Archive for October 12th, 2007

1 in 9 jobs tied to real estate

Friday, October 12th, 2007

One out of every nine jobs in Colorado is tied to the multibillion-dollar residential and commercial real estate industry, according to a report released Thursday.”Regionally, real estate-related employment and earnings are a bedrock of the local economy,” noted the report prepared for the Colorado Association of Realtors.

The report, done by the University of Colorado at Colorado Springs and the Colorado Policy Studies group, tracked the economic impact of the real estate industry from Grand Junction to Pueblo.

“Approximately 10.8 percent of the region’s jobs and earnings and profits are real estate related,” the report concluded.

Home foreclosures double from year earlier

Friday, October 12th, 2007

LOS ANGELES - Foreclosure filings across the United States nearly doubled last month compared with September 2006, as financially strapped homeowners already behind on mortgage payments defaulted on their loans or came closer to losing their homes to foreclosure, a real estate information company said Thursday.

A total of 223,538 foreclosure filings were reported in September, up from 112,210 in the same month a year ago, according to Irvine-based RealtyTrac.

The number of filings in September was down 8 percent from August’s 243,947, the firm said.

Wine cellars are the latest must-have in upscale homes

Friday, October 12th, 2007

Daniel Lahr cherishes his 1,400-bottle wine collection, an eclectic mix of French Bordeaux and Burgundy, northern and southern Rhone and California cabernets. But, he admits, he hasn’t been treating it as well as he could, storing it in a cold, dark corner of his basement.”It’s actually not a bad environment, but it’s not ideal,” he said.

“I spent a lot of money for the wine, and I enjoy aged wine. A lot of stuff I bought I can’t drink for eight or 10 years.”

So he commissioned Classic Cellar Design, of Washington, D.C., to build a 2,600-bottle wine cellar in the basement of his Rockville, Md., home.

Real estate company says Bay Area foreclosures soaring

Friday, October 12th, 2007

A report out from a real estate information company says the number of homes being foreclosed on in the Bay Area continues to soar.

 

RealtyTrac says 1,635 Bay Area households were notified last month that their properties were scheduled for foreclosure auctions.

 

That compares to 357 for September of last year. Though auctions can canceled at the last minute, homeowners receiving the notices are already at least six months delinquent.

 

Alameda, Contra Costa and Solano continue to be the local counties hardest hit by foreclosures.

 

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