Monday, August 21, 2006

Real Estate Offices Shutting Down

Real Estate Offices Shutting Down
More signs of the severity of the slowdown in home sales are coming out of Los Angeles where residential real estate offices in the area beginning to shut down. The Los Angeles Business Journal has confirmed thatin the last 60 days at least six residential brokerage branch offices have closed or are in the process of doing so, most on the Westside or in the San Fernando Valley. Hundreds of brokers have been consolidated to other offices, and some have left the industry.Several said the consolidation wave has just begun.“I’m seeing closings going on all over Southern California,” said Syd Leibovitch, president and owner of Beverly Hills-based Rodeo Realty, an independent residential brokerage.
posted by Raymond Nize at 4:14 PM 0 comments links to this post

Foreclosures Soar in North Texas
North Texas, which includes Dallas and Fort Worth, has not shown many of the weaknesses in the housing market that can been seen in other parts of the country.In fact the president of the Dallas Fed, Richard Fisher, stated in a speech last week that: "It may comfort you to know that of all the markets in America, Texas’ is among the most resilient. In fact, so far this year, single-family permits are up 11 percent from their year-ago pace—the third fastest growth rate among the 50 states and a sharp contrast to the 7 percent year-to-date decline for the U.S. as a whole."But that may be about to change. The Dallas Morning News is reporting:
More and more North Texas homeowners are in big trouble. Residential foreclosure postings are at record levels – up 30 percent from a year ago. More than 3,800 houses are threatened with foreclosure next month in the Dallas-Fort Worth area. And for the first nine months of 2006, more than 28,000 home foreclosure postings have been recorded. "This is bringing back nightmares of 1988 and 1989," when thousands of Texas homeowners lost their properties during a regional recession, said George Roddy, president of Addison-based Foreclosure Listing Service. "The average number of postings in 1989 was about 2,000 a month," Mr. Roddy said. "And that is when we saw a massive devaluation of residential properties in some areas." ...RealtyTrac Inc. reported recently that the Dallas area ranked third among U.S. cities with the highest foreclosure rates. The online foreclosure sales listing company estimates that foreclosures in Dallas are running three times the national average. About 0.9 percent of Dallas area households were in foreclosure at mid-year, according the California.based.firm