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Realistbear

Los Angeles Sees A 63% Increase In Foreclosure Rate

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http://www.prnewswire.com/cgi-bin/stories....+2006,+11:59+AM

MT. PLEASANT, Pa., April 10 /PRNewswire/ -- The number of foreclosures
in Los Angeles County
increased by 63 percent in the first quarter of 2006
compared to 2005, according to Default Research (
),
the rapidly growing real estate research company for foreclosure
properties.
(Logo:
http://www.newscom.com/cgi-bin/prnh/20060309/CLTH029LOGO)' rel="external nofollow">
"With rising interest rates, the economy slowing down in that part of
California, and a quarter of L.A. residents working at jobs that do not pay
a living wage,
the significant increase in foreclosures is a very alarming
trend in the largest county in the nation,
" said Serdar Bankaci, president
and chief executive officer of Default Research, Inc.

Awooga anyone? I got out of the Southern CA market in late 2003 and saw this one coming. Should hit us within 6 months if history repeats.

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Boston taking a beating also:

http://www.msnbc.msn.com/id/12248842/

High-end buyers driving harder bargains

By Brian Kladko

Boston Business Journal

Updated: 8:00 p.m. ET April 9, 2006

The stratosphere of Greater Boston's housing market isn't immune to the realities of supply and demand.
Wealthy buyers are driving harder bargains, thanks to a growing inventory of ultra-luxury condos, stately mansions and antique townhomes costing $4 million or more. The increased number of choices, combined with a certain lack of urgency to get a deal done, have led to steeper discounts than the rest of the market. Year over year,
the area inventory for homes over $4 million is up by 70 percent
.

This article will not doubt make some pleasant night time reading for a East Coast HPCer?

Another interesting farticle from the US:

http://www.personneltoday.com/Articles/Art...ArticleID=34882

LATEST NEWS

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'Farting chair' teacher loses £1m sex discrimination claim

10 April 2006 12:12

A teacher who tried to sue her employers after claiming the school failed to replace a “farting chair” has lost her £1m discrimination claim.
A Tribunal heard that deputy head teacher Sue Storer’s requests for a new chair were ignored, while male colleagues had theirs replaced.
“It was a regular joke that my chair would make these farting sounds and I regularly had to apologise that it wasn't me, it was my chair," she told an employment tribunal last month.

Here is someone who has not sued for "Farting"

http://www.devilducky.com/media/26599

Edited by Realistbear

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Have a look at Mike Shedlock's latest entry:

The dreaded "D" word surfaces

Not only did we see three days without a single showing, but I received more desperate calls from sellers than ever. One lady broke down into tears. Her husband bought two investment properties, and they are now going to lose their "life savings" if they sell the homes in today’s market. Her only option is to lose her life savings trying to carry this through the next 12-24 months.

I received calls from Utah, California, South Carolina, Vermont, etc. etc. All the same. "We bought a house or a couple of houses for a flip, but we can’t sell them. What do we do, Mike?" I can only tell them that the $400,000 house they bought is now only worth $325,000 - $340,000. Their 10% deposit is gone. Their $3,000 a month in carrying costs is killing them. A year from now these homes MAY be worth $350,000 - $375000 IF we have a strong market. So even a best case scenario means $36,000 in carrying costs to recoup $25,000 - $35,000. That means another $1,000 - $11,000 in losses if they wait . . . and IF the market rallies strong.

This is the flip side of leverage. The bit the property pundits don't tell you about...

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Another interesting farticle from the US:

http://www.personneltoday.com/Articles/Art...ArticleID=34882

LATEST NEWS

Email Article Printer Friendly

'Farting chair' teacher loses £1m sex discrimination claim

10 April 2006 12:12

A teacher who tried to sue her employers after claiming the school failed to replace a “farting chair” has lost her £1m discrimination claim.
The yanks are behind the curve, over here a teacher
http://news.bbc.co.uk/1/hi/northern_ireland/4464580.stm' rel="external nofollow">
when the school didn't buy her a new chair.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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