morality and authenticity of the concerned party, that person may contact Adult Protective Services, or may attempt to file for guardianship over the elder, in order to either protect or to gain access to that person's funds. The police may become involved, if there are allegations of lack of capacity or of financial or physical abuse. This opens the door for the professional conservator, buttressed by her lawyers, to "move in for the kill." Click here to read more.

~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