Daily Business Report — July 20, 2011
The number of San Diego County homes that went into foreclosure fell by 23.8 percent in the last quarter, following a trend established throughout California, according to San Diego-based DataQuick, a real estate information service. A total of 4,158 Notices of Default were recorded in the county in the second quarter of this year compared to 5,458 in the same quarter of last year.
California Report: The number of homes statewide that went into foreclosure during the last quarter fell to a four-year low, the result of a more stable housing market as well as policy changes in the mortgage servicing industry, DataQuick said. A total of 56,633 Notices of Default (NoDs) were recorded at county recorders offices during the April-to-June period. That was down 17.0 percent from 68,239 for the prior quarter, and down 19.2 percent from 70,051 in second-quarter 2010. Last quarter’s activity was the lowest for any quarter since 53,493 NoDs were recorded in the second quarter of 2007. It was well below half the record 135,431 default notices recorded in the first quarter of 2009.
“A lot of theories are being floated as to why the numbers are down,” said John Walsh, DataQuick president. “Bank policy changes. Legal challenges. Politics. Holding back temporarily so as not to flood the market. The fact of the matter is that no one really knows, outside of lending and servicing industry insiders. One thing is certain: Homeowner distress spreads fastest when home price declines are steepest. And it now appears likely that, barring some new economic shock, the worst of the price declines are behind us.”
The statewide median sales price was $250,000 in the second quarter this year, down 7.4 percent from $260,000 a year earlier. In first-quarter 2009, when foreclosure activity peaked, the $227,000 median was down 39.5 percent from $375,000 a year earlier. The latter decline reflected not only steep home-price depreciation but very weak high-end sales amid robust sales of low-cost inland foreclosures.
General Atomics Gets Laser Weapon Contract
Unmanned aircraft maker General Atomics Aeronautical Systems has been awarded a contract for the development of a demonstrator laser weapon system for the Defense Advanced Research Projects Agency’s High Energy Liquid Laser Defense System. The contract was awarded after General Atomics successfully developed and tested its HELLADS weapon-class unit cell under a previous contract. “In 2001, General Atomics pioneered a new concept for electrically-pumped, high energy lasers, and under DARPA sponsorship this technology has developed into a promising new weapon class capable of being deployed on a wide variety of land, sea, and airborne tactical platforms,” said Michael Perry, a General Atomics vice president. “Under this new contract, we will produce a 150-kilowatt HELLADS weapon system that will be demonstrated against a variety of military targets.” The HELLADS program seeks to demonstrate a 150-kilowatt laser weapon that weighs less than 2,000 pounds and could be mounted to military platforms as small as patrol ships, fighter and surveillance aircraft, armored combat vehicles and perhaps even unmanned aircraft.
City Gives Water Reclamation Plant Tours
The city of San Diego is giving public tours of its Water Purification Demonstration Project. The aim is to give residents the opportunity to see firsthand the new advanced water purification facility that was built at the North City Water Reclamation Plant. The pilot project is testing the feasibility of providing safe and reliable drinking water from recycled water. Following an introductory presentation, guides will lead a walking tour through the facility. Guests will see up close the advanced purification process that involves three consecutive steps, including membrane filtration, reverse osmosis and UV disinfection/advanced oxidation processes. At the end of the tour, guests can view the purified water produced at the facility and will have a chance to compare it to drinking water and recycled water samples. To register for a tour of the Water Purification Demonstration Project, visit the project Website: purewatersd.org/tours. For a presentation to your community, civic or business organization, call (619) 533-6638 or send an email to: firstname.lastname@example.org.
Cushman & Wakefield Add North County Staff
Commercial real estate veterans Ron King and David Onosko are among 10 real estate professionals who will be staffing a new Cushman & Wakefield North County office in Carlsbad. The group includes seven industrial and office brokers along with three experienced support staff. King and Onosko are joined by Bob Willingham, Joe McDermott, Alex Weiss and John Witherall (all specializing in industrial). In addition, the group will include Amy McNamara who specializes in office. The team is supported by Stephanie Simpson, Erika Myers and Virginia Andrade. John Hoffmann and Britain Cheney, North County office specialists with Cushman & Wakefield’s main San Diego office in University Towne Centre, will relocate to Carlsbad .and will work closely McNamara, who alone has completed office leasing and sales transactions totaling more than 5 million square feet. King and Onosko have nearly 50 years of combined sales and leasing experience. The Cushman & Wakefield North County office will be located in Carlsbad at 5800 Armada Drive, Suite 101.
Chocolat & Vino
The Young Professional Committee of San Diego County will launch its seventh annual Chocolat & Vino fundraising event from 6 to 9 p.m. at the Stingaree nightclub. The event will feature dessert and wine vendors. All proceeds from the event will be donated to the mentoring programs of Big Brothers Big Sisters of San Diego County. Professionals, dessert lovers, wine connoisseurs and those in support of Big Brothers Big Sisters alike are encouraged to attend the event for an evening of wine, champagne, rich chocolate treats and gourmet hors d’oeuvres. Tickets are on pre-sale for $45 and can be purchased at http://YPCSD.kintera.org/2011CandV. Tickets at the door are $55.
Pacific Wealth Management is MS Dinner Auction Title Sponsor
Pacific Wealth Management of San Diego has agreed to serve as title sponsor of the 25th annual MS Dinner Auction on Nov. 19 put on by the National Multiple Sclerosis Society in San Diego. It will be at Loews Coronado Bay Resort in Coronado. The event typically raises at least $450,000 for multiple sclerosis research and programs for people with MS, a chronic, unpredictable and disabling disease of the central nervous system with no known cause, cure or prevention. For more information and to purchase tickets, call Angela Northrop at (760) 448-8434.
Small Business Workshops
SCORE San Diego continues its series of low-cost workshops. Fees range from $29 to $109, depending on the program. To register online, visit score-sandiego.org. For more information, call (619) 557-7272.
• July 21 – Hot to Start a Non-Profit – 9 to 11:30 a.m. at The San Diego Foundation in Point Loma (2508 Historic Decatur Rd., #200, San Diego 92106; pre-paid registration $39, $49 at the door).
• July 22 – Intellectual Property: Promise and Practicalities – 9:30 to 11:30 a.m. at National University in Kearny Mesa (9388 Lightwave Avenue, San Diego 92123; pre-paid registration $29, $39 at the door).
• July 25 – Customer Service: The Key to Business Success – 9 a.m. to noon at National University in Carlsbad (705 Palomar Airport Road, Carlsbad 92011; pre-paid registration $39, $49 at the door).
• July 26 – Internet Marketing for Nonprofits – 9 to 11:30 a.m. The San Diego Foundation in Point Loma (2508 Historic Decatur Rd., #200, San Diego 92106; pre-paid registration $39, $49 at the door).
• July 26 – Business Basics 101 – 9 a.m. to noon at National University in Kearny Mesa (9388 Lightwave Avenue, San Diego 92123; no charge – please pre-register).
• July 27 – Internet Marketing 302: Develop a Winning Email Marketing Success Strategy – 9 a.m. to noon at National University in Kearny Mesa (9388 Lightwave Avenue, San Diego 92123; pre-paid registration $49, $59 at the door).
• July 28 – Marketing & Contracting with the Federal Government – 9 a.m. to 3 p.m. at National University in Kearny Mesa (9388 Lightwave Avenue, San Diego 92123; pre-paid registration $69, $79 at the door).
• July 29 – Financial Statements: What They Mean, How to Use Them – 9:30 to 11:30 a.m. at National University in Carlsbad (705 Palomar Airport Road, Carlsbad 92011; pre-paid registration $29, $39 at the door).
The Daily Business Report is produced by REP Publishing Inc., publisher of SD METRO, the North Park News, Kensington News and the West Coast Craftsman. Contact: Manny Cruz (619) 287-1865.