| Sacramento finds itself in yet another budget hole
Five years on from recalling a governor because of a $20 billion deficit, California is once again $14 billion in the red and in debt to boot.
In 2003, it was the telecom crash that got the blame for ending the fire hose of taxes that had been flowing for a few years into Sacramento.
In 2008, the real estate slowdown is getting the blame.
But the real culprit is Sacramentos refusal to deal with its spending.
As recently as the 2000-2001 fiscal year, Californias general fund expenditures stood at $99.4 billion. That was nearly double expenditures just a decade before, but stay with us.
In the current fiscal year, according to the State Senate Committee on Budget and Fiscal Review, general fund expenditures will total $142 billion, a 43 percent increase in five years.
Home foreclosure rate soars in 2007
LOS ANGELES — The number of U.S. homes that slipped into some stage of foreclosure in 2007 was 79 percent higher than in the previous year, a real estate tracking company said Tuesday. Many homeowners started to fall behind on mortgage payments in the last three months, setting the stage for more foreclosures this year. About 1.3 million homes received foreclosure-related warnings last year, up from 717,522 in 2006, Irvine-based RealtyTrac Inc. said. Foreclosure filings rose 75 percent from the previous year to 2.2 million. More than 1 percent of all U.S. households were in some phase of the foreclosure process last year, up from about half a percent in 2006, RealtyTrac said. Nevada, Florida, Michigan and California posted the highest foreclosure rates, the company said.
No. of homes in some stage of foreclosure soared, data show
The number of U.S. homes that slipped into some stage of foreclosure in 2007 was 79 percent higher than in the previous year, a real estate tracking company said Tuesday. Many homeowners started to fall behind on mortgage payments in the last three months, setting the stage for more foreclosures this year. About 1.3 million homes received foreclosure-related warnings last year, up from 717,522 in 2006, Irvine-based RealtyTrac Inc. said. Foreclosure filings rose 75 percent from the previous year to 2.2 million. More than 1 percent of all U.S. households were in some phase of the foreclosure process last year, up from about half a percent in 2006, RealtyTrac said. Nevada, Florida, Michigan and California posted the highest foreclosure rates, the company said.
CA Retirement fund to buy 275 million stake in Silver Lake Partners
An announcement may come as soon as today, said the person, who declined to be named because the talks are secret. The stake is worth about $275 million, valuing Menlo Park, California-based Silver Lake at $2.75 billion, the New York Times reported earlier today, citing unidentified people briefed on the deal. Calpers, which covers the benefits of more than 1.5 million Californian state and local government employees, has more than 400 private equity investments. Sacramento, California-based Calpers plans to reduce that number by concentrating assets in fewer fund managers. The California Public Employees' Retirement System (CalPERS) provides pension fund, healthcare and other retirement services for approximately 1.5 million California public employees. As of October 2007, it owns $254.8 billion worth of stock, bonds, funds, private equity and real estate.
NNN Realty Advisors Stockholders Approve Merger
SANTA ANA, Calif., Dec. 6 /PRNewswire/ -- NNN Realty Advisors, Inc. stockholders, who met earlier today in a special meeting in Costa Mesa, California, have voted to approve and adopt the previously announced agreement to merge with Grubb & Ellis Company (NYSE: GBE) . Approximately 97.2 percent of the votes cast were in favor of the transaction, which represents approximately 79.2 percent of the shares of NNN Realty Advisors common stock outstanding. Upon completion of the proposed merger, NNN Realty Advisors stockholders will receive 0.88 shares of Grubb & Ellis common stock for each share of NNN Realty Advisors common stock outstanding. The merger agreement was first announced on May 22, 2007. NNN Realty Advisors, Inc. NNN Realty Advisors is a nationwide commercial real estate asset management and services firm that sponsors real estate investment programs to provide investors with the opportunity to engage in tax-deferred exchanges of real property and to invest in other real estate investment vehicles, including public non-traded real estate investment trusts and real estate investment funds.
Junction store's future still unclear
Nearly a year after Albertsons closed its doors at The Junction shopping center, there's no word on what grocery store will take its place. Albertsons representatives said last summer they had sold the store to Raley's, a West Sacramento-based chain of supermarkets in northern California, Nevada and New Mexico. Raley's holds the lease to the still-vacant East Sonora store. Company spokeswoman Nicole Townsend said that, as a private business, Raley's doesn't comment on its real estate plans. Junction merchants have heard rumors that discount grocer Cost Less Food Company would move into the store once an agreement between the company, Raley's and The Junction's owners was worked out. Don Way, president of Cost Less Food Company, said Friday that a Cost Less will not be coming to The Junction.
Placer to sue former planner
Placer County supervisors voted Tuesday to sue former county Planning Commissioner Michelle Ollar-Burris and a group of her clients, alleging violations of state planning law. County Counsel Tony LaBouff said the lawsuit, which may be filed as soon as today, will include allegations that Ollar-Burris committed fraud, violated her fiduciary obligations as a planning commissioner and engaged in unfair business practices. Ollar-Burris, an Auburn real estate broker, was removed from the Placer County Planning Commission in June after a Sacramento Bee story detailed real estate transactions that appeared designed to subvert California's Subdivision Map Act. .
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