Wells Fargo announced yesterday that it will freeze foreclosure proceedings on all Wachovia customers as part of its acquisition of the bank. The extension will last until Feb. 28. (more…)
First American CoreLogic released its price index today, and California once again dominated the biggest price declines.
The Golden State took the top nine spots in largest home price losses in November, compared to a year ago. Here is the list: (more…)
And I thought my articles were pessimistic about housing. Widely respected analysis and forecast firm IHS Global Insight didn’t mince words in its latest report on housing released Thursday:
“Last month we wrote, ‘This may be the worst housing report ever (data series starts in 1947).’ This report was even worse. (more…)
Venture capital investment is down, down, down, in San Diego County, according to the fourth-quarter numbers from Dow Jones VentureSource. (more…)
In my story Sunday, I take a detailed look at North County’s foreclosures and the real estate brokers who sold them.
I consulted some local professors and used a statistical calculation to see if any of these brokers’ records could be called abnormal. (more…)
Vacancy rates at North County shopping centers are heading in the wrong direction. (more…)
It’s safe to call it a trend: sales are red-hot in foreclosure clusters, such as northeast Oceanside and all of Riverside County, and dead slow in high-end coastal communities, particularly Del Mar and Encinitas.
December’s HomeDex report (check Wednesday’s paper for my story) reinforced the trend to an extreme. Year-over year sales were off a huge 42 percent in Del Mar and Encinitas and up 600 percent in Escondido’s 92027 ZIP code, where many of the foreclosures are.
And with the data release, the chorus of real estate agents and mortgage brokers predicting price pain in the high-end areas grows. Meanwhile, we feel close to a bottom in the foreclosure cluster, low-end areas such as 92027 and 92057 (Oceanside’s Back Gate). Inventory in those areas have fallen below three months.
Of course, job losses are the big X factor, and could bring everything down.
For price and sales charts, click more.
Applications from biotech, medical devices and other life science companies are now being accepted to participate in Connect’s 2009 Life Sciences Venture Roundtable, scheduled for March 10.
The application deadline is Feb. 5.
Like other Connect events, the Life Sciences Venture Roundtable is focused on helping matchmaking between companies and entrepreneurs and their funders and partners.
Those selected will pitch their case to venture capital providers on March 10 at the offices of lead sponsor Morrison & Foerster. The roundtable includes opportunities to network with investors, and is offered to capital providers and presenters at no cost.
To be eligible to present, applicants must be a non-publicly traded company, with a life sciences focus and have a technology or product with potential for commercialization. All applicants must be based in Southern California and interested in commercializing their technologies.
For more information about the program and to submit an application please visit: http://www.connect.org/programs/venture-roundtable/apply/.
That’s San Diego County real estate prices. Since 2006, countywide home prices have tumbled 40 percent, counting for inflation. From 1930 through 1934, county prices fell “just” 34 percent counting for deflation.
Even in nominal terms, it’s close. Over the last three years, we’ve lost 34 percent while the Great Depression sucked away 47 percent of home equity (which tracks losses on low-end homes in San Diego County during the Great Credit Crunch).
And San Diego’s not the only ones. On the whole, this housing crash has been more painful than the Great Depression.
These are the 10 worst performing markets then and now, in real terms:
Sources: Financial Survey of Urban Housing, 1934; Case-Shiller; Bureau of Labor Statistics
And here’s all markets surveyed in nominal terms: