Commercial real-estate distress shows few signs of abating and continues to push U.S. banks to—or past—the brink of collapse.
Troubled commercial real-estate loans accounted for more than 65% of problem loans among the 11 banks that failed in October. While the number of failures was up month over month in October, the percentage of troubled commercial real-estate loans was lower, as the six banks that failed in September saw an 82% percentage of commercial loans among all problem loans.
Investors know that there is stability in real estate and they are paying attention…especially now…
The dislocation currently characterizing the global equities and bonds markets, is spurring a growing number of risk averse investors to seek refuge in the stable cash flows offered by core commercial assets…
Good article on what not to do when it comes to commercial real estate auctions…
Three San Mateo real estate investors and one who does business in the county have pleaded guilty to rigging public foreclosure auctions outside the courthouse in Redwood City by agreeing not to bid against each other, according to the Department of Justice.
Troy Kent of San Mateo, Henry Pesah of Burlingame, James Doherty of Hillsborough and Laith Salma of San Francisco, were among eight Northern California real estate investors who pleaded guilty for their roles in two separate conspiracies between November 2008 and January 2011.
From: Bloomberg Businessweek
The Philadelphia Housing Authority has announced its first-ever property auction.
Executive Director Michael Kelly said Thursday that the agency will be selling more than 400 vacant properties across the city next month. They’ll be sold individually and in groups of up to 25.
By Marie Beaudette | DOW JONES DAILY BANKRUPTCY REVIEW
…the company will seek approval to hold an auction for its assets on Oct. 28. When it shut down and let go its more than 1,000 workers last month, Solyndra said it would try to find a buyer to restart its Fremont, Calif., plant.
The company hasn’t identified a lead bidder for its assets. Interested bidders would have until Oct. 25 to submit their initial offers.
One of our upcoming auctions. Make sure to take a look and let us know if you have any questions.
Here is a recent press release for some more information >> http://bit.ly/qZzXns
Some recent news regarding auctions and government. What do you think? Let us know you thoughts?
Genesee County officials are pushing to change state law and give county treasurers more discretion on when and how to put foreclosed houses on the auction block.
The hope is to prevent so-called “scavenger sales,” in which real estate speculators often buy groups of homes on the cheap and flip them for a quick profit to unsuspecting buyers.
Have you ever made an offer to a Bank on an REO property and been rejected? Of course you have. And you probably thought you were doing the bank a favor by making the offer. Did you get your feelings hurt? I would have if it happened to me. Here is a reason why you should always plan to be in the game by attending an auction.
Recent article about the coming uptick in auctions. With these market conditions, we will only see more auctions.
Federal regulators are now putting tremendous pressure on banks to dispose of bad loans and properties that they’ve held for an excessive length of time. “According to RealtyTrac Senior Vice President Rick Sharga, major banks currently hold roughly 1 million REOs …,” Real Estate Insider News reports. “Only 30 percent have actually made it onto the market … that means 70 percent of the homes the banks have already foreclosed on are sitting vacant. These homes are all expected to hit the market in the next few months.”