Continue Reading May 14th, 2008
On the same day the RealtyTrac reports that the nation’s foreclosure filings surged 65% in April to 243,353, Reuters has this wild tale of one man responsible for nine of those foreclosures.
Shawn Forgaad, software product manager from Santa Cruz, Calif., says he speculated in a major way during the boom, buying nine houses with Pay Option or negative amortizion loans. Now his house of cards is crashing down.
One out of every 519 homes nationally received a foreclosure filing in April, RealtyTrac figures. Some 53,000 were repossessed. The country, meanwhile, marches on to what could be one million foreclosures for the entire year. Washington debates what to do to fix the mess.
California cities account for six of the ten U.S. markets with the highest foreclosure rates. Forgaad, the speculator, says he’s learned his lesson and is moving his family to lower-cost North Carolina where they can start fresh.
“On the surface it looks like total devastation but it’s just the opposite,” Forgaad told Reuters. “I’m confident our lives will be much, much richer as a result.”
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Continue Reading May 14th, 2008
The sixth of 14 new concept stores being launched by the bookseller, the Borders at Park Meadows Shopping Center features high-def TV monitors and a suite of high-tech “destinations” to make customized music CDs. Read more »
Continue Reading May 14th, 2008
The Buzz Oates Group of Cos. recently negotiated a lease with Quaker Sales and Distribution Inc. for a 698,000-square-foot distribution facility at 1566 North MacArthur in Tracy, Calif, it has reported. Read more »
Continue Reading May 14th, 2008
The issue of best practices and emerging trends in maximizing the effectiveness of biotechnology parks will be the theme of a conference, BioParks 2008, to be hosted by the University of California San Diego Science Research Park in La Jolla on June 16. Read more »
Continue Reading May 14th, 2008
Construction has commenced on Mirabella, a 30-story continuing care retirement community site on one acre in Portland’s South Waterfront submarket. Read more »
Continue Reading May 14th, 2008
An Irish investment group, which market sources have pegged as Markland Holdings Ltd., has acquired 47 Citibank branches in the New York City metropolitan area for $100 million. Read more »