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apartment broker: Jobs in California will Drive Apartment Demand - 10/27/09 02:46 PM
Orange County Faring Better than Neighbors
Orange County is faring better than its neighboring counties with respect to joblessness dropping from 9.8% in August to 9.4% in September according to recent reporting by the California Employment Development Department. Orange County is the only southern California county in the single digit category, while statewide the unemployment rate dipped from 12.3% in August to 12.2% in September. There is little good news, but this is a step in the right direction. Neighboring counties posted the following: San Diego 10.2%; Ventura, 11%; Los Angeles, 12.7%; San Bernardino, 13.6%; and Riverside, 14.7%. How … (3 comments)
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apartment broker: Commercial Loan Delinquency Rate Continues to Climb and Southern California Retail, Apartments, and Offices Owners and Lenders are Feeling It - 09/13/09 12:11 AM
For some historical perspective, at the end of 2007 the CMBS Delinquency Rate stood between 35-50 basis points, whereas by the end of 2008 it increased to over 2%. JP Morgan’s recent August 11, 2009 study claims loans that are with special servicers are now at 6% of all loans, a 200% increase. Experts believe this rate is destined to get worse, believing the rate will climb to 8% by 2009-2010 and between 10-12% by 2011.
Special servicers now are holding $41b in commercial loans with multi-family, retail, and office comprising 80% of the defaults. Where are the majority of … (0 comments)
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apartment broker: Longer Escrows are the New Norm for Apartment Transactions - 08/26/09 12:07 PM
Want to close your next apartment transaction in 30 days? It's not going to happen.
Sellers and seller's brokers are realizing that the time frame for closing apartment transactions is taking much longer. In the last two years I have seen a constant stream of delays by lenders, which have resulted in escrow extensions or cancelled contracts.
What used to take 45 days to close a commercial transaction is now taking 60-90 days. Most Fannie and Freddie lenders will tell you upfront, expect 90 days. Commercial lenders are saying 60 days.
In harder hit apartment markets such as Inland Empire … (0 comments)
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apartment broker: Delinquency Rates on Commercial Mortgages Increase -- Apartments Lead the Pack - 07/16/09 03:28 AM
In the U.S. market, commercial real estate is being hit hard. According to the Mortgage Bankers Association, there is approximately $3.1 trillion in commercial debt outstanding and delinquency rates among these properties are escalating at alarming rates. The securitized market represents about $724 billion and there is concern that the increasing unemployment rate will hurt more property owners and thus cause more defaulting mortgages. Delinquent loans, considered 60 or more days in arrears, have substantially increased in two years. The delinquency rate now stands at 2.67% for the entire commercial sector. A year ago the rate stood at .46%, a startling … (2 comments)
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apartment broker: Affordable Housing in Orange County -- Apartments, Student Apartments, Senior Housing - 07/14/09 09:56 AM
Southern California Association of Governments (SCAG) continues to put undue pressure by way of decree on cities to build affortable housing. Irvine is fighting back. SCAG is requiring 35,000 affordable housing units by 2014 in this city alone. A total of 82,000 affordable housing units (often apartments, senior housing, and student housing) are required by SCAG by this deadline for Orange County. Anaheim is required to build 9,498, Santa Ana 3,393 and Huntington Beach is mandated to provide 2,092 to its housing stock. Similiar decrees are being required of cities in the counties of Riverside County, San Bernardino, Los Angeles, and … (0 comments)
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