Source: Multi Housing News
Compared to second quarter 2007, Los Angeles, New York and San Francisco saw major setbacks in the number of sales, according to Investment Properties Report, Q2 2008, a quarterly analysis of multifamily homes in the three regions conducted by PropertyShark.com, based in New York.
“The biggest problem causing the setbacks in the number of sales is the lack of financing for properties, which means there are fewer buyers in the market,” Bill Staniford, CEO, PropertyShark.com, tells MHN. “It is the basic malaise in the economy right now and people are holding onto their properties because they know they will not get the right value.”
Experiencing the steepest decline among the three regions, New York City was down 29.4 percent. In Q2 2008, New York City saw the lowest value for closed multifamily building transactions over a two-year time period while Los Angeles and San Francisco saw a slight increase from Q1 2008, when both regions experienced two-year lows.
New York City prices have reverted back to 2006 levels and all price indicators continued their downward trend with the median sale price down 7.7 percent, and the median price per sq. ft. down 4.7 percent, compared to Q2 2007.
In Manhattan, though prices stayed up with the median price per sq. ft. reaching a two-year high in this quarter, sales transaction volume was down considerably. There were 86 closed transactions in Manhattan during the second quarter of 2008, down 13.1 percent from Q1 2008, and down 51.1 percent in comparison to Q2 2007. The number of sales dropped dramatically hitting a two-year low for all three groups studied in this report (two- to four-family buildings, five plus family buildings, mixed-use buildings).
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Source: James Comtois
Sales at foreclosure auction in California jumped dramatically in July, increasing by more than $2 billion in combined loan value to $12.55 billion, according to ForeclosureRadar, a website that tracks every California foreclosure with daily auction updates. This represents more than 1,300 properties being taken to auction per business day, up from 415 per day one year ago.
Also, according to ForeclosureRadar's California Foreclosure Report for July notices of default declined for the third straight month. The total number of properties that are still actively scheduled for auction increased to 64,598 at the end of July, up from 59,973 at the end of June and 53,793 at the end of May. This indicates that further increases in foreclosure sales are still likely near term, despite the declining number of defaults.
Other findings from ForeclosureRadar's report include that notices of default declined by 4.6%, to a total of 40,219 filings representing $17.71 billion in loans. Also, notices of trustee sale, which are typically recorded 105 days after the notice of default, and which set the auction date and time, increased 9.8% to 39,010 filings in July. Looking at this number in comparison to notices of default, far fewer homeowners are finding a way out of foreclosure. At 97% of defaults, July's notices of trustee sale filings are nearly double the 50% that were more typical as recently as February.
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