Business

01/14/2009

Inland Empire office vacancy rate soars for 2008
The Inland Empire's move toward becoming a major office market was put on hold during 2008, as the region ended the year with higher vacancy rates than when it started, for the first time since the mid 1990s.

01/13/2009

State senator's bill calls for tax credits for homebuyers
California homebuyers would be eligible for a temporary tax credit of up to $10,000 under legislation introduced Tuesday by state Sen. Bob Dutton, R-Rancho Cucamonga.

Dutton, whose district has been battered by foreclosures, said the bill would stimulate the state's moribund housing sector and help the state's economy.

01/03/2009

Investors returning to Inland housing scene
After retreating in fear from housing's sudden collapse, those who buy homes as an investment are reappearing in Inland Southern California's beaten down marketplace.

Sharply discounted foreclosed properties are luring back the first wave of professional investors and amateurs, both those hoping to "flip" for a quick buck and those wanting to buy and hold for a future rebound.

12/30/2008

Home prices post another sharp monthly drop
Home prices dropped by the sharpest annual rate on record in October and there are no signs the housing pain is over, according to a closely watched index released Tuesday.

The Standard & Poor's/Case-Shiller 20-city housing index fell by a record 18 percent from October last year, the largest drop since its inception in 2000.

12/24/2008

Inland developers say they don't need federal bailout
Local experts say it's highly unlikely that Congress or the White House will grant the requests of large national commercial development companies to be considered for federal economic bailout money.

And, Inland developers say bailouts won't be needed once cautious banks start lending again.

Regulators set to sell IndyMac
Federal regulators are moving to sell the remnants of failed IndyMac Bank before year end, mopping up from the second-largest bank failure this year.

It was unclear Wednesday whether the government would sell off IndyMac as a whole or in pieces.

Mortgage interest rates reach record low
Rates on 30-year fixed-rate mortgages fell to a record low for the second straight week.

The decrease caused refinancing applications to surge to the highest level in more than five years, a month after the Federal Reserve pledged to channel billions to prop up the sinking U.S. housing market.

12/23/2008

Inland housing market expected to be one of nation's worst performers in 2009
Analysts agree with something many Inland Southern Californians already know: The local housing market stinks.

Among the nation's larger metropolitan areas, the Inland region saw the most severe price declines in the first nine months of 2008, and next year it will continue to be among the worst performers, according to reports released Tuesday.

Firm wants to speed up plans for proposed warehouse in Cherry Valley area
A proposed 2.3 million-square-foot warehouse and distribution center project north of Beaumont off Cherry Valley Boulevard and Interstate 10 could be sped up by Riverside County's Board of Supervisors.

12/21/2008

Investors betting finished lots will pay off when housing market fires up
Homebuyers aren't the only ones looking for foreclosure bargains in this real estate market. Developers and newly formed "vulture funds" are seeking to buy land at distressed prices, hoping to make a killing by selling it to homebuilders when the rebound comes.

12/19/2008

New options emerge for tapping into solar energy
Although sunshine is free, a rooftop a solar system can cost $30,000 to $50,000 -- enough to discourage even ardent environmentalists when financing is hard to find and households are holding tight to their cash to weather a recession.

But more affordable options are being touted by the solar industry. In recent months new financing programs have been introduced for homeowners who prefer to lease a solar system or to buy the power produced by a solar system on their home that is owned and maintained by someone else.

12/16/2008

Inland housing sales show signs of life
First-time home buyers and investors chasing foreclosures continued to fuel the housing market in Riverside and San Bernardino counties last month, pushing prices down and sales up despite worsening economic conditions, according to figures released Tuesday by a real estate information service.

12/12/2008

Inland office, industrial space vacancies rise
The Inland Empire's office and industrial sectors took major downturns this year, as the recession continues to take a toll on Riverside and San Bernardino counties.

12/11/2008

Flood of housing defaults predicted for '09
Foreclosures will spike next year after a short reprieve granted by moratoriums that have delayed the inevitable, an official for a leading foreclosure reporting service said Wednesday.

"In California I think we will have two or three months of pent-up defaults flooding the system," said Rick Sharga, vice president of marketing for RealtyTrac, an Irvine firm that reports monthly on foreclosure trends.

12/09/2008

Congress hits Freddie, Fannie chiefs
Three months after the government seized control of Fannie Mae and Freddie Mac, lawmakers on Tuesday blamed former top executives at the mortgage giants for fueling the financial market turmoil that has dragged the country into a recession.

12/08/2008

Inland housing aid idea gets state attention
A proposed organization partnering Inland county and city governments with private investors to purchase and resell foreclosed homes has drawn the interest of state housing officials, who were briefed on the plan Monday.

Homeowner aid unlikely soon
With job losses mounting and lawmakers preparing to funnel money to Detroit automakers, a top House Democrat said Monday that a new government effort to help borrowers avoid foreclosure will have to wait until after President-elect Barack Obama takes office.

12/06/2008

Delinquent loans rising
A record one in 10 American homeowners with a mortgage were either at least a month behind on their payments or in foreclosure at the end of September as the source of housing market pressure shifted from risky loans to the broader U.S. economy.

12/05/2008

Interest rates fall; economist disagree of effects
A plunge in mortgage interest rates has triggered a burst of applications for refinancing that real estate industry analysts hope will fuel home sales and lead to a housing recovery.

However, some industry observers said they do not believe lower interest rates will work that kind of magic as long as people are concerned about falling home values and rising unemployment.

11/27/2008

CEO Profile: Firm helps banks, builders with disposition of failed projects
Banks with repossessed housing projects on their hands and investors and builders looking for bargains need to know what stalled developments are worth and what can be done with them. One expert to whom they turn is Steve Johnson, director of the Southern California offices of Metrostudy Inc., a national real estate consulting firm based in Houston.

Video: CEO PROFILE: Steve Johnson, of real estate consulting firm Metrostudy

11/24/2008

More aid sought for housing
With nationwide sales of existing homes falling more than expected last month and the median sales price plunging to $183,000, the U.S. housing market keeps getting worse. Bracing for more bad news likely on the way, industry groups pressed President-elect Barack Obama to help stem the damage.

11/23/2008

Homeowners seek loan modifications
Homeowners facing foreclosure might take heart in the avalanche of plans introduced in the last year to make failing mortgages affordable.

But homeowner advocates say while some financial institutions recently have adopted more aggressive mortgage modification strategies, obtaining help remains extremely challenging.

11/21/2008

Inland counties outline plans for federal funds to battle foreclosed home blight
Riverside and San Bernardino counties have outlined how to spend nearly $70 million in federal funds to help fight blight stemming from the region's home foreclosure crisis.

But officials in the two counties have taken different approaches in how they plan on using the new money in hard-hit communities.

11/18/2008

Home sales are up, prices down
A climate still dominated by foreclosures sparked a near doubling of Inland home sales in October compared to a year ago, but median prices dropped more than 35 percent, according to figures released Tuesday by research firm DataQuick Information Systems.

11/17/2008

Inland economic partnership rallies solutions to housing crisis
Linking financially troubled homeowners with legitimate counselors so they don't get scammed is the first step that should be taken to stop the flood of foreclosures weighing down the Inland economy, a western Riverside County group of business and government leaders decided Monday.

Foreclosure moratorium bill at a standstill in Assembly
Legislation proposed last week by Assembly Democrats to pressure lenders to help struggling borrowers stay in their homes will not happen this month, and possibly not until the new year.

The bill was prompted by concern about the high number of foreclosures in the Inland area and around the state. Democratic leaders had pledged a floor vote as soon as this week.