| 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.
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.
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. .
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.
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.
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