Commercial Property
Foreclosure activity slowed in Cape Coral-Fort Myers and Naples-Marco Island in the third quarter.
A report by RealtyTrac in Irvine, Calif., shows 13,206 foreclosure-related filings in Cape Coral-Fort Myers from July to September — or one for every 27 households. That was down 5.19 percent from the second quarter and down 2.19 percent from the third quarter in 2008.
In Naples-Marco Island, there were 2,997 filings last quarter, down 15.65 percent from the second quarter and down 4.49 percent from a year ago.
The report tracks notices of default, scheduled auctions and bank repossessions. New foreclosure cases are only part of the total.
In...
The vacancy rate in the US for office space rose another 0.5 percent in this third quarter. It is now at 16.5%. This is a five year high, according to many research firms.
Not only are the spaces vacant, rents have fallen 2.2% from last quarter. Average price is $22.91 per square foot. This price is an 8.5% drop from third quarter last year.
Out of 79 markets, rent has fallen in 68 of them. Most hard hit are San Diego, Seattle, Boston, San Jose, Orange County and San Francisco. In these markets a decrease in rent has been in the double...