Florida’s foreclosure rate second highest in the U.S., filings increase as courts open

HILLSBOROUGH COUNTY, Fla. — A moratorium on foreclosures offers protection to families unable to pay their mortgages because of the COVID-19 pandemic. But I-Team Investigator Kylie McGivern found foreclosure filings are on the rise with Florida currently ranked second in the nation.

While some experts say this is different than the Great Recession, others are bracing for another housing crash.

Rick Sharga, the executive vice president of RealtyTrac, which publishes a nationwide database of foreclosure properties, told the I-Team that foreclosures have dropped dramatically because of the protections.

“We’re in a very unusual time right now, because of the enormous efforts that the government and the industry have put in place to prevent foreclosures from happening,” Sharga said.

According to data from RealtyTrac’s parent company, ATTOM Data Solutions, as of September, Florida had the second-highest foreclosure rate in the country behind South Carolina.

“Florida is definitely an outlier. Most states

Read More

Huge increase in jobs, homes, offices eyed in downtown San Jose’s Diridon Station area: city report

SAN JOSE — Downtown San Jose is in line for a huge increase in jobs, office space, housing, retail, entertainment, activity hubs, and hotels, according to a dramatic vision for the area near the Diridon train station and SAP Center that city officials released Wednesday.

a group of people standing in front of a building: Gateway Plaza section of Google's Downtown West transit village in downtown San Jose, showing public and open spaces near the historic San Jose Water Co. building along West Santa Clara Street, concept.     Google LLC

© Provided by Mercury News
Gateway Plaza section of Google’s Downtown West transit village in downtown San Jose, showing public and open spaces near the historic San Jose Water Co. building along West Santa Clara Street, concept. Google LLC

What’s more, this huge uptick in development and economic activity would be the result of much more than the transit-oriented neighborhood that Google has proposed near the rail hub, according to the city report.


Load Error

“The city of San Jose and the greater Bay Area region have the unique opportunity to build an internationally prominent transportation hub and to develop a world-class destination within the

Read More

U.K. Retail Sales Increase Most on Record in Third Quarter

(Bloomberg) — U.K. retail sales rose more than expected last month as demand for home improvement products and food contributed to the biggest quarterly jump on record.

The volume of goods sold in stores and online gained 1.5% from August, the Office for National Statistics said Friday, beating economists estimates for a reading of 0.2%. Sales were 17.4% higher in the third quarter following a lockdown-induced slump in the previous period.

text: All-Time High

© Bloomberg
All-Time High

While the report will be welcome for policy makers hoping to support the economy going into winter, there are already signs that rising unemployment and the prospect of a messy divorce from the European Union at the end of the year.


Load Error

Household confidence was starting to retrench even before the virus flared up again, forcing many areas into renewed restrictions, a report by GfK showed Friday. The number of job cuts jumped the

Read More

Come by Chance refinery owner calls on N.L. utility regulator to increase fuel prices

The owner of the idled Come By Chance oil refinery has asked the utility regulator in Newfoundland and Labrador to “expeditiously” increase certain fuel prices.

That’s because the company says its costs to supply the market have spiked since the Placentia Bay facility stopped refining oil earlier this year, and fuels now have to be imported.

Meanwhile, a U.S. company with its sights set on the refinery is issuing a plea that the facility be kept in “warm idle” mode so it can more easily be reactivated if a change of ownership occurs.

“Time is of the essence to ensure a restart plan can be put in place for next year,” a representative of Origin International said on condition of anonymity.

“Origin is finalizing a plan that would have all employees back to work immediately after a transaction, with a restart for the plant in the second quarter of next

Read More

U.S. Housing Starts Increase Amid Shift to Single-Family Homes

(Bloomberg) — U.S. new home starts increased in September on a sharp gain in single-family house construction while building permits climbed, indicating residential building had plenty of momentum at the end of the third quarter.

Residential starts increased 1.9% to a 1.42 million annualized rate from a month earlier, according to a government report released Tuesday. The median forecast in a Bloomberg survey of economists called for a 1.47 million pace. Applications to build, a proxy for future construction, rose 5.2% to a 1.55 million rate, the fastest since 2007 and topping forecasts.

graphical user interface: New one-family home construction rises for fifth month; apartment building slows

© Bloomberg
New one-family home construction rises for fifth month; apartment building slows

Construction of one-family homes climbed in September to the highest level in more than 13 years, and accounted for 78% of total homebuilding which was the largest share since 2010. At the same time, fewer multifamily projects were started, which reflects a shift in

Read More

Significant increase in opioid deaths this year: Toronto Public Health

Toronto Public Health reports that 132 people died of suspected opioid overdoses between April 1 and Sept. 30 this year, more than double the number reported for the same period in 2019.

“Across Canada, the combination of reduced health services during COVID, and an extremely tainted drug supply have created an accelerating overdose crisis,” said Joe Cressy, chair of Toronto Public Health and City councillor.

The month of September saw record high cases.

Twenty-seven deaths were reported, the highest number recorded in a month since this data has been monitored, according to a press release.

Paramedics responded to total of 383 fatal and non-fatal opioid overdose-related calls in the same month, the highest number of monthly calls reported for the year.

Dr. Rita Shahin, an associate medical officer of Health and TPH spokesperson, says the overdose emergency continues to be an urgent health issue in Toronto, espeically during COVID.


Read More

New Law Aims To Increase CA Home Ownership

CALIFORNIA — A bill prompted by the Moms 4 Housing occupation of a vacant West Oakland home late last year and signed by Gov. Gavin Newsom this week aims to increase homeownership in the state.

Senate Bill 1079, introduced by state Senate Majority Whip Nancy Skinner, D-Berkeley, requires foreclosed homes to be sold individually at auction rather than bundled and sold to a single buyer.

Following the Great Recession, corporations snatched up large numbers of homes in bundled foreclosure sales.

Between 2006 and 2012, the number of owner-occupied single-family homes in California dropped by 320,000, while the number of renter-occupied single-family homes jumped by 720,000, according to the senator’s office.

“SB 1079 sends a clear message to Wall Street: California homes are not yours to gobble up; we won’t tolerate another corporate takeover of housing,” Skinner said in a statement.

Four homeless women in late 2019 moved themselves into a

Read More

As vacant foreclosures increase, so does buyer interest

A Q3 2020 rise in vacant foreclosures signals a possible re-escalation in a hard-fought battle against neighborhood blight in which many cities have just recently gained the upper hand.

“We still have vacancy and blight issues but they are not crippling as they were a decade ago,” said Ian Beniston, executive director at the Youngstown Neighborhood Development Corporation (YNDC), a nonprofit community development corporation in Youngstown, Ohio. “When we began a decade ago there was much more blight. There were more than 5,000 vacant properties. Last count there were 1,800 – which is still 1,800 too many.”

The rate of vacant foreclosures, also known as “zombie” foreclosures, dropped to an all-time low of 7.4% in Youngstown in the second quarter of 2020, according to data from ATTOM Data Solutions, which also shows the zombie foreclosure rate dropping to an all-time low of 3.0% nationwide in the second quarter.

Zombie resurrection

Read More

Will Commercial Zoning Increase Your Property Value?

If you have the correct combination of items and you have a large enough pocketbook, this may be your ticket to retirement. But sometimes, it’s your ticket to the poor house.

I looked at a home that is zoned mixed use. In this area, this means that you can either use the residence as a home or use the residence as a commercial site. These types of sites are usually limited to low impact items such as office buildings, apartments, etc.

What’s the catch? Well, you’ll have to own a large enough parcel of land to make a commercial deal work. This is why you see five homes along a busy street all for sale at once and the zoning is commercial. This is because in order to be approved for commercial development, there must be a large enough parcel to make the commercial development work.

Usually, for mixed residential … Read More