Sacramento Office Vacancy Rate Surges Over 20%
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Reverse Wealth Effect Saps Consumer Spending
Reading Time: 2 minutesData from DataQuick show that Sacramentans extracted $2 billion less (-34%) from their homes in 2007 – via refinancings, home equity loans, outright sales – than they did in 2006. For the state of California, it was $25 billion less (-21%) (Sac and…
The Inland Empire: The Sacramento of SoCal
Reading Time: 2 minutesOne of the interesting features of the real estate boom was the way that outlying areas from major metros took off. As real estate got more and more expensive in the big metros (Bay Area, LA, etc…), a lot of…
Excellent Steve Pearlstein Article On The Commercial Property Problem
Reading Time: 5 minutesLocal and regional banks have so many souring commercial real estate loans that they have begun to fail at a rate not seen since . . . well, you know. The latest was Colonial Bank of Alabama, which was rescued…
Target Lowers Sales Forecast, Lennar Reports An Ugly Quarter and Existing Home Sales Fall
Reading Time: 2 minutesThere’s a lot of news out this morning that has to make you a little uneasy if you’re a bull. Target (TGT) reduced its same store sales forecast for September from 4-6% to 1.5-2.5% (subscription required), raising questions about the…
Foreclosure Market Booming In Phoenix
Reading Time: 2 minutesThe low end of the real estate market here – and in some equally hard-hit places like inland California and coastal Florida – is becoming as wild as anything during the boom. – David Streitfeld, “Amid Housing Bust, Phoenix Begins…
NY Times: Some Say Let The Housing Market Fall
Reading Time: 1 minuteAs the economy again sputters and potential buyers flee — July housing sales sank 26 percent from July 2009 — there is a growing sense of exhaustion with government intervention. Some economists and analysts are now urging a dose of…