Archive for the ‘ Real Estate ’ Category

DailyBulletin: Southern California home sales fall, median price drops

Home for sale

A for-sale home in the 3200 block of Hacienda Drive in Duarte is shown here. Southern California home sales hit a three-year low for the month of July, hampered by rising prices, a limited supply of homes and a decrease in investor activity. (Photo by Watchara Phomicinda/ San Gabriel Valley Tribune)

By Kevin Smith, San Gabriel Valley Tribune
Posted: 08/14/14, 8:18 PM PDT |

Southern California home sales hit a three-year low for the month of July and the region’s median home price dipped to $413,000, industry tracker CoreLogic DataQuick reported Wednesday.

Read the rest of this entry »

interest_rates

By E. Scott Reckard
August 14, 2014

The cost of getting a home loan has slipped back to the lowest level of the year, with Freddie Mac pegging the average rate for a 30-year fixed mortgage early this week at 4.12% compared to last week’s 4.14%.

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LATimes: Southern California home sales plunge in July

down-arrow

By Andrew Khouri
August 13, 2014

Southern California home sales plunged in July and show little signs of rebounding. And that, economists say, could stunt the region’s economic growth.

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InlandPolitics: S.B. County: Past agreement rears its ugly head

SBCO Seal

Saturday, August 9, 2014 – 11:00 p.m.
Last Modified: Sunday, August 10, 2014 – 10:15 a.m.

A shady agreement from San Bernardino County’s past reared its ugly head this week.

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The PE: INLAND: Home construction industry building momentum

Home Construction

Builders are reviving Inland housing projects in master-planned developments derailed by the recession. Development areas include Riverside, Chino, Temecula, Ontario, Banning/Beaumont, Coachella, Calimesa, Lake Elsinore, Menifee, Murrieta, Rancho Cucamonga, San Jacinto, Redlands.

BY DEBRA GRUSZECKI / STAFF WRITER
Published: Aug. 9, 2014 Updated: 7:57 p.m.

Across the Inland region, developers are looking with renewed interest at thousands of acres where residential communities were approved or under construction when the recession hit – but never finished.

From Temecula and Riverside to Redlands and Ontario and beyond, construction crews are at work on developments that had languished for years as the Inland region crawled through economic hard times.

To read story by Debra Gruszecki in the Press-Enterprise, click here.

The PE: REAL ESTATE: Rising home prices take noticeable bite out of buying power

Home-Sales-R

While home prices have rise risen, income gains have not kept pace

Published: Aug. 8, 2014 Updated: 10:31 p.m.

Home affordability is a growing concern in Southern California, so much so that some real estate analysts are watching for signs of a post-recession housing bubble.

To read story by Debra Gruszecki in the Press-Enterprise, click here.

VVDailyPress: Valles, McEachron join Victorille’s lot-size focus group

MacEachron+Valles

Victorville Mayor Pro Tem Ryan McEachron left. Council Member Angela Valles right.

SHEA JOHNSON
STAFF WRITER
Posted Aug. 7, 2014 @ 5:07 pm
Updated Aug 7, 2014 at 7:03 PM

VICTORVILLE — Councilwoman Angela Valles, the most vocal proponent of increasing new single-family residential lot sizes to quell concerns linked to the city’s high-density makeup, agreed this week to be part of a joint focus group tasked with tackling the issue.

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Bank of America

FILE – In this Jan. 14, 2014, file photo, a Bank of America sign is photographed in Philadelphia. A person familiar with the matter says Bank of America has agreed to pay between $16 billion and $17 billion to settle an investigation into its sale of mortgage-backed securities before the financial crisis. (AP Photo/Matt Rourke, File)

By Kevin Smith, San Gabriel Valley Tribune

Posted: 08/06/14, 7:20 PM PDT | Updated: 1 min ago

Bank of America has tentatively agreed to pay up to $17 billion to settle an investigation into its sale of toxic mortgage-backed securities leading up to the nation’s financial crisis, an insider said Wednesday.

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calpers

By Dale Kasler
dkasler@sacbee.com
Published: Wednesday, Aug. 6, 2014 – 11:24 pm

California officials are threatening to sue investment bank Morgan Stanley over a series of toxic real estate investments that allegedly cost CalPERS nearly $200 million.

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The Sun: Inland Empire housing market still in flux

Arrow

By Gregory J. Wilcox, Los Angeles Daily News
Posted: 07/27/14, 6:24 PM PDT | Updated: 1 min ago

It was supposed to be a breakout year for home sales.

But after years of recession that bulldozed the Inland Empire housing market, there are still glitches in the road to recovery.

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LATimes: Housing labor shortage turning more severe, boosting home prices

Home Construction

By Lew Sichelman
July 26, 2014

If your builder is late delivering your new house, don’t be too upset. You are not alone. New home buyers almost everywhere are probably experiencing the same thing.

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Economy

By Bernard Condon
Associated Press
Posted: 07/22/2014 11:58:06 AM PDT0 Comments
Updated: 07/22/2014 04:52:56 PM PDT

NEW YORK — Just as the U.S. economy is strengthening, other countries are threatening to drag it down.

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The PE: RANCHO MIRAGE: Is Obama buying a home?

Barack Obama

Speculation is swirling that the first family is purchasing a $4.25 million, 8,232-square-foot hilltop estate in the gated community of Thunderbird Heights. (Terry Pierson/Staff Photograher)

Published: July 21, 2014 Updated: July 22, 2014 9:59 a.m.

More than a month after President Barack Obama vacationed in the opulent desert community of Rancho Mirage, speculation is again swirling that the first family is in the process of buying a home there.

To read story by Luke Ramseth in the Press-Enterprise, click here.

DailyBulletin: Restaurant development moving forward in Inland Empire

Colonies Crossroads Shopping Center

Restaurant development across the Inland Empire is on the rise as the economy improves. Panera Bread, Pick Up Stix, Chipotle and The Habit are among the new offerings at The Colonies Shopping Center in Upland. (Neil Nisperos — Staff)

By Neil Nisperos, Inland Valley Daily Bulletin
Posted: 07/09/14, 9:43 PM PDT |

Newer large shopping centers in the region have opened with a slate of new eateries in the past year and more may arrive in the coming months.

The trend indicates a return to normalcy for the regional economy, as restaurant construction and openings had stagnated during the recession and business slowdown.

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The PE: RIVERSIDE COUNTY: Property values rise significantly

Riverside-County-Seal

The increase of roughly 8 percent is the highest since 2007, thanks in large part to higher home prices and fewer foreclosures

Published: July 5, 2014 Updated: 9:55 p.m.

Boosted by higher home prices and fewer foreclosures, the overall value of property in Riverside County will rise almost 8 percent this year, the largest percentage increase since before the Great Recession.

To read story by Jeff Horseman in the Press-Enterprise, click here.

Lewis-Group-of-Companies

BY DEBRA GRUSZECKI / STAFF WRITER
Published: July 3, 2014 3:37 p.m.

Woodside Homes, a North Salt Lake City, Utah-based homebuilder with a presence in Inland Southern California, has purchased 291 lots in two master-planned communities in California from the Lewis Group of Companies, the companies announced.

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InlandPolitics: This and That!

Edit

Tuesday, June 24, 2014 – 10:00 a.m.

Here’s some news flowing across the transom Tuesday morning, in case you missed it.

U.S. Consumer Confidence Index hits post-recession high

The Consumer Confidence Index hit 85.2 in June, according to the Conference Board.

Read the rest of this entry »

The Sun: Economist: Logistics key to Inland Empire economic growth

Economy - What's Next

By Neil Nisperos, Inland Valley Daily Bulletin
Posted: 06/19/14, 7:25 PM PDT | Updated: 16 secs ago

Regional economist Christopher Thornberg, a frequent commentator on national television and print media, told a gathering of the local commercial real estate professionals on Thursday that the warehousing and shipment of goods is going to be the major economic engine for the continued growth of the Inland Empire.

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The Sun: Affordable housing approved at 9th and Valencia in San Bernardino

National Community Renaissance

By Ryan Hagen, The Sun
Posted: 06/16/14, 10:34 PM PDT | Updated: 1 min ago

SAN BERNARDINO >> The nonprofit group behind the Waterman Gardens Affordable Housing Project will build 75 affordable units at Ninth Street and Valencia Avenue, replacing that number of low-income apartments at Waterman Gardens with ones sold at market rate.

The switch follows a 6-1 vote at Monday’s City Council meeting, with Councilman John Valdivia opposing the plan.

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InlandPolitics: Could San Bernardino use shuttered hotel for homeless?

San Bernardino City Hall

Sunday, June 15, 2014 – 09:30 a.m.

Could bankrupt San Bernardino use the shuttered Maruko Hotel for the homeless?

It’s an interesting question that proves a point.

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InlandPolitics: Talk between San Bernardino, developer over downtown mall?

Rumor Mill

Wednesday, June 11, 2014 – 03:00 p.m.

We’ll preface this by saying it’s just a rumor.  A pretty interesting rumor for that matter.

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DailyBulletin: New neighborhood opens at Colonies in Upland

Frontier Communities

Construction is underway at the new Magnolia Heights neighborhood at the Colonies in Upland earlier this month.

By Neil Nisperos, Inland Valley Daily Bulletin
Posted: 05/23/14, 7:56 PM PDT |

UPLAND >> One of the final pieces of the Colonies development has opened for business.

The new 97-home Magnolia Heights neighborhood has homes ranging in size from 1,829 to 2,331 square feet.

Read the rest of this entry »

The PE: REDLANDS: Homes of all sizes under construction

Redlands

May 10, 2014; 04:52 PM

On a clear day, the view is to die for.

Step onto one of the three decks running across the back of this under-construction house and there lies much of the city of Redlands, the entire San Bernardino Valley and the San Bernardino mountain range from the San Gorgonio Pass to the Cajon Pass and beyond.

To read story by Jan Sears in The Press Enterprise, click here.

LATimes: Mortgage rates defy forecasts

For Sale

Demand for home loans been lower than expected as the housing market has cooled. (Daniel Acker / Bloomberg)

E. Scott Reckard
Friday, May 9, 2014

As 2014 arrived, experts were confident that the 30-year mortgage rate would rise to at least 5% this year as the Federal Reserve cut back a bond-buying program, which had depressed the rates to unheard-of lows in 2013.

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DailyBulletin: Fewer homes, more industry proposed at Rialto airport property

Lewis-Group-of-Companies

By Leslie Parrilla, San Bernardino Sun
Posted: 05/06/14, 5:59 PM PDT |

RIALTO >> As the closure of the Rialto airport nears reality next month, plans for the major residential and industrial project to replace it are being retooled, possibly to build fewer homes and more retail, while making way for large corporations in search of big lots to build campus-like settings.

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OCRegister: They’re rebuilding fancy homes, knowing that buyers will come

Business
Creating luxe homes on speculation in hot neighborhoods is gaining steam – and private equity funding helps
BY MARILYN KALFUS / STAFF WRITER
Published: May 2, 2014 Updated: May 5, 2014 6:25 a.m.

When Brian Sperry came across a two-story, waterfront home at the northern tip of Linda Isle with an expansive view of Newport Harbor last year, the real estate developer knew it presented the perfect opportunity. Forty years ago, the two-story house, with its Paso Robles stone columns and dark wood beams, graced the pages of Architectural Digest. Now it was outdated, a candidate for a teardown – but with 113 feet of bay frontage and a dock in one of Orange County’s priciest neighborhoods.

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LATimes: Mortgage lending slows to a 14-year low

By Tim Logan
April 25, 2014, 5:39 p.m.

Fewer home sales and rising interest rates have led to the nation’s lowest level of mortgage lending in 14 years.

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The Sun: Construction starts in controversial ‘donut hole’ near Redlands

By Sandra Emerson, Redlands Daily Facts
Posted: 04/20/14, 8:14 PM PDT |

REDLANDS>> A City of Industry-based developer has broken ground on its second shopping center here, more than 10 years after its first center, Citrus Plaza, began to open — bringing resolution to years of legal battles and contention over the development.

Read the rest of this entry »

Arrowhead Springs

By Jim Steinberg, The Sun
Posted: 04/20/14, 6:02 PM PDT |

SAN BERNARDINO >> In its heyday, the Arrowhead Springs Hotel hosted such celebrities as Spencer Tracy, Lucille Ball, Clark Gable and Humphrey Bogart.

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LATimes: Student debt holds back many would-be home buyers

College Debt

Of the many factors holding back young home buyers — rising prices, tougher lending standards, a still-shaky job market — none looms larger than the recent explosion of college debt.

By Tim Logan
April 19, 2014, 6:33 p.m.

Sarah Luna wants to buy a home in up-and-coming northeast Los Angeles before it’s too late.

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LATimes: Southland home prices surge but sales plummet

Home-Sales-R

The median price reaches $400,000 in the Southland. But would-be buyers of low- and mid-priced properties are increasingly priced out amid tight lending standards and stagnant paychecks.

By Tim Logan and Andrew Khouri
April 15, 2014, 7:50 p.m.

Southern California home prices are surging as the spring buying season heats up, with the median price in March hitting $400,000 for the first time in six years.

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DailyBulletin: Rialto Airport closure to make way for new mixed use community

Lewis-Group-of-Companies

By Neil Nisperos, Inland Valley Daily Bulletin
Posted: 04/14/14, 9:21 PM PDT |

RIALTO >> Redevelopment of Rialto Airport land, which began a decade ago and slowed down considerably during the recession, is just about ready for take off.

Just ask developer Randall Lewis.

Read the rest of this entry »

DailyBulletin: Redlands exploring deal with developer for grove property

Redlands

Diversified Pacific

By Sandra Emerson, Redlands Daily Facts
Posted: 04/06/14, 2:06 AM PDT |

REDLANDS>> The city is pursuing an agreement with a developer that could be beneficial for both parties.

Rancho Cucamonga-based Diversified Pacific Development Group has proposed dedicating 8.12 acres of its property at Judson Street and East Pioneer Avenue to the city in lieu of paying $363,042 in park and open space development impact fees.

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LATimes: Investment firms curbing their home buying in California

Home-Sales-R

Among the 20 firms buying the most California real estate since January 2012, purchases are down more than 70% compared with last year in each of the last four months.

By Tim Logan
March 29, 2014, 5:00 a.m.

This time last year, investment firms raced to buy dozens of single-family homes in neighborhoods from Fontana to South Los Angeles to lease them out, transforming the mom-and-pop rental business into a Wall Street juggernaut.

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LATimes: Softer demand seen in SoCal housing market

U-Haul.2

In San Bernardino County, nearly 11,000 more people moved out than moved in, and the county had the second-slowest population growth in the Southland. (Los Angeles Times / May 3, 1999)

By Tim Logan
March 27, 2014, 6:08 p.m.

Population growth in Southern California slowed last year, and that helped lead to softer demand for housing.

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SacBee: Brown, Chiang sued for diverting $369 million in mortgage money

Capitol Alert
The latest on California politics and government
March 14, 2014

Gov. Jerry Brown and Controller John Chiang unlawfully redirected $369 million in homeowner relief secured by Attorney General Kamala Harris, according to a lawsuit filed in Sacramento Superior Court on Friday morning.

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DailyBulletin: Home sales fall across Southern California again

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Last month’s sales of new and previously owned houses and condominiums fell 12 percent to 14,027 properties from 15,945 a year earlier, said La Jolla-based DataQuick. That’s the lowest number since February 2008 when only 10,777 homes were sold.

By Gregory J. Wilcox, Los Angeles Daily News
Posted: 03/12/14, 9:47 PM PDT | Updated: 20 secs ago

Prices for sold homes increased again, but tight inventory and the continuing decline in distressed properties combined to stagnate homebuying activity across Southern California in February as sales dropped to their lowest level for the month in six years, a market tracker said on Wednesday.

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The PE: HOUSING: ‘Precipitous’ drop in institutional investors

Institutional Investors

February 28, 2014; 11:42 AM

Investors bowed out of the Inland Southern California and national homebuying scene in January in bigger numbers, a new report from a real estate information service notes.

To read story by Debra Gruszecki in The Press Enterprise, click here.

The Sun: Widow of Lewis Homes’ David Lewis alleges wrongful death in lawsuit

Gavel

By Joe Nelson, The Sun
Posted: 02/23/14, 7:33 PM PST |

The widow of a deceased Upland real estate executive has sued San Bernardino County’s district attorney, the California Highway Patrol and several others, alleging they caused his suicide by forcing him to cooperate as part of an ongoing investigation into corruption and failing to take into account his unstable mental condition.

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InlandPolitics: David Lewis: Legal filings on wrongful death case

Court Filings

Sunday, February 23, 2014 – 7:25 p.m.

InlandPolitics.com has uploaded documents, from the respective state and federal court databases, related to the breaking story on deceased real estate executive David Lewis, published by The San Bernardino County Sentinel website on Sunday evening.

Read the rest of this entry »

Mike Ramos

A lawsuit filed by the widow and son of former real estate executive David Lewis alleges San Bernardin County District Attorney Michael Ramos coerced the prominent businessman to, among other things, wear a wire in an investigation into his family before killing himself.

 

The Sentinel

By Mark Gutglueck (www.sbsentinel.com)
Sunday, February 23, 2014 – 05:00 p.m.

(February 23) David Lewis, a third generation member of the Lewis Homes homebuilding and shopping center development dynasty, was driven to suicide in 2010 by pressure put on him by district attorney Mike Ramos to act as a cooperating witness against members of his family, according to a lawsuit filed by his widow and surviving son.

Read the rest of this entry »

DailyBulletin: New development takes off at San Bernardino International Airport

SBIA

By Joe Nelson, The Sun
and Ryan Hagen, San Bernardino Sun
Posted: 02/17/14, 9:06 PM PST |

SAN BERNARDINO >> After two years of organizational restructuring following a federal criminal investigation, San Bernardino International Airport will see a spate of new development in the next year, including dozens of new hangars and construction of the Sheriff’s Department’s new aviation division.

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Dan Walters

Dan Walters

By Dan Walters
dwalters@sacbee.com
Published: Tuesday, Feb. 18, 2014 – 12:00 am

Two years ago, Attorney General Kamala Harris trumpeted a landmark deal with the nation’s three largest housing lenders, which agreed to give beleaguered California homeowners $12 billion in relief from their underwater mortgages.

Read the rest of this entry »

The Sun: Waterman Gardens expansion to come before San Bernardino council

San Bernardino Seal

By Ryan Hagen, The Sun
Posted: 02/17/14, 8:31 AM PST |

SAN BERNARDINO >> A substantial expansion of affordable housing and other developments at Waterman Gardens could be approved Tuesday, setting off what developers hope will be a renaissance turning around the lives of impoverished residents and what detractors fear could be an influx of jobless residents in poorly maintained units.

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LATimes: Southland home sales tumble in January, price increases slow

down-arrow

By Andrew Khouri
February 12, 2014, 10:42 a.m.

Southern California home prices in January posted their smallest year-over-year gain in more than a year, as the housing market showed signs of slowing.

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The PE: MORENO VALLEY: City loses lawsuit aimed at March development deals

Moreno Valley seal

February 10, 2014; 06:50 PM

A judge in Sacramento has denied Moreno Valley’s attempt to derail plans for a medical complex near March Air Reserve Base.

To read story by David Danelski in The Press Enterprise, click here.

DailyBulletin: Inland Empire retail leasing sector improving, changing

New Construction

Net retail absorption, or the amount of space occupied in 2013, was 1.1 million square feet or a 22 percent increase compared to 2012, according to Brad Umansky, a real estate broker who owns Rancho Cucamonga-based Progressive Real Estate Partners.

By Neil Nisperos, Inland Valley Daily Bulletin
Posted: 02/08/14, 11:11 AM PST | Updated: 1 day ago

As it recovers after the Great Recession, the Inland Empire’s retail sector is also changing.

The vacancy rate of retail shopping space in San Bernardino County in 2013 was about a half percentage point lower than it was in 2012, experts said.

Read the rest of this entry »

LATimes: Tens of thousands leave Los Angeles County for Inland Empire

Inland Empire

Despite high unemployment rates, experts say, lower housing costs helped draw more people to Riverside and San Bernardino counties.

By Emily Alpert Reyes
February 8, 2014, 9:32 p.m.

Despite staggering rates of unemployment, the Inland Empire continued to pull tens of thousands of people from Los Angeles County during the recession and its aftermath — the nation’s biggest net county-to-county movement from 2007 to 2011 — new Census Bureau estimates reveal.

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The PE: MORENO VALLEY: Suit aimed at proposed March medical complex to be heard

marchLifecare_logo

January 28, 2014; 04:19 PM

A judge is expected to issue a decision Friday on a Moreno Valley lawsuit that could short-circuit plans for a medical complex on former March Air Force Base property.

To read story by David Danelski in The Press Enterprise, click here.

DailyBulletin: New Model Colony planned community in Ontario is moving forward

New-Model-Colony

Homes in the New Model Colony development in Ontario. Jennifer Cappuccio Maher — Staff Photographer

By Neil Nisperos, Inland Valley Daily Bulletin
Posted: 01/25/14, 10:09 AM PST | Updated: 19 secs ago

One of the largest master planned communities in Southern California history, developers say, is beginning to take shape in what was once former pasture and farmland in Ontario.

Read the rest of this entry »

LATimes: Foreclosure filings plummet amid higher home prices

By Andrew Khouri
January 21, 2014, 1:19 p.m.

A report released Tuesday has found that new California foreclosure filings plunged at the end of last year, as a rebounding economy and higher home prices further healed the housing market.

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The Sun: Inland Empire is back in business, says major area developer

Randall Lewis

Randall Lewis talks with attendees after a presentation on the state of the housing and real estate during the West End Real Estate Professionals Breakfast Meeting on Friday in Rancho Cucamonga. (Jennifer Cappuccio Maher — Staff Photographer)

By Neil Nisperos, Inland Valley Daily Bulletin
Posted: 01/17/14, 9:12 PM PST |

RANCHO CUCAMONGA >> Randall Lewis had more than an encouraging word to share with a packed room at the Goldy S. Lewis Community Center on Friday.

Read the rest of this entry »

DailyBulletin: US existing-home sales drop for 3rd straight month

Home-Sales-R

By Josh Boak, Associated Press
Posted: 12/19/13, 8:28 AM PST |

WASHINGTON — The number of people who bought existing U.S. homes in November declined for the third straight month. Higher mortgage rates have made home-buying more expensive, while the lingering effect of the October government shutdown might have deterred some sales.

Read the rest of this entry »

DailyBulletin (AP): US home construction hits highest pace in 5 years

Home Construction

By Christopher S. Rugaber, Associated Press
Posted: 12/18/13, 6:33 AM PST |

WASHINGTON — U.S. builders broke ground on homes at the fastest pace in more than five years, strong evidence that the housing recovery is accelerating despite higher mortgage rates.

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SacBee: Realtors give $500k to California Dems as short-sale dispute ends

Money

Capitol Alert
The latest on California politics and government
December 5, 2013

The California Association of Realtors’ political action committee gave $500,000 to the state Democratic Party the day before the Democrat-dominated Franchise Tax Board effectively resolved a months-long legislative fight over the state’s tax treatment of short sales.

Read the rest of this entry »

DailyBulletin: Developer given OK to start residential construction in Upland

Frontier Communities

By Sandra Emerson, Inland Valley Daily Bulletin
Posted: 11/25/13, 6:12 PM PST |

UPLAND>> A developer has been given the go-ahead to start construction on the Magnolia Heights Community at the corner of Colonies Parkways and Campus Avenue in the Colonies at San Antonio in northeast Upland.

Read the rest of this entry »

DailyBulletin: US existing home sales fall 3.2 percent in October

Home-Sales-R

By Paul Wiseman, Associated Press
Posted: 11/20/13, 7:26 AM PST |

WASHINGTON — Fewer Americans bought existing homes in October, as higher mortgage rates, the 16-day partial government shutdown and a limited supply of homes reduced sales.

Read the rest of this entry »

DailyBulletin: Construction job growth predicted for the Inland Empire

Home Construction

New homes undergo construction recently in the Inland Empire. Although the number of area construction jobs aren’t predicted to return to pre-recession levels soon, state projections foresee growth in the coming years. photos by rick sforza — staff photographer

By Neil Nisperos, Inland Valley Daily Bulletin
Posted: 11/03/13, 7:07 PM PST |

The California Employment Development Department projects about 69,300 Inland Empire construction jobs in 2020, a number which analysts calculated based on historical trends.

Read the rest of this entry »

DailyBulletin: Investor-owned homes often fall into disrepair as rental properties

Investor Owned Home

Homes with dead or dying landscaping like this one in Saugus could be owned by investment companies that are not concerned with maintaining their properties. (Photo by Hans Gutknecht/Los Angeles Daily News)

By Kevin Smith, San Gabriel Valley Tribune
Posted: 10/28/13, 8:11 PM PDT |

The nation’s housing meltdown became a nightmare for the millions of Americans who lost their homes to foreclosure.

But that same downturn has been a bonanza for institutional investors. Backed by venture capitalists, they swooped in and scooped up scores of bank-owned properties at bargain-basement prices.

Read the rest of this entry »

LATimes: BofA cuts 1,200 mortgage jobs, with more layoffs coming

bank-of-america

The nation’s banks have seen a sharp slowdown in profits from refinancing as mortgage rates rose from historic lows while the housing market healed.

By Andrew Tangel and E. Scott Reckard
October 24, 2013, 6:21 p.m.

NEW YORK — Bank of America Corp. is slashing 1,200 jobs in its mortgage division as the company’s refinancing business slows amid rising interest rates.

Read the rest of this entry »

DailyBulletin: San Bernardino County to give property data to consultant

SBCO Seal

By Joe Nelson, The Sun
Posted: 10/22/13, 4:25 PM PDT | Updated: 7 hrs ago

San Bernardino County has commissioned a consultant to prepare a comprehensive analysis of vacant land available in the county for development as part of its Countywide Vision. The information will ultimately be shared with the county’s 24 cities for planning purposes.

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The Sun: Wells Fargo layoff count hits 93 in San Bernardino

wells fargo logo

By Jim Steinberg, The Sun
Posted: 10/16/13, 6:14 PM PDT |

SAN BERNARDINO >> Continued sluggishness in the home refinancing market has lead Wells Fargo Home Mortgage to lay off another 21 employees here, driving the total to 93 since August.

Read the rest of this entry »

Home-Sales-R

The median home price stays flat for the third straight month, easing fears of another housing bubble and signaling a return to a more normal market, experts say.

By Andrew Khouri
October 16, 2013, 4:54 p.m.

Southern California home buyers have apparently had their fill of bidding wars, home shortages and double-digit price hikes.

Read the rest of this entry »

Bloomberg/BusinessWeek: The Shutdown Snarls the Mortgage Market

Bloomberg-Businessweek

Real Estate

By Karen Weise October 07, 2013

As the U.S. government shutdown enters its second week, home buyers and sellers are learning just how big a role the federal government plays in the lending process.

Read the rest of this entry »

LATimes: Wells Fargo is accused of bogging down mortgage modifications

wells fargo logo

A lawsuit by New York’s attorney general says the bank subjects borrowers to ‘Kafkaesque delays and obstructions.’

By E. Scott Reckard and Andrew Tangel
October 2, 2013, 6:09 p.m.

Wells Fargo & Co. subjects borrowers seeking mortgage modifications to “Kafkaesque delays and obstructions,” in violation of last year’s $25-billion national mortgage settlement, New York Atty. Gen Eric Schneiderman said in a federal lawsuit.

Read the rest of this entry »

The Sun (Reuters): U.S. economy sends mixed signals

economy

The U.S. economy is displaying mixed signals. Contracts to buy previously owned U.S. homes fell for the third straight month, but fewer Americans filed new claims for jobless benefits last week.

Jason Lange, Reuters
Posted: 09/26/13, 8:03 PM PDT | Updated: 3 hrs ago

Contracts to buy previously owned U.S. homes fell for the third straight month in August but fewer Americans filed new claims for jobless benefits last week, giving conflicting signals on the health of the economy.

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The PE: EMINENT DOMAIN: Federal judge dismisses underwater mortgages suit

U.S.-District-Court

A judge says it’s not time for courts to intervene in the fray between Richmond and loan holders over eminent domain

September 17, 2013; 11:27 AM

U.S. District Court Judge Charles Breyer on Monday dismissed a lawsuit that Wells Fargo and several of the nation’s largest mortgage investors filed to try to stop the city of Richmond from using its power of eminent domain to seize underwater mortgages for a principal reduction program.

To read story by Debra Gruszecki in The Press Enterprise, click here.

LATimes: Index of California’s housing inventory rises but remains tight

Home-Sales-R

By Andrew Khouri
September 16, 2013, 11:56 a.m.

A measure of the supply of California houses for sale expanded slightly in August from the month before, although inventory levels remain very tight, according to a new report.

Read the rest of this entry »

Centerlake Plaza

Centerlake Plaza, a six-story building at 3401 Centerlake Drive in Ontario, is one of the buildings acquired by investor Michael G. Rademaker.

By Roger Vincent
September 17, 2013

In one of the largest office building sales of the year in the Inland Empire, investor Michael G. Rademaker has acquired buildings in Ontario and Rancho Cucamonga in a $26.6-million transaction.

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The Sun: Proposed program for underwater mortgages continues to stir the pot

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By Joe Nelson, San Bernardino Sun
Posted: 09/15/13, 6:30 PM PDT |

As the city of Richmond attempts to move forward with a controversial proposal to use eminent domain to seize underwater mortgages, San Bernardino County — which seriously considered the proposal last year and triggered national interest — continues moving in another direction.

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SacBee: CalPERS goes back into housing market

calpers

By Dale Kasler
dkasler@sacbee.com
Published: Friday, Sep. 13, 2013 – 7:50 pm

With the residential real estate market turning around, CalPERS is dipping its toe back in the housing market.

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LATimes: Judge rejects challenge to Richmond’s threat to seize mortgages

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By E. Scott Reckard
September 12, 2013, 4:08 p.m.

A federal judge in San Francisco said Thursday that he would toss out a lawsuit challenging a plan by Richmond, Calif., to seize underwater mortgages and write down their balances, agreeing with the city that the lawsuit is premature.

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The PE: FORECLOSURE REPORT: August was choppy; REOs rise 22%

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September 11, 2013

If the August foreclosure results from RealtyTrac is an indication, it’s possible the hiatus California had since the Homeowner’s Bill of Rights was signed into law may be over.

To read story by Debra Gruszecki in The Press Enterprise, click here.

DailyBulletin: Higher property values, fewer foreclosures in San Bernardino County

SBCO Seal

By Joe Nelson, The Sun
Posted: 09/07/13, 9:57 PM PDT |

Assessed property values in San Bernardino County increased by 68 percent since May, and foreclosures decreased by 46 percent from 2010 to 2012, a sign, some say, that the county’s real estate market is on the mend.

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SacBee: Dan Walters: Poison pill would kill two real estate measures

Dan Walters

Dan Walters

By Dan Walters
dwalters@sacbee.com
Published: Friday, Sep. 6, 2013 – 12:00 am | Page 3A
Last Modified: Friday, Sep. 6, 2013 – 7:52 am

Democrats won two-thirds supermajorities in both legislative houses last year, but have employed that power only rarely since.

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LATimes: Bank of America facing trial on alleged Countrywide mortgage fraud

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Bloomberg News
August 27, 2013, 4:41 p.m.

Bank of America Corp. must face a trial next month in a lawsuit alleging that its Countrywide unit defrauded Fannie Mae and Freddie Mac by selling them billions of dollars in bad mortgages, a federal judge ruled.

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InlandPolitics: This and That!

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Sunday, August 25, 2013 – 10:30 a.m.

Here’s some news flowing across the transom last week, in case you missed it!

San Bernardino County to take sweeping charter reform to voters.

The San Bernardino County Board of Supervisors thinks the county charter needs a major overhaul.

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The Sun: Orange County developer hit with Rialto code enforcement citation

By Jim Steinberg, The Sun
Posted: 08/20/13, 1:55 PM PDT | Updated: 1 day ago

RIALTO >> The city’s code enforcement department has given an Orange County developer until the end of the month to remove weeds and dead trees from the former El Rancho Verde Golf Course,

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Aug 21, 2013, 2:56pm PDT Updated: Aug 22, 2013, 7:46am PDT
Mark Calvey
Senior Reporter- San Francisco Business Times

Wells Fargo is cutting staff as higher rates cool residential mortgage lending, which has been on a tear in recent years.

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InlandPolitics: Is real estate recovery a bubble?

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Sunday, August 18, 2013 – 05:00 p.m.

Is the real estate recovery a liquidity-driven bubble?

It could be, especially in the residential single-family segment.

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LATimes: Bill advances creating new redevelopment in California

PolitiCal
On politics in the Golden State

Redevelopment

By Patrick McGreevy
August 15, 2013, 8:19 a.m.

Denounced by one property owner as a “communist land grab,” a bill is advancing in the California Legislature that would allow local governments to spend tax money to seize land from residents and provide it at a discount to private developers.

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LATimes: Southern California home market cools; prices remain flat

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The region’s median home price in July holds steady from a month earlier at $385,000 as sales hit an eight-year high.

By Andrew Khouri
August 14, 2013, 5:57 p.m.

The red-hot Southern California housing market finally got a dose of cold water.

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DailyBulletin: New homes, retail outlets on way for Colonies in Upland

Colonies Crossroads

Sandra Emerson, Staff Writer
Posted: 08/11/2013 07:58:29 PM PDT
Updated: 08/11/2013 10:39:30 PM PDT

UPLAND — The Colonies Crossroads development in the northwest part of the city is not only experiencing a vast expansion in retail space, but will soon be adding a new community of single-family homes.

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LATimes: Real estate benefits could be cut as part of tax reform measures

U.S. Capitol

Capitol Hill staff members are drafting legislative proposals that might reduce or eliminate real estate tax benefits such as the home-mortgage interest deduction.

By Kenneth R. Harney
August 9, 2013, 10:49 p.m.

WASHINGTON — Since Congress has taken off on its annual summer recess, you might assume that nothing is happening on Capitol Hill that could affect the taxes you pay on your home. Quite the reverse.

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LATimes: U.S. warns against eminent-domain mortgage seizures

By Alejandro Lazo
August 8, 2013, 7:41 p.m.

The nation’s top housing finance regulator threatened to choke off mortgage lending in cities that use eminent domain to seize underwater loans from lenders.

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