Archive for June, 2015

Commercial Real Estate Will Continue Upward Trend Through 2016

Economic indicators should continue their upward swing through 2016, which is good news for property owners, according to the Commercial Real Estate Outlook Report recently released by the National Association of Realtors.  All signs point to strong results over the next 19 months, the report suggests.  “Net absorption rose across the property types, driving rents higher,” according to the report. “As employment gains are expected to continue into 2015, demand for commercial space is expected to advance.”

 

NAR

 

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Regal Properties Sells 2 Triplexes

Regal Properties just closed escrow on the sale of 2 residential triplexes it had listed for sale in the trendy North Park community of San Diego, California, on Utah Street and Howard Avenue.  The first property sold as an owner-user/investment rental with new financing.  The second could not be financed by conventional means, due to deferred maintenance, but Regal Properties procured a cash buyer with substantial development and rehabilitation experience.  As part of our commitment for “Investing in People & Property,” Regal Properties is donating a total of 10% of its fees and commissions on these transactions to nonprofit organizations such as Omo Child Foundation (http://omochild.org/), Hogar Infantil (http://www.hogarinfantil.org/), and the Alpha Project (http://www.alphaproject.org/).

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New Loan Disclosure Forms Effective August 1, 2015

The Dodd-Frank Wall Street Reform and Consumer Protection Act, among other things, introduced a new independent Federal agency, the Consumer Financial Protection Bureau (“CFPB”), to protect consumers and the U. S. economy from dangerous financial products. The CFPB has since formulated new mortgage rules, including the TILA-RESPA disclosure rules.  Effective for mortgage applications received on or after August 1, 2015, the CFPB will replace four existing forms used for decades: the Good Faith Estimate, the Initial-Truth-in-Lending Disclosure, the HUD-1 Settlement Statement and the Final Truth-in-Lending disclosure; and is requiring lenders give two new disclosures to consumers: the Loan Estimate – given to a mortgage applicant three business days after receipt of the application, and the Closing Disclosure – given three business days before closing.  The Loan Estimate provides disclosures to help consumers understand key features, costs and risks of the mortgage loan for which they are applying. The Closing Disclosure helps consumers understand all costs in the transaction. These new forms, in a few pages, should help borrowers understand the key features of their mortgage.  An example of the new Loan Estimate can be seen at http://files.consumerfinance.gov/f/201311_cfpb_kbyo_loan-estimate.pdf.  An example new Closing Disclosure can be seen at http://files.consumerfinance.gov/f/201311_cfpb_kbyo_closing-disclosure.pdf.

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