Articles Tagged with ''Los Angeles''

Foreclosure 'Crisis' Will Hit New York, Los Angeles, Dallas Hardest in 2008: Report

A report released today by the U.S. Conference of Mayors casts a gloomy picture for 2008 and the nation's housing markets, saying that increasing foreclosures in key metropolitan areas across the United states will drive economic losses equaling $166 billion. The report projects that the foreclosure crisis will result in 524,000 fewer jobs being created next year and a potential loss of $6.6 billion in tax revenues in ten states.
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The Subprime Epicenter

Reading some weekend coverage this morning, I came across this story at the Washington Post -- too good not to post here, given that Irvine, CA is my hometown:
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NAACP Sues Bevy of Mortgage Lenders, Alleges Racial Discrimination

From the Associated Press, via Forbes: The NAACP sued a dozen mortgage lenders on Wednesday, claiming the companies discriminated against blacks by steering them into higher-interest, subprime loans while giving more favorable loan terms to white borrowers. The lawsuit, which seeks class-action status, was filed in U.S. District Court in Los Angeles. It demands a court order barring the lenders from discriminating against blacks and compelling them to comply with fair housing and credit laws.
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California Feeling Effects of Housing Slump

California home sales dropped 31 percent in March from year-ago levels, the slowest March sales total since 1997, according to a new report from DataQuick. A total of 39,800 new and resale houses and condos were sold statewide last month, down dramatically from 57,675 for March 2006. In spite of the steep drop in sales volume, prices continued to climb. The median price paid for a home in California last month was $484,000, a new record; median prices were up 2.5 percent from February's $472,000, and up 3.0 percent from $470,000 for March a year ago.
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IndyMac: Subprime Contagion Fears 'Overblown'

In a statement to the media released late yesterday, IndyMac highlighted key performance metrics associated with its considerable Alt-A portfolio in an all-out effort to counter market perceptions that problems in the subprime market might be spreading into Alt-A credit. "I've read it in the press that Alt-A lending is 'in between' prime and subprime lending," said IndyMac CEO Michael Perry. "Well, that's true but not very accurate given the facts. "Let me give you a simple, visual geographic analogy. That's like saying that our headquarters in Pasadena is 'in between' Los Angeles and Las Vegas. True enough, but there's the question of degree: Pasadena is 11 miles northeast of Los Angeles and Las Vegas is 262 miles northeast of Pasadena."
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Acquisition Firm Buys Calif. A, Alt-A Broker; Looking for More

W.J. Bradley Company Merchant Partners, LLC, an acquisition firm focused on consolidating small and medium sized mortgage brokers and banks, announced today that it has reached a definitive agreement to acquire SB Financial, Inc., a Los Angeles-based mortgage broker. The SB Financial acquisition is the 10th mortgage company acquisition that W.J. Bradley has made in the past two years. Terms of the transaction were not released.
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Calif. Home Sales Slide 12.6 Percent; Unsold Inventory Increases Nearly 60 Percent

Home sales decreased 12.6 percent in January in California compared with the same period a year ago, while the median price of an existing home increased 1.9 percent, the California Association of Realtors said yesterday. “After holding steady in the range of 450,000 units on a seasonally adjusted annual basis since July of last year, home sales activity was slightly lower in January,� CAR president Colleen Badagliacco. “On a regional basis, sales fell an average of 13 percent, while median prices declined in all areas except Los Angeles, the San Francisco Bay Area, and Riverside/San Bernardino.�
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Residential Futures Market Based on NAR Data Set to Expand

The HedgeStreet exchange said today that it has expanded its home value markets to 10 major metropolitan areas. The markets, which HedgeStreet claims it pioneered two years ago, are benchmarked against the National Association of Realtors' reported Median Sales Price of Existing Single-Family Homes in 10 metropolitan areas. The newest areas represented are Las Vegas, Denver and Washington D.C. They join the Chicago, Los Angeles, Miami, New York, San Diego, San Francisco and Boston markets, all of which have previously traded on HedgeStreet.
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Sales Volume in Calif. Falls to 1996 Levels

A total of 41,100 new and resale houses and condos were sold in California last month, according to a new report released late Thursday. That's up 4.8 percent from 39,200 for November, and off 22.2 percent from December 2005's reported sales numbers. DataQuick's December sales report found that last month's sales made for the slowest December since 1996, when just 33,591 homes were sold.
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Report: RE Investors to Eye Small Equity Funds and LPs in 2007

On the heels of last year's privatization of some of the largest public REITs, the strong flow of equity capital into real estate will continue in 2007 – but in a different direction, according to Stan Ross, chairman of the board at the University of Southern California Lusk Center for Real Estate. Ross said some investors who previously had been targeting public REITs will shift to smaller private equity funds and hedge funds as well as limited partnerships, joint ventures and direct investments in niche properties.
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