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| 5/17 |
| 2007/4/2-3 [Finance/Banking, Politics/Domestic/California] UID:46180 Activity:kinda low |
4/2 New Century files for bankruptcy
http://www.reuters.com/article/newsOne/idUSN0242080520070402
\_ Any idea how many defaults are occuring in the Bay area?
\_ http://tinyurl.com/ysnblw (sfgate.com)
It really depends on the county. SF/Santa Clara/Marin remain
strong. Concentration of rich bastards and plentiful $80-150K
jobs do that to an area. Look at Manhattan.
\_ Um...but you can't afford an SF house on a 150K income...
\_ dual-income via marriage/SO/friend + family help +
several years of saving for a deposit assumed
\_ Sure you can. There are plenty of starter homes for
$700k in The City. And a person who makes 150k can
afford the $3k/mo (after tax break) that this costs.
\_ Actually there aren't plenty of $700K starter homes
any more. The price is still going up.
\_ Going to http://sfarmls.com putting in price from 650-700
and including only districts 1-9 (excluding 10)
gives me 25 homes. If I include 10, which is the
roughest part of town, I get 65. Granted, most of
the 25 are pretty small, but that is what $700k
gets you these days.
\_ And in 6 unit ellis acted tics. Or maybe in
the farthest reaches of visitation valley.
Any place remotely buyable is snapped up ASAP.
The SF markey is still insane.
\_ You may want to visit http://patrick.net to
commiserate with others in your same
situation.
\_ How sad that $700k is considered a starter
home and you get the benefits of slum life
to go with it. |
| 5/17 |
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| www.reuters.com/article/newsOne/idUSN0242080520070402 filed for bankruptcy protection on Monday amid a surge in homeowner defaults, the biggest mortgage lender to collapse in the slumping US housing market. The Irvine, California-based company fired 3,200 employees, or 54 percent of its work force. It plans to sell most of its assets within 45 days through the Chapter 11 process. New Century was the largest independent US provider of "subprime" mortgages, or home loans to people with poor credit histories. More than 30 rivals have sold or closed similar operations in the past year. The demise of New Century came less than two months after the company first disclosed problems with delinquent and defaulted loans. It stopped making loans last month, after having made nearly $60 billion in 2006. "We are only at the very beginning of the problems facing subprime," said Sanford C Bernstein & Co. New Century filed for protection from creditors with the US bankruptcy court in Wilmington, Delaware. It said it agreed to sell its loan servicing business to hedge fund Carrington Capital Management LLC for $139 million, and some loans and other assets to Royal Bank of Scotland Plc's Greenwich Capital Financial Products Inc. Three US soldiers killed in combat in Iraq BAGHDAD (Reuters) - Three US soldiers were killed in combat in Iraq on Monday, the US military said on Tuesday, bringing the US death toll since the March 2003 invasion to 3,256. com, video, mobile, and interactive television platforms. Reuters journalists are subject to the Reuters Editorial Handbook which requires fair presentation and disclosure of relevant interests. |
| tinyurl.com/ysnblw -> www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2007/01/25/BUGFDNO8JU1.DTL SFGate Technology: It's a high-tech world - - we just plug you into it... The number of California homeowners who fell behind on mortgage payments more than doubled during the last three months of 2006, pushing defaults higher than at any other time in the past eight years, according to a report issued Wednesday. Despite the jump, the number of default notices is well below historic highs. Housing experts blame the increase in part on rising interest rates and adjustable-rate mortgages. It's unclear whether the increase portends a further weakening of the market. Statewide, lenders sent 37,273 notices of default in the fourth quarter, up 145 percent from the same period a year earlier, according to DataQuick Information Systems. The trend was more pronounced in Southern California and the Central Valley. The Bay Area has weathered the downturn better than other parts of the state, protected in part by a short supply, economists said. Default notices rose 134 percent in the area, below the 141 percent jump in Southern California and the 168 percent increase in the Central Valley. The Bay Area had less new construction and a tighter housing supply, making the market less volatile, experts said. "In some places, the builders got a little bit ahead of themselves and the speculators got a little bit ahead of themselves and now they're feeling the foreclosure pain," said Scott Anderson, senior economist for Wells Fargo. "The Bay Area's home values in terms of supply and demand are much better balanced and that's keeping the foreclosure rates more manageable." The fourth quarter saw the most default notices in any three-month period since the third quarter of 1998. A notice of default is the first step in the foreclosure process. Many who receive such notices avoid having their homes repossessed. About one-third of homeowners who received a notice of default in the fourth quarter of 2005 had lost their homes a year later, above historical averages, DataQuick said. California is experiencing a rise in defaults because so many people took out adjustable-rate mortgages, economists say. About 28 percent of loans in California are adjustable, more than in any other state, according to First American LoanPerformance, which tracks mortgage risk. Borrowers with such loans have seen their monthly payments increase at the same time that home price appreciation has slowed, making it more difficult to sell or refinance. "The state of California has been tremendously dependent on adjustable-rate mortgage products," said Anderson. Homeowners in Marin, San Francisco and Santa Clara counties were the least likely to go into default, the report found. In the Bay Area, some of the biggest increases in default notices came in Contra Costa and Solano counties, where the most new construction has occurred. Economists point out that the five-year housing boom pushed the number of defaults to record lows, making increases seem particularly dramatic. percentage looks a bit more dramatic than it should because we are comparing it to such a low base," said Keitaro Matsuda, senior economist with Union Bank of California. Although the number of default notices sent out last quarter is above the 33,615 average for the 14-year period in which DataQuick has tracked foreclosures, it's still below historic highs. The number of default notices peaked in the first quarter of 1996 at 61,541. "For a long period of time, California had some of best credit quality in the country," said Anderson of Wells Fargo. The report also found that the number of homes sold in foreclosure sales rose to 6,078 during the quarter from 874 in the fourth quarter of 2005. That compares with a record high of 15,418 in 1996 and a low of 637 in 2005. Anderson and Matsuda disagreed about whether the state will continue to see a dramatic climb in foreclosure and default rates. Matsuda said that as long as interest rates remain where they are, the number of foreclosures is unlikely to continue its rapid rise. "I believe that the fourth-quarter pop will be the worst quarter in terms of foreclosures," Matsuda said. But Anderson said that, even with the improvement in the housing market, it will take some time before the number of default notices returns to low levels. "We expect it to play out over a number of years," Anderson said. "It's not something that's going to go away next quarter, even if the housing market starts to stabilize." |
| sfgate.com Friday, May 14, 2004 Updated: 12:07 AM PDT ' I'm guessing that the best way to hail a cab or a bartender in Athens will not be by waving an American flag." Sorensen Capital group He's already got more money than god, but that isn't stopping Steve Young (above, right) from embarking on a second career in business. Gov's Balancing Act Schwarzenegger unveils revised budget containing spending cuts and (as promised) no new taxes. Wedding Date's Still On Same-sex marriage opponents lose bid to halt gay nuptials, scheduled to begin Monday in Massachusetts. Researchers say they've found evidence of impact greater than the one that probably caused the dinosaurs' extinction. Wars' $50 Bil Price Tag "It's a big bill," says Wolfowitz, who estimates the cost of conflicts in Iraq and Afghanistan. No Plea From Anderson Using a wheelchair, the haggard-looking suspect is arraigned in the murder of Xiana Fairchild. Giants Left Stranded G-men leave 12 men on base, including two in the bottom of the 9th, and drop series to Philly. Sex, Drugs, And Then 5 Deaths Playboy Playmate tells how she got involved with 2 suspects, but left in just the nick of time. Pixar Growth Plan Wins Fans 20-year proposal for Emeryville site gets flak from activists, but city says go for it. |
| patrick.net mail crash page to a friend Redirecting to housing crash page... |