The Country’s Largest Landlord
Of all the loans that have been recast through programs designed to shore up values, 57% are now in default.
Also, 95% of all new mortgages are government guaranteed.
Not only will 2010 see home values plummet, but the government will end up owning massive numbers of homes and will become the country’s largest landlord.
Just perhaps, if the government would just let the real estate solve it’s problems, we would be at a real bottom and not approaching a second down wave.
San Francisco California real estate
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The rosy summary in the October Census Construction report — “nearly the same as (±1.6%)* the revised September estimate” — would give a more accurate picture of construction if it stated, “October 2009 construction spending down 3% from original September estimate.”
The original September estimate was revised down 3% from an annual rate of $940 billion to $910 billion.
The reality is that construction spending is falling out of bed.
The revised September numbers are down -16% from 2008. The initial estimate for September showed a decline that was in line with the trend at -13%.
The revisions show the trend is clearly accelerating, as would be expected given the current declines in commercial and residential real estate values and the reluctance of banks to lend to new projects.
San Jose real estate broker