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Posts Tagged ‘real estate’

Via WickedLocal via the Wellesley Townsman, we find the trickle-up of the housing crisis:

…between January and October 2006, there were no residential foreclosures in town; during that same period this year, there were four.

Word is the affected families had to switch from Whole Foods to Stop N’ Shop. This is about the time when people start REALLY paying attention, right?

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Stay Tuned for the Worst

Bad news for Mass. on the foreclosure front. (via the Globe)

There were 3,115 petitions to foreclose filed in Land Court in August, the highest number of petitions filed in one month since the Warren Group began collecting foreclosure data in January 2005, the firm said. That August number rose 75.5 percent from the number in August 2006, and it was also up 25.3 percent from the number in July 2007, the Warren Group said.

“It’s interesting that foreclosure deeds are falling off slightly, given the ever increasing number of petitions to foreclose we’ve been seeing,” Timothy Warren Jr., chief executive of the Warren Group, said in a statement. “It could be that lenders are holding off on letting the ax fall.”

And private issues have apparently spread to commercial as well, according to news from the MIT Center for Real Estate (via BusinessWeek):

The center maintains an index of the current value of commercial properties owned by pension funds. And guess what happened in the third quarter? The index dropped 2.5%, the first quarterly decline since 2003. And prices haven’t declined as steeply since the fourth quarter of 2001, when they dropped 3.9% after the 9/11 terrorist attacks.

“The fall in our index is the first solid, quantitative evidence that the subprime mortgage debacle, which hit the broader capital markets in August, may be spreading to the commercial property markets,” David Geltner, the center’s director, said in a release accompanying the index report.

Not much good here, but the report does offer this:

Boston Properties (Symbol: BXP), which owns office buildings in Boston, D.C., New York, Princeton and San Fran, is down only 7% this year and has actually gained 6% in the past 3 months. Industrial property owner ProLogis (PLD) has gained 16%.

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