Thursday, February 05, 2009

Squatlord Republic?

From the Sacramento Bee:

California saw a 42.5 percent drop in home sales at $1 million or above last year, according to a report Tuesday by market researcher MDA DataQuick...The dropoff was slightly worse in the Sacramento area: 50 percent in Sacramento County and 45 percent in Placer...The high end was battered by the downward price pressure at all levels of the market and was hit by a severe shortage of financing, said DataQuick analyst Andrew LePage.
From the Sacramento Bee:
The nation's foreclosure crisis has sparked scams nationwide, emboldened squatters and homeless advocates and led to numerous federal indictments. But this?

Sacramento police were in one of the city's most affluent neighborhoods Tuesday investigating a scheme with a twist: claims that the house involved is under the protection of a sovereign republic and that trespass could be met with "self defense" and "justifiable homicide." The bizarre case unfolded Tuesday in a gated West Natomas neighborhood that boasts million-dollar homes and some of the city's most prominent residents – think members of the Maloof family.
From News10:
The mortgage industry insider who admitted on his company Web site that he had been involved in massive mortgage fraud was charged Thursday with multiple felonies. The complaint was sworn by an IRS agent who said Christopher Warren, 27, fled the country on a private jet on Monday, the same day he replaced the home page of the Triduanum Financial Web site with a seven-page essay outlining his crimes and asking for forgiveness.
From the Sacramento Bee:
As soon as they default on a mortgage – or before – the calls begin. Often, the firms seek $1,500 to $4,000 upfront to help them out of jams with housing-boom loans...."It's similar to after a hurricane hits," said Tom Pool, spokesman for the California Department of Real Estate. "The bogus contractors come and collect money for repairs and don't do anything. These people are on their last dollar, anyway, and these loan-modification companies are having them draw on their credit cards with false promises."
Pool said DRE has shifted staffers to investigate 250 cases of loan-modification offenses. Many involve former real estate agents.
From News10:
John Laing Homes has shut down construction on its northern California projects according to company insiders...At the height of the housing boom, the company employed 165 people in the Sacramento area according to insiders. By the time the final layoffs came, the staff numbered 31.
Another report from CBS 13.

From the Stockton Record:
Kevin Huber, president of Stockton-based Grupe Co., said foreclosures have significantly affected development and home building in both the short and medium term, because foreclosures are selling well below what it costs to develop and build new homes. "Nobody's going to start a new home knowing you're going to lose money," he said. There's probably 18 months to two years more of foreclosures dominating the marketplace before home builders can compete again in a "normal" market, he said.
From the Sacramento Business Journal:
Sacramento ranks No. 9 on a list released Thursday of the metropolitan markets with the largest potential for distressed retail real estate assets. Madison Marquette, which owns 20 million square feet of retail and mixed-use properties across the country, compiled the list with its own research along with that of CoStar, a commercial real estate information company.
From the Sacramento Bee:
The city of Sacramento sent layoff notices Thursday morning to 24 employees within its development services department. Four supervisors - including the city's chief building official - were among those to receive layoff notices.

1 comment:

patient renter said...

The squatlord house was raided: