Monday, August 31, 2009

Orange County Register - "Record 8,000 mortgages face foreclosure" (8-29-09)

"There were 8,346 outstanding foreclosure auction notices in Orange County at the end of July, up 12% from June and more than double the year ago total, reports"

Orange County Register - "O.C. has 6 of 100 priciest U.S. home markets" (8-31-09)

"none of the local ZIP codes that made the high-price list should be a shocker to any knowledgeable real estate watcher. But despite a tough two years for real estate in this region — a period where price drops far exceeded national trends — some of Orange County housing still ranks among the most most expensive in the country."

The Wall Street Journal - "Raft of Deals for Failed Banks Puts U.S. on Hook for Billions" (8-31-09)

"To encourage banks to pick through the wreckage of their collapsed competitors, the Federal Deposit Insurance Corp. has agreed to assume most of the risk on $80 billion in loans and other assets. The agency expects it will eventually have to cover $14 billion in future losses on deals cut so far. The initiative amounts to a subsidy for dozens of hand-picked banks."

Orange County Register - "Irvine list price, home listings on the rise" (8-31-09)

"In a reversal from the downward trajectory of previous weeks, the average list price of homes for sale in Irvine rose in the past week. The number of home listings went up as well, following weeks of declining numbers."

Bloomberg - "Fire North of Los Angeles Doubles in Size Overnight" (8-31-09)

A wildfire scorching the mountains north of Los Angeles doubled in size overnight, threatening more than 10,000 homes and causing more than 2,000 people to flee as hot, dry weather and winds fan the flames."

Inman - "Realogy puts Homestore behind it" (8-31-09)

"Realogy Corp. and Chief Executive Officer Richard A. Smith have extricated themselves from a legal battle over the alleged role of their former parent company in one of the most notorious episodes of the dot-com bust. Smith and Realogy's former parent company, Cendant Corp., were accused in a class-action lawsuit of concealing the reciprocal nature of deals that allegedly helped Cendant's business partner,, claim revenue growth that artificially inflated the company's share price."

Realty Times - "
Investor Report: Seamless Short Sales" (8-17-09)

"Real estate investors looking for steady, relatively safe returns, and who are also interested in helping financially-squeezed homeowners remain in their properties, should check out the 'seamless short sale' concept. Here's how the idea works. Rather than homeowners being forced to leave their houses after a short sale to an investor, they instead rent back the property on a triple-net basis for less than they were paying per month to the bank."

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