Hyatt Debuts Billion-Dollar Resort in Saudi Arabia

CHICAGO, IL—Chicago arrived in Saudi Arabia today via the estimated billion-dollar, 142-room Park Hyatt Jeddah—Marina Club and Spa at the Corniche of Jeddah, 30 minutes from the King Abdullaziz International Airport.

This is Chicago-based Hyatt Hotels & Resorts’ first leisure project in Saudi Arabia. Other Hyatt properties in the Mideast include the recently opened Grand Hyatt Doha in Qatar and existing Hyatt hotels in Egypt, Jordan, Oman, and the United Arab Emirates.

The marina on the 35-acre complex can hold 140 luxury yachts. Adjacent to Park Hyatt Jeddah. the Lazurde Meetings & Events Centre, opening shortly, will feature 26,000 square feet (2,500 square meters) of meeting and banquet facilities.

The 34.5-acre (140,000 square meter) complex overlooks sweeping views of the sea and the world-famous King Fahd fountain with its more than 1,000-foot-high (312 meters) plume of water.

Hyatt officials say Park Hyatt Jeddah is an intimate and residential-style hotel where French interior designer Gilles Quiffet and architect Patrice Hart fashioned rooms that “fuse a sleek European style” with Arab-Andalusian architecture.

The surrounding resort complex will feature a built-up 2.5-acres (10,000 square meters) of spa and wellness facilities and a variety of innovative restaurants and stylish lounges.

The 142 spacious guestrooms measure 430 square feet (40 square meters). The suites range from 860 square feet to more than 2,100 square feet (80 to 200 square meters).

The 8,100-square-foot (756 square-meter) ballroom can be divided into three separate spaces. The exclusive Palm Courtyard can accommodate up to 900 guests for outdoor events by the Red Sea.

Hyatt officials say Park Hyatt Jeddah – Marina, Club and Spa is the ideal base for Hajj or Umrah pilgrimages to Mecca or Medina.

Because the King Abdullaziz International Airport is only a 30-minute drive from the resort, Park Hyatt Jeddah is “a well-situated stopover upon entering or leaving the region,” according to Hyatt officials. Mecca is a 45-minute drive from the hotel.

Hyatt, however, is not the exclusive developer in this part of Saudi Arabia. Non-Hyatt managed facilities to open soon will include a Commercial Gallery with a host of high-fashion boutiques and a marina that can berth 140 yachts of 26 to 82 feet (8 to 25 meters) in length.

Sikon Wins Walgreen's Construction Job in Boynton Beach, FL

BOYNTON BEACH, FL – Deerfield Beach-based SIKON Construction Corporation was awarded a contract for the new 15,000-square-foot Walgreen’s at Canyon Town Center (top left photo) retail center located at Boynton Beach Boulevard and Lyons Road in Boynton Beach, FL.

Developed by RAM Development, West Palm Beach, and designed by FWH Architects, Holiday, FL, the project will break ground in April 2009 and is located across from the Publix at Canyon Town Center recently constructed by SIKON.

Led by Steve Goraczkowski, CEO, SIKON Construction Corporation is a full-service general contractor and construction manager specializing in mixed-use, office buildings, retail, restaurant and other commercial projects.

Contact: Kenneth H. Cristol, 407-774-2515

Keene Nears Completion of Boynton Beach, FL Buildings

ORLANDO, FL – Keene Construction Company, Maitland, is nearing completion on the new multimillion-dollar, 27,000-square-foot Buildings A and F at Shoppes at Woolbright (top left photo) located on the northwest corner of Jog Road and Woolbright Road in Boynton Beach, FL.

Keene recently wrapped up work on the center’s new 46,031-square-foot Publix Super Market plus 75,756 square feet of additional retail space contained in Buildings G, J, K1 and K2.

Developed by Woolbright Development, Boca Raton, FL, the project was designed by Marc Wiener Associates, Boca Raton. Notably, Keene has constructed over 140 Publix stores for the Lakeland, FL-based grocery giant.


Contact: Kenneth H. Cristol, 407-774-2515

Recession Weighs on Washington, DC Retail Investment Activity

WASHINGTON, DC— Despite the Washington, D.C., metro’s high concentration of jobs and affluent households, the recession continues to weigh on the local retail market, according to a second-quarter Retail Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

Fortunately for local property owners, President Obama’s inauguration provided a temporary reprieve from economic headwinds.

“The recession has hampered retail investment activity in the metro, though demand for single-tenant assets was resilient through the end of last year,” says Ramon Kochavi, (middle left photo) regional manager of the Washington, D.C. office of Marcus & Millichap.

“A shift in sales trends has occurred, however; in the first quarter, as fears of further reductions in consumer spending limited transactions to a small number of fast-food properties.”

Following are some of the most significant aspects of the Washington, D.C. Retail Research Report:

· Employment levels in the metro are expected to recede by 0.6 percent, or 18,400 jobs, in 2009. Last year, 12,100 workers were let go.

· Retail construction will slow to 4.1 million square feet this year, after builders completed 5.4 million square feet in 2008. Approximately 2.2 million square feet is expected to come online in suburban Maryland, and 1.9 million square feet is projected in northern Virginia.

· Easing retail demand and persistent inventory expansion will boost vacancy 200 basis points to 7.3 percent in 2009. Vacancy increased 170 basis point last year.

· This year, asking rents are projected to decline 3.3 percent to $26.65 per square foot, while effective rents will recede 4.1 percent to $23.94 per square foot. Asking rents rose 0.8 percent in 2008, and effective rents retreated 0.4 percent.

For a copy of the complete Washington, D.C. Retail Research Report, as well as reports on other markets nationwide, visit our website at http://www.marcusmillichap.com/.

Press Contact: Stacey CorsoCommunications Department(925) 953-1716

Spanish Bank Hires Marcus & Millichap to Arrange Public Sale of SoHo Buildings for $4.9M

NEW YORK, NY– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the public sale of 100 percent of the membership interests in Mediterranean Sun Property LLC and Sohomar Property LLC, which were pledged as collateral for a defaulted loan.

The LLCs are single-purpose entities organized to own and operate 448 Broome St. and 450-52 Broome St. (top left photo) , two mixed use buildings in SoHo (bottom right photo).

The final auction price was $4.9 million.

Peter Von Der Ahe,(top right photo) a vice president investments, and Scott Edelstein, a senior associate in the Manhattan office of Marcus & Millichap, arranged the sale on behalf of the buyer, Caixa de Aforros de Vigo Ourense e Pontevedra, a Spanish bank.

Marcus & Millichap was hired by Caixa de Aforros to perform the auction, which was the entity’s preferred method of foreclosing on the LLCs that owned the property. After several rounds of bidding, Caixa de Aforros emerged as the highest bidder. The auction took place on May 8 at the Manhattan office of Marcus & Millichap.

“The membership interests of these LLCs were pledged as collateral for a loan on a development project in South Florida by three Spanish developers,” explains Von Der Ahe.

“In February 2008, the borrowers defaulted on the construction loan in South Florida. Upon default, the bank asserted its rights to the collateral by offering a public sale of the membership interests in the LLCs that were formed to operate the Manhattan property,” he adds.

“The SoHo buildings were performing well,” says Von Der Ahe, “but the developers were enmeshed in troubled investments in Florida, thus prompting them to put the New York assets up as collateral.”

The two buildings, located at the corner of Broome and Mercer streets, encompass a total of 27,174 square feet. Both properties have residential and commercial space.

“More than 100 people responded to the auction, evidence that there is an incredible amount of equity on the sidelines waiting for opportunities,” says Von Der Ahe.

“Despite the near-term challenges facing the local economy and real estate market, the long-term outlook for New York City investment real estate remains strong.”

According to Edward Jordan, (middle left photo) Northeast regional director of the firm’s Special Assets Services division and regional manager of the Manhattan office, additional properties are expected to come under duress as economic conditions continue to soften in New York and throughout the region.

“To date, Marcus & Millichap has completed more than 1,500 special asset assignments for financial institutions, asset managers and large owners, including valuations, advisory work and dispositions,” says Jordan.

“Distressed properties and portfolios are being well received by our private investors, and we expect to market a large volume of these properties during the coming months and years.

"This is driven by our lender clients’ need to clear their balance sheets and our fund clients actively working to free up capital,” he adds.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

NAI Realvest Negotiates New Office Lease for Ad Agency in 2,138 SFat Millenia Park I in Orlando

ORLANDO, FL - NAI Realvest recently completed a new office lease agreement for 2,138 square feet in Millenia Park I (bottom left photo) at 4901 Vineland Rd. in southwest Orlando.

Jack W. Lynch, (top right photo) broker at NAI Realvest, negotiated the transaction on behalf of the tenant Triad Digital Media LLC, an online advertising firm headquartered in Tampa with seven offices nationwide.

Jacksonville-based Eola Capital, LLC is the landlord at Millenia Park.

NAI Realvest, covering all of central Florida, is a fully integrated commercial real estate operating company specializing in brokerage, development, investment, leasing and management, consulting and research services in the U.S. and worldwide.

For more information, please contact:

Jack W. Lynch, Broker, NAI Realvest, 407-875-9989, jlynch@realvest.com;

Patrick Mahoney, Chief Operating Officer, NAI Realvest, 407-875-9989

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142;

HEI Hotels & Resorts Makes Being Green Look Easy

Company Wins 2009 Corporate Energy Management of the Year Award

NORWALK, CT—HEI Hotels & Resorts, the nation’s fastest growing private owner/operator of hotel real estate, announced the company will be presented with the 2009 Corporate Energy Management of the Year Award at The Association of Energy Engineers (AEE)’s Awards Celebration Banquet, held in conjunction with the World Energy Engineering Congress (WEEC), on November 4 of this year.

The event will be held at the Walter E. Washington Convention Center in Washington, D.C.

“Energy consumption is one of the leading issues facing the world today,” said Bob Holesko, (middle left photo) CEM, vice president of facilities, HEI Hotels & Resorts.

“This recognition validates our belief that ‘going green’ is something that all companies should work to achieve. Incorporating new technologies that improve energy efficiency and that recycle and reuse goods creates a win-win situation for everyone involved. Reducing energy consumption is just part of HEI’s commitment to becoming a better member of each of our communities.”

The award honors HEI’s dedication to the “green movement” via its concerted effort to reduce its carbon footprint, retrofit the fixtures at its properties with energy-conserving light bulbs, and better manage heating and air conditioning systems to decrease cooling water consumption.

AEE is a global non-profit association that promotes “sustainable development” in private and public sectors through scientific research and development and outreach programs, including conferences, technical journals, books and certification programs.

The awards banquet will feature dedicated environmentalist Robert F. Kennedy, Jr. (bottom right photo) as keynote speaker.

“Sustainability is a major cornerstone of HEI’s corporate responsibility mentality,” said Steve Mendell, (top right photo) HEI’s executive vice president of acquisitions and development.

“We are implementing socially responible strategies and policies throughout our entire hotel portfolio and recently formed a committee of associates to identify opportunities for further community and environmental involvement.”

Contacts:

Jess Petitt, HEI Hotels & Resorts (Media), (203) 849-2228

Jerry Daly, Chris Daly, (703) 435-6293

Mercantile Capital Corporation Reports Substantial Growth

ALTAMONTE SPRINGS, FL - Mercantile Capital Corporation, the Altamonte Springs-based firm that ranks as one of the nation’s leading providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or expand their operations, is reporting significant growth in 2009.

Christopher Hurn, (top right photo) chief executive officer of Mercantile Capital Corporation, said commercial lending in May was up 66 percent over the same period last year and June appears to be heading for another double-digit increase over last year.

“We have over $16 million in fundings in the pipeline now just for June,” Hurn said.

Hurn attributed the firm’s growth to opportunities in the economy and his firm’s focus on the niche of small business owners and entrepreneurs. “Property valuations are down and interest rates are low,” Hurn said.

“Now is the best time to buy commercial properties in a long time, and we’re seeing a marked increase in demand from business owners realizing expense savings on their commercial real estate space by buying instead of leasing,” he said.

For more information, contact:

Chris Hurn, CEO, Mercantile Capital Corporation, 407-786-5040
Geof Longstaff, Chairman, Mercantile Capital Corporation, 407-786-5040
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Tampa's Industrial Real Estate Engine Riding a Bumpty Road

TAMPA, FL, June 12, 2009--Randy Smith (top right photo), MBA, Regional Director of Research, Advantis Real Estate Services Company, reports the bumpy ride for Tampa’s industrial market got a little rougher in the first quarter of 2009.

The pronounced reduction in consumer spending and business activity cut sharply into industrial demand.

By the end of March, Tampa’s direct vacancy rate posted a 70-basis point rise over the year’s start and registered 8.2 percent.

Tampa’s industrial landlords reacted swiftly to the slowdown and slashed market rents in the first quarter — the average asking rental rate fell 10 percent by the end of the period and closed at $5.78 per square foot.

A handful of new deliveries were added to start the year, but the production of new speculative industrial product is closing down fast.

The economic downturn had a domino effect on demand for industrial space and Tampa has felt a significant impact so far in 2009.

The influence of the housing bubble and the slowdown in consumer demand hit Florida particularly hard and with this came a sharp pull-back in demand, particularly for warehouse and distribution space.

In 2009 Tampa’s first quarter industrial leasing activity was only one-third of the same period last year and less than one-half of the first quarter 2007.

The traditional drivers of industrial demand remain weak and the potential positive impact of government stimulus efforts is not likely to render much assistance until into next year.

Weaker fundamentals are expected to restrain many investors who will be increasing selective this year. Declining market rents and surplus industrial vacancies will keep upward pressure on cap rates.

User dispositions are likely to increase in the market as companies liquidate their real estate holdings to raise cash or consolidate their operations.

For a complete copy of the company's news release and the report, please contact:

Randy Smith, MBA, Regional Director of Research, Advantis Real Estate Services Company,3000 Bayport Drive, Suite 100, Tampa, FL 33607.
Tel 813.342.4725, Fax 813.372.4004, rsmith@gvaadvantis.com

www.gvaadvantis.com

Arbor Closes New Loans Totaling $2.85M

Rouse Road Apartments in Kinston, NC Gets $1,725,000 Fannie Mae DUS® Small Loan

UNIONDALE, NY (June 12, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,725,000 loan under the Fannie Mae DUS® Small Loan product line for the 84-unit complex known as Rouse Road Apartments in Kinston, NC.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.88 percent.

The loan was originated by John Edwards, (top right photo) Vice President, in Arbor’s full-service Boston, MA lending office.

“We were able to provide attractive financing for a local owner and operator along with flexibility for the potential development of future adjacent parcels,” said Edwards. “In addition, we greatly appreciate the efforts of Carolina Mortgage guiding the client through the process and providing excellent customer service.”

South Hill Commons Apartments in Spokane, WA Receives $1,125,000 Fannie Mae DUS® MAH Loan

UNIONDALE, NY (June 12, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,125,000 loan under the Fannie Mae DUS® MAH product line for the 58-unit complex known as South Hill Commons Apartments in Spokane, WA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.84 percent.

The loan was originated by Jon Red, (bottom left photo) Director, in Arbor’s full-service Spokane, WA lending office. “The borrower was seeking long-term fixed-rate financing for this LITHC deal,” said Red. “After allowing the property to stabilize due to a short-term management issue, Arbor delivered on the borrower’s request for funding with a competitive rate.”

Contact: Ingrid Principe, P: 516.506.4298, F: 516.542.2555, http://www.arbor.com/,

Bainbridge Management Promotes Straub to Regional Vice President

WELLINGTON, FL – Heather Straub (top right photo) has been promoted to the position of Regional Vice President of Bainbridge Management.

Her responsibilities will include supervising the apartment management firm’s operations throughout the state of Florida.

“Heather has contributed extensively to the success not only of her own portfolio, but of the entire management company,” said Kevin Sheehan, (top left photo) the President of Property Operations for The Bainbridge Companies.

“She is an outstanding team leader and contributor to change and innovation within our company. Her promotion is just one piece of our strategy to prepare for steady growth over the next 18 months.”

Straub has 23 years experience in the multifamily real estate industry, including five years at Bainbridge Management. During that time she has gained extensive experience in all aspects of portfolio management, as well as acquisitions, dispositions, property repositioning, renovations and real estate sales.

"She has also served on the board of directors of the Southeast Florida Apartment Association. In her previous role as a Regional Property Manager for Bainbridge Management, she was instrumental in securing multiple fee management assignments."

Bainbridge also added Ricardo Alicea as Regional Property Manager for the Orlando area. His responsibilities include supervising the firm’s development assets in central Florida. Alicea has 17 years of real estate experience.

He was most recently a consultant for a family business; prior to that he was a Senior Regional Manager for McKinley and a District Manager for UDR, Inc.

He holds an Advanced Instructor Certification with the National Apartment Association and is on the Board of Directors of the Apartment Association of Greater Orlando.

Contact: Terri Thornton, 404-687-8760: 404-932-4347 (Cell); http://www.territhornton.com/

New Faces and New Posts at Grubb & Ellis

Four Washington, DC Area Top Producers Promoted to Executive Vice President Status

WASHINGTON, D.C. (June 11, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, has promoted Warren Amason, Eric Berkman, Steven Gichner and Bruce McNair (top right photo) to executive vice president from senior vice president.

“Warren, Eric, Steve and Bruce’s consistently high performance and commitment to superior client service set the standard for professionals throughout our company and the entire industry,” said Jack Van Berkel, (top left photo) chief operating officer of Grubb & Ellis and president, Real Estate Services.

“We are very proud of what they have achieved and couldn’t be more pleased to have them on our team.”

Amason, who has been with Grubb & Ellis since 1984, manages suburban leasing and sales efforts in Northern Virginia and has represented the interests of clients such as TRW, ManTech International Corporation, Metron, Inc., Fujitsu, GTE, Northern Telecom, Fairfax Hospital System, Rolls Royce, America OnLine, Disney Development Corporation and British Aerospace Inc.

A 23-year veteran of the commercial real estate industry, Berkman joined Grubb & Ellis in 1999 and specializes in investment sales in the D.C. metro area. He has been an honoree at the company’s Circle of Excellence awards for the past eight years, and in 2006 was the No. 2 top producer in the company. Berkman is a member of Grubb & Ellis’ President’s Council.

Gichner, who joined Grubb & Ellis in 1999, facilitates the acquisition and disposition of institutional-quality office and industrial assets in the Mid-Atlantic and secondary markets on behalf of private and institutional investors.

CONTACT: Erin Mays, 312.698.6735, erin.mays@grubb-ellis.com

David K. Christensen, CCIM, is New Senior Vice President for West Coast

SAN FRANCISCO, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that 25-year commercial real estate veteran David K. Christensen, (middle right photo) CCIM, has joined the company as senior vice president, effective immediately.

Christensen joins Grubb & Ellis from Jones Lang LaSalle, where he was executive vice president and a member of the firm’s Real Estate Investment Banking Group. Specializing in real estate lending and mortgage brokerage, he has been involved in transactions valued in excess of $3 billion throughout his career. At Grubb & Ellis, he will be responsible for assisting clients throughout the West Coast with their debt financing and equity needs.

Scott Davis Joins Company as Vice President, Director, Land Group

SANTA ANA, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that Scott Davis, (bottom left photo) an expert in commercial real estate land sales, has joined the company as vice president, director, Land Group, effective immediately. In this role, he will lead the Grubb & Ellis Land Group.

“Grubb & Ellis has made a commitment to providing customized solutions to its clients by offering deeper specialization and collaboration across service lines and geography,” said Greg Coxon, president, Transaction Services. “With Scott’s experience and capability of building a strong, successful practice group, Grubb & Ellis’ Land Group is likely to become one of the best in the industry.”

Davis will be based in the company’s Houston office.

Randy Lockhart Promoted to Executive Vice President

ONTARIO, CA-- Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, has promoted Randy Lockhart, (bottom right photo) to executive vice president, Transaction Services.

“Randy’s consistently high performance and commitment to superior client service set the standard for professionals throughout our company and the entire industry,” said Jack Van Berkel, chief operating officer of Grubb & Ellis and president, Real Estate Services. “We are very proud of what he has achieved and couldn’t be more pleased to have him on our team.”

Lockhart is currently in his 23rd year in the commercial real estate industry. He specializes in the sale and leasing of industrial buildings, land, new developments and investments in the Inland Empire. Throughout his lengthy career, Lockhart has completed more than 1,200 transactions valued in excess of $1 billion. He has been the top salesman for the Grubb & Ellis Inland Empire office for the past six years and in the top 10 nationally in 2007.

CONTACTS:

Julia McCartney, 714.975.2230, julia.mccartney@grubb-ellis.com

Damon Elder, 714.975.2659, damon.elder@grubb-ellis.com

Palmer Electric selected to wire North Park Baptist Church in Orlando

WINTER PARK, FL— The commercial division of Palmer Electric Company has secured a nearly $300,000 contract with H. J. High Construction Company for the electrical contracting for North Park Baptist Church located in Baldwin Park (top right photo) in downtown Orlando, Fla.

Under its scope of services, Palmer Electric is providing site and building electrical services for the new two-story, 18,000-square-foot facility composed of worship space, classrooms, a pre-school and administrative offices.

The project is scheduled for completion in November 2009.
Orlando-Fla.-based Cuhaci Peterson Architects Inc. designed the church.

Palmer Electric Company is a provider of electrical contracting for commercial institutional and residential customers. Additionally, the Company provides service and repairs to utilities, businesses and consumers.

Founded in 1951, the Company is headquartered in Winter Park, Fla., and has residential division offices in Lakeland and Jacksonville, Fla. The Company employs a staff of 350.

For additional information, visit http://www.palmer-electric.com/.

Contact:

Elaine Ingra, PR WORKS!, PH: 407 384-1344,
elainei@pr-works.com, www.pr-works.com

PPG Facility in Tampa, FL Gets $1.1M Loan

ORLANDO, FL, June 11, 2009— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing on June 10, 2009, in the amount of $1,100,000 for the PPG Distribution Facility in Tampa, Florida.

Joe Dear, (top right photo) Company Vice President, financed the PPG Distribution Facility through Thomas D. Wood and Company’s correspondent relationship with StanCorp Mortgage Investors.

The permanent loan has a seven-year term, based on a 21-year amortization, and a loan-to-value of 65%. The 37,674 square-foot single-tenant industrial building is home to PPG Architectural Finishes, Inc., and was built in 1974. PPG Distribution Facility is located at 3015 N. US Highway 301, Tampa, Florida.


For further information, please contact:
Joe Dear, (407) 937-0470, jdear@tdwood.com
Jessica Gurtowski, 407) 937-0470, jgurtowski@tdwood.com

Foreclosure Activity Decreases 6% in May, RealtyTrac Reports

But Overall Foreclosures Up Nearly 18% from May 2008;
Total Exceeds 300,000 for Third Straight Month

IRVINE, CA, June 11, 2009 – RealtyTrac®, the leading online marketplace for foreclosure properties, today released its May 2009 U.S. Foreclosure Market Report™, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 321,480 U.S. properties during the month, a decrease of 6 percent from the previous month but an increase of nearly 18 percent from May 2008.

The report also shows that one in every 398 U.S. housing units received a foreclosure filing in May.

“May foreclosure activity was the third highest month on record, and marked the third straight month where the total number of properties with foreclosure filings exceeded 300,000 — a first in the history of our report,” said James J. Saccacio, (top right photo) chief executive officer of RealtyTrac.

“While defaults and scheduled foreclosure auctions were both down from the previous month, bank repossessions, or REOs, were up 2 percent thanks largely to substantial increases in several states, including Michigan, Arizona, Washington, Nevada, Oregon and New York.

"We expect REO activity to spike in the coming months as foreclosure delays and moratoria implemented by various state laws come to an end.”

Nevada, California, Florida post top state foreclosure rates

Nevada continued to document the nation’s highest foreclosure rate, with one in every 64 housing units receiving a foreclosure filing during the month — more than six times the national average.

With one in every 144 housing units receiving a foreclosure filing during the month, California posted the nation’s second highest state foreclosure rate despite a 4 percent decrease in foreclosure activity from the previous month.

Florida posted the third highest state foreclosure rate in May, with one in every 148 housing units receiving a foreclosure filing during the month

Arizona posted the fourth highest state foreclosure rate in May, with one in every 158 housing units receiving a foreclosure filing, and Utah posted the fifth highest state foreclosure rate, with one in every 316 housing units receiving a foreclosure filing.

Other states with foreclosure rates ranking among the nation’s 10 highest were Michigan, Georgia, Colorado, Idaho and Ohio.

Top 10 states account for nearly 77 percent of total U.S. foreclosure activity

California reported 92,249 properties with foreclosure filings in May, the highest total of any state and up nearly 23 percent from May 2008. Bank repossessions in California were down 1 percent from the previous month and defaults were down 18 percent, but scheduled auctions were up 18 percent.

Default notices, scheduled auctions and bank repossessions in Florida were all down from the previous month, but the state still posted the nation’s second highest number of properties with foreclosure filings: 58,931, up 50 percent from May 2008.

Nevada documented 17,157 properties with foreclosure filings in May, the third highest total of any state and up nearly 83 percent from May 2008. A 23 percent increase in bank repossessions helped push Nevada foreclosure activity up 5 percent from the previous month.

Other states with totals among the 10 highest in the country were Arizona (16,865), Michigan (13,891), Ohio (11,360), Illinois (10,942), Georgia (10,516), Texas (9,813) and Virginia (5,385). The top 10 states accounted for nearly 77 percent of total properties with foreclosure filings nationwide.

California, Florida, Nevada dominate top 10 metro foreclosure rates

Foreclosure filings were reported on 14,681 Las Vegas properties in May, one in every 54 housing units — more than seven times the national average and the highest foreclosure rate among metro areas with a population of at least 200,000. The city’s foreclosure activity increased 4 percent from the previous month and 78 percent from May 2008.

California and Florida accounted for the remainder of top 10 metro foreclosure rates.

California cities accounted for six of the top 10 spots: Stockton at No. 2 (one in 68 housing units), Modesto at No. 3 (one in 71), Riverside-San Bernardino at No. 4 (one in 75), Merced at No. 5 (one in 78), Bakersfield at No. 7 (one in 94), and Vallejo-Fairfield at No. 9 (one in 101).

Florida cities accounted for three of the top 10 spots: Cape Coral-Fort Myers at No. 6 (one in 82 housing units), Orlando-Kissimmee at No. 8 (one in 101), and Miami-Fort Lauderdale-Pompano Beach at No. 10 (one in 105).

Contact: Tammy Chan Atomic PR, Direct: 212-699-3646, Mobile: 408-802-8682
tammy@atomicpr.com