Michael Jackson might lose Neverland Ranch after being delinquent on $23 million loan payments.

Michael Jackson, once “King of Pop” is at risk of losing his 2,800 acres Neverland Ranch in California due to delinquent loan payments.

Jackson owed $23,212,963.00 on a $23,000,000.00 loan he took out in April 14, 2006, according to a foreclosure and notice of default report posted online by the California branch of Fidelity National Financial insurance company.

View Larger Map

Neverland Ranch is 2,800 acres, is located in Los Olivos, Santa Barbara county about 125 miles northwest of Los Angeles.

Notice of Default in California are usually issued when a homeowner misses their third payment.

The eccentric music legend has been struggling to rebuild his career following his acquittal for child molestation charges in 2005.

Jackson left the property in June 2005 after being acquitted of the child molestation charges and has been living in Bahrain, Europe and Las Vegas in the western US state of Nevada.

In mid-July, Jackson was ordered to pay more than $256,000 dollars in overdue fees to a California law firm he employed for work connected to his sex abuse trial.

Technorati Tags: Michael Jackson, Neverland Ranch

Led by strong growth in the office and retail segments, commercial property sales hit $401 billion through Oct. 18, outpacing last year’s $359 billion total, according to Real Capital Analytics, a New York based real-estate research firm.

Construction spending on office buildings, shopping centers and other private, nonresidential projects jumped 15.2 percent in August, the Commerce Department said last month.

There are some signs of slowing growth, analysts say, but nothing compared to the residential real estate market, where foreclosures and mortgage defaults are still rising rapidly, mainly from subprime mortgages extended to risky borrowers. Most economists forecast further declines in home sales and prices, making it “the most significant current risk to our economy,” Treasury Secretary Henry Paulson said last week.

The commercial market has not been dragged down by the residential mortgage mess because for the most part, buyers and sellers are more sophisticated, and they have more financial flexibility and resources to ride out credit-market turmoil, experts said.

“It’s a different animal than the nonresidential construction business with the direct relationship between banks and business leaders, not banks and homeowners,” said Bernard Baumohl, managing director of The Economic Outlook Group in Princeton, N.J.

If the broader economy stumbles, the commercial real estate market would be vulnerable to “credit-risk contagion,” Wheaton said. Already, the credit crunch that started in mortgages has spread to other markets, including the commercial market, with some sellers asking for more capital upfront when mortgage-backed assets are financing a transaction.

Technorati Tags: Commercial Real Estate, Commercial Real Estate Market

Standard & Poor’s went on a rate-slashing spree on homebuilders Friday

On Friday S&P cut its credit ratings on five homebuilders after
recent quarterly earnings and economic data showed the housing market
deteriorating.

The ratings agency lowered D.R. Horton
(nyse:DHI -news -people). Lennar(nyse:LEN -news -people), and Pulte Homes(nyse:PHM -news - people) to non-investment grade or “junk” status.

It also lowered Centex(nyse:CTX -news -people) to the brink of junk and lowered Standard Pacific(nyse:SPF -news -people)’s ratings as well.

It changed the outlook on Ryland Group(nyse:RYL -news -people) to “negative” from “stable,” which raises the company’s chances of having its ratings lowered in the next two years.

S&P said the homebuilding sector’s problems have been “exacerbated by rising inventory levels, the sharp decline in nonconforming mortgage products, and the determinedly negative sentiment of even well-qualified consumers.”

Ratings, which indicate a company’s ability to repay its debt obligations, determine the cost to a company of borrowing money.

Technorati Tags: Home Builders, Lennar, Pulte Homes

In its October report, the association predicts 5.78 million existing homes will be sold in 2007, down from 6.48 million last year. Last month, the association predicted an 8.6 percent drop from a year ago.

This year’s sales would be the lowest since 2002, when sales hit 5.63 million.

Sale prices for existing homes are forecast to drop 1.3 percent to a median of $210,200 this year — a slight improvement from last month’s prediction of a 1.7 percent decline. The median price refers to the point where half sold for more and half for less.

Next year, the trade group expects existing home sales to climb to 6.12 million. That is 2.4 percent lower than last month’s prediction.

New home sales are projected to fall to 805,000 this year down 23 percent from 1.05 million last year. If that forecast is accurate, it would be the worst year since 1997, when 804,000 newly constructed homes were sold. In 2008, 752,000 new home sales are expected.

Despite the bleaker outlook, the group maintains an optimistic message. Its senior economist, Lawrence Yun, noted in a statement that markets including Austin, Texas, Salt Lake City and Raleigh N.C. are showing price growth and 2007’s home sales will be the fifth-highest on record.

“The speculative excesses have been removed from the market and home sales are returning to fundamentally healthy levels, while prices remain near record highs, reflecting favorable mortgage rates and positive job gains,” Yun said.

Existing single-family home sales dropped 4.3 percent in August, compared with the previous month, to the slowest sales pace in five years, according to the Realtors group.

The housing market has been battered by the steepest downturn in 16 years, as measured by the Standard & Poors/Case-Shiller index that covers housing prices in major U.S. cities. Problems were exacerbated in August by turmoil in credit markets, reflecting new worries about rising mortgage defaults.

The median U.S. existing home price edged up slightly in August to $224,500, an increase of 0.2 percent from August 2006. It marked the first year-over-year price increase after a record 12 straight months of declining prices.

Technorati Tags: Realtors, Real Estate Market Forecast

Residents impacted by the wildfires in Los Angeles and Orange counties will get more time to pay some taxes or file tax documents.

Residents who live in any counties declared a federal disaster area — including Los Angeles, Orange, Riverside, San Diego, Santa Barbara, San Bernardino and Ventura — will be given extensions on tax returns, payments or other tax transactions due on or after Oct. 21.

Those taxpayers will automatically receive postponements until Jan. 31, 2008. The postponement includes the estimated tax payment for the fourth quarter, which is normally due on Jan. 15.

“The last thing victims of these fires need to worry about is taxes,” said state Controller and Franchise Tax Board Chairman John Chiang. “We want to give people time to focus on putting their lives back together.”

People impacted by the fires can claim a disaster loss in the current tax year, or can file an amended 2006 tax return to claim the loss in the prior year — which can result in a quick refund payment. Fire victims can also receive free copies of state tax returns to replace lost or damaged ones by completing Form FTB 3516 and printing “Southern California Wildfires 2007″ in red at the top of the request.

The state Board of Equalization has set up a Web site designed to provide answers to frequently asked questions wildfire victims may have about fees and taxes.

California Franchise Tax Board
www.ftb.ca.gov

California Board of Equalization
www.boe.ca.gov/info/disaster-relief-faq.

Technorati Tags: California Tax, CA BOE,

FEMA’s Fire Management Assistance Grant Program. Under those grants, FEMA pays for 75 percent of the state’s eligible fire-fighting costs. Eligible costs include equipment, supplies, and emergency work evacuations, shelters and traffic control

A major disaster declaration for California was granted Wednesday, Oct. 24, 2007, for seven affected California counties (Los Angeles, Orange, Riverside, San Bernardino, San Diego, Santa Barbara and Ventura).

FEMA Registration

Registration Hotline (1-800-621-FEMA (3362) is operating 24/7 and applicants need

Social Security number

Address of damaged residence

Description of damage

Insurance info

Contact phone number and address to receive mail

If direct deposit is preferred, provide bank routing info.

As of October 29, 2007:

FEMA has processed more than 10,120 registrations

Internet registrations are at 32%

Housing Assistance Disbursed $1,177,975

Other Needs Assistance Disbursed $0

Households approved for assistance: 422

Financial assistance approved: $1,419,746.

Mobile Disaster Recovery Centers (MDRC)

FEMA has deployed a total of 11 Mobile Disaster Recovery Centers (MDRCs) to the State of California to aid individuals in applying for FEMA Disaster Assistance.

5 more deployed from Ft. Worth (TX) on October 30, 2007

Local Assistance Centers

San Diego County

Rancho Bernardo Glassman Recreation Center at 18446 West Bernardo Drive, Rancho Bernardo.
Monday – Friday, 7 a.m. – 8 p.m.;
Saturday 8 a.m. – 4 p.m.
Sunday 9 a.m. – 2 p.m.

Ramona Community School at 1710 Montecito Road, Ramona.
Monday – Friday, 8 a.m. – 7 p.m.;
Saturday 8 a.m. – 5 p.m.
Sunday 9 a.m. – 2 p.m.

Fallbrook Community Center at 341 Heald Lane, Fallbrook.
Monday – Friday, 8 a.m. – 7 p.m.;
Saturday 8 a.m. – 5 p.m.
Sunday 9 a.m. – 2 p.m.

Rancho San Diego Cuyamaca College at 900 Rancho San Diego Parkway, El Cajon.
Monday – Friday, 8 a.m. – 7 p.m.;
Saturday 8 a.m. – 5 p.m.
Sunday 9 a.m. – 2 p.m.

Los Angeles County

Castaic Regional Sports Complex at 31230 North Castaic Road, Castaic.
Monday – Friday, 8 a.m. – 7 p.m.;
Saturday 9 a.m. – 2 p.m.
Sunday 9 a.m. – 2 p.m.

George A. Caravalho Santa Clarita Sports Complex – Activities Center at 20880 Centre Pointe Parkway, Santa Clarita.
Monday – Friday, 8 a.m. – 7 p.m.;
Saturday 8 a.m. – 4 p.m.
Sunday 9 a.m. – 2 p.m.

Malibu Bluffs Park at 24250 Pacific Coast Highway, Malibu.
Monday – Friday, 8 a.m. – 7 p.m.;
Saturday 9 a.m. – 2 p.m.
Sunday 9 a.m. – 2 p.m.

San Bernardino County

National Orange Show Events Center at 689 South “E” Street, San Bernardino.
Monday – Friday, 7 a.m. – 7 p.m.;
Saturday 9 a.m. – 5 p.m.
Sunday 9 a.m. – 5 p.m.

Orange County

One Stop Center/Strip Mall at 125 Technology Way, Suite 200, Irvine
Monday – Friday, 8 a.m. – 7 p.m.;
Saturday 9 a.m. – 4 p.m.
Sunday 9 a.m. – 4 p.m.

Home Inspections

As of October 30, 2007:

Housing Inspections Issued 4,193

Housing Inspections Completed 2,346

Callers are requesting assistance with out of pocket expenses. Lodging, food, medical

Technorati Tags: FEMA, California Fires Assistance, California Fire Grant

Federal loans with interest rates as low as less than 3 percent per year are available to California Wildfire victims

Southern Californians who were affected by the fires may have some help with getting a loan. Federal loans with interest rates as low as less than three percent per year are available to fire victims with acceptable credit ratings and who can pay them off.

The U.S. Small Business Administration has begun taking loan applications from fire victims who apply through the FEMA disaster relief process. Through FEMA, fire victims with significant losses can also access federal and state grants.

he S.B.A. loans can go to homeowners or renters to replace damaged property, including cars. Loans to homeowners can go up to $200,000.

Persons with mortgages who are unable to get any credit elsewhere can refinance their mortgages with the low-interest federal loans, according to the SBA disaster fact sheet.

Business loans can go to nonprofit groups, the SBA said, and can go up to $1.5 million. Such loans may be used to relocate a business out of the disaster area, if necessary.

Persons getting an approved loan for damages can also get capital to pay for improvements to protect against future damages, and can fund such things as retaining walls or drains, the government said in a fact sheet.

Fire victims must have an acceptable credit record, show the ability to repay all loans, mad may have to put up collateral, such as real estate, as security for the loans. The interest rates start at just below three percent.

The deadline for loan applicants suffering physical damage to their property is Dec. 24, and the deadline for persons claiming economic damages has until July 28, 2008 to apply.

SBA Disaster Assistance Customer Service Center:
(800) 659-2955.

Technorati Tags: California Wildfires, Southern California Fires

2007 California Wildfires Facts, Statistics, and Overall Damaged Assessment as of Friday, October 26, 2007

California Wildfires Statstics including LA, Orange, San Bernardino, Santa Barbara Riverside, San Diego and Ventura County:

- Burned Acreage: More than 489,000 (more than 764 square miles).

- Homes destroyed: More than 1,800, according to authorities.

- Deaths: Three confirmed fire deaths, seven fire-related deaths. Authorities were investigating whether four burned bodies found Thursday east of San Diego were fire victims.

- Injuries: About 30 civilians, 52 firefighters.

Major wildfires burning in California, by county:

San Diego County:

- Witch Fire: Nearly than 198,000 acres (more than 309 square miles) in northern San Diego County from Witch Creek to Rancho Santa Fe. 30 percent contained. 1,061 homes and 30 commercial properties destroyed. Two burned bodies found in a charred home. Two civilians and 12 firefighters injured. Containment expected Sunday.

- Poomacha Fire: About 38,500 acres (more than 60 square miles) on the La Jolla Indian Reservation and in northeastern San Diego County. 30 percent contained. 60 homes destroyed. Twelve firefighters injured.

- Horno/Ammo Fire: About 17,000 acres (more than 26 square miles) on the Camp Pendleton Marine base. At least 40 percent contained.

- Harris Fire: About 84,000 acres (more than 131 square miles) north of the border town of Tecate, about 70 miles southeast of San Diego. 20 percent contained. Ninety-seven homes, 17 outbuildings and two commercial buildings destroyed. One civilian killed, 21 injured civilians and seven injured firefighters. Containment expected Nov. 4.

- Rice Fire: About 9,000 acres (more than 10 square miles) in Fallbrook in northern San Diego County. 30 percent contained. 206 homes and two commercial properties destroyed. One firefighter injured.

Ventura County:

- Ranch Fire: More than 56,000 acres (more than 87 square miles) in the Castaic area near Piru. 81 percent contained. One home, eight outbuildings destroyed. One injury reported.

Orange County:

- Santiago Fire: About 26,000 acres (more than 40 square miles) east of Irvine. 30 percent contained. Fourteen homes destroyed. Four minor injuries to firefighters.

San Bernardino County:

- Slide Fire: More than 11,000 acres (almost 17 square miles) in Green Valley Lake area of the San Bernardino Mountains, east of Lake Arrowhead. 15 percent contained. At least 200 homes destroyed. One firefighter suffered minor injuries.

- Grass Valley Fire: About 1,100 acres (about 2 square miles) in Grass Valley area northwest of Lake Arrowhead in the San Bernardino Mountains. 70 percent contained. At least 113 homes destroyed. No injuries reported.

Contained fires:

Los Angeles County:

- Buckweed Fire: More than 38,000 (about 60 square miles) south of Agua Dulce in northeastern Los Angeles County. Contained. 21 homes, 22 outbuildings, two bridges and 40 vehicles destroyed. Three civilians and two firefighters injured.

- Canyon Fire: More than 4,500 acres (about 7 square miles) in the coastal community of Malibu. Contained. Six homes, two businesses and a church destroyed, and nine homes and five commercial buildings damaged. Three firefighters suffered minor injuries.

- Magic Fire: More than 2,800 acres (about 4 square miles) in northern Los Angeles County, including Stevenson Ranch. Contained. No structural damage or injuries.

Riverside County:

- Rosa Fire: More than 400 acres (about two-thirds of a square mile) near Temecula. Contained.

Santa Barbara County:

- Sedgewick Fire: More than 700 acres (more than a square mile) near Los Olivos. Contained. No homes destroyed and no reports of injuries.

Technorati Tags: 2007 Fire Storm Facts, 2007 Wildfires statstics, California Fires 2007

Search for Fire Damaged Homes in California Wildfires 2007

Find homes damaged or destroyed in the fires. This is a partial list from a variety of government sources and put together by LA Times.com

Fire Damage Database by LATimes.com

City of Poway : Witch Creek Fire

Preliminary List of Structures Lost in the Fire:

This list is preliminary, and is not complete. Damage assessment is ongoing.

• List of Known Structures Lost (pdf) updated 10/25/07 2:30 pm
• Map of Lost Structures (pdf) updated 10/26/07 2:30 pm

City of Escondido:

Download PDF files of list of Structures Lost

Technorati Tags: Damaged Homes Data Base, List of Structures Lost in the Fires

Sales of new homes posted an unexpected gain in September although the improvement came after sales had fallen to the slowest pace in more than a decade.

The Commerce Department reported today that sales of new homes rose by 4.8 percent last month to a seasonally adjusted annual rate of 770,000 units. That level of activity was still 23.3 percent below a year ago, indicating that housing remains in a steep downturn.

Analysts had been expecting sales would fall by 2.5 percent last month from an August sales pace that had originally been reported as 795,000 homes. However, that figure was revised sharply lower in the new report to show a sales rate of just 735,000 in August, the slowest sales pace in 11 years.

Meanwhile, orders for big-ticket manufactured goods dropped an unexpected 1.7 percent last month following an even bigger 5.3 percent plunge in August. The first back-to-back declines in factory orders in more than a year raised new worries about how much harm would be inflicted on the economy from a severe housing slump and credit crunch.

The report on home sales showed that the median new home price in September — the point where half the homes sold for more and half for less — rose to $238,000, up 2.5 percent from August, which had seen prices fall to the lowest level in nearly a year.

The rebound in home sales was led by a 37.7 percent surge in the West. Sales were also up 0.5 percent in the South. But sales of new homes fell by 19.5 percent in the Midwest and 6.6 percent in the Northeast.

Technorati Tags: September home sales data, economic data, new homes sales