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No. of homes in some stage of foreclosure soared, data show
The number of U.S. homes that slipped into some stage of foreclosure in 2007 was 79 percent higher than in the previous year, a real estate tracking company said Tuesday. Many homeowners started to fall behind on mortgage payments in the last three months, setting the stage for more foreclosures this year. About 1.3 million homes received foreclosure-related warnings last year, up from 717,522 in 2006, Irvine-based RealtyTrac Inc. said. Foreclosure filings rose 75 percent from the previous year to 2.2 million. More than 1 percent of all U.S. households were in some phase of the foreclosure process last year, up from about half a percent in 2006, RealtyTrac said. Nevada, Florida, Michigan and California posted the highest foreclosure rates, the company said.
Readers' Platform: perilous times
The Fed's emergency rate cut didn't exactly set SFGate readers' minds at ease, not with stock markets worldwide continuing to struggle and foreclosures in the Bay Area reaching record highs. Some advised against panic, extolling what they insist is the underlying strength of the U.S. economy. Others said the chickens of economic mismanagement have finally come home to roost. Meanwhile, there were numerous recommendations that we squirrel away our nuts for a long winter. Here, edited for length, is a sample of comments posted on SFGate Tuesday. To read more, go to www.sfgate.com/ZCFG, www.sfgate.com/ZCFH, www.sfgate.com/ZCFI, and www.sfgate.com/ZCFJ. (Rate cut). Good move. But a bit too late? - Michael Keenan, 59, San Francisco Stock markets go up and they go down.
State ranks first in nation in cash loans, construction categories
Clark said housing will take the biggest hit in the 2007 rankings due to a dramatic drop in the number of mortgage brokers and real estate agents. The restaurant industry will feel a sting too, he said, because the slumping economy is causing people to eat out less. Clark said the upcoming year will be a trying time for homeowners as well. "It's people worrying about credit card debt who are also upside-down on their mortgages that will suffer the most," Clark said. "We're in for kind of a rough road." .
Counseling benefit a smashing success
Next year, we'll try to make it an even bigger bash," said Suzanne Young, another of the organizers. "We're talking about making it a bigger event, with 25 houses for 25 years" of service. Children of committee members served hors d'oeuvres provided by Drew's in-house catering. Founded by parishioners of Grace Episcopal Church, the center is located next door at 16 Madison Avenue with a satellite office in Mendham. The center provides about 4,500 hours of counseling each year with a sliding fee scale of $60 to $140. Though many of the guests and dinner hosts are members of the Grace church, the center is now independent, said its executive director, Tim Barrett. The church is still one of its biggest donors. .
Fenwick sale sets stage for condo conversion
A local investment group has closed on a Johns Island apartment complex, allowing them to complete the first condo conversion the Charleston area has seen in a while. The Grove at Fenwick Hall Plantation sold to St. Andrews Garden Investors in December for $9 million. The complex, which is located off River Road, recorded its first closings earlier this month. The transaction shows that the investment group is still confident in the local real estate market despite slowing home sales, said developer Jamie Kerr. "We closed on the deal because we still feel like real estate around here is good," he said. After at least eight months of marketing, the group has about 20 of the 80 total units either under contract or sold, he added. Most condos are priced at about $144,000.
Low-income housing developer files Ch. 11
Greater Miami Neighborhoods, a nonprofit developer of affordable housing throughout Miami-Dade County since 1985, filed for bankruptcy reorganization. The developer succumbed to rising real estate costs and increased competition for shrinking resources for low-income housing, people involved with Greater Miami Neighborhoods said. ''We didn't do this lightly,'' said Helen Dunlap, hired last year as a consultant by Greater Miami's board. ``We made this decision because we believe it's consistent with the goal of preserving the properties and their affordability.'' Nine affiliates also filed Chapter 11, including entities that own six developments in Miami-Dade County. Greater Miami aims to seek court approval to transfer those properties, with about 1,200 units, to Boston-based Preservation of Affordable Housing.
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