Daily Business Report — Jan. 26, 2011

County Foreclosure Numbers Decline

The number of San Diego County homes going into foreclosure during the fourth quarter of 2011 dropped by 2.1 percent from the same period of 2010— from 4,917 to 4,813 Notices of Default (NODs), San Diego-based DataQuick reported. That also was a reduction from the 5,048 NODs recorded in the third quarter of 2011.

Trustee deeds recorded — or the actual loss of a home to foreclosure —totaled 2,433 in the fourth quarter of 2010 compared to 2,044 in the fourth quarter of 2011 — a drop of 16 percent.

Statewide:

The number of California homes going into foreclosure dropped in the fourth quarter of 2011 to the second-lowest level in more than four years. A total of 61,517 NODs were recorded at county recorders offices during the fourth quarter. That was down 13.7 percent from 71,275 for the prior three months, and down 11.9 percent from 69,799 in fourth-quarter 2010, DataQuick said.

“We are certainly seeing a lower level of foreclosure activity than a year or two ago,’ said John Walsh, DataQuick president. “The question is, how much of that decline is due to market conditions, and how much is due to policy changes that try to address economic distress and lower home values. Five years ago almost all mortgage payment delinquencies would have triggered a default notice after a certain amount of time. Strategies now include short sales, refinances, interest rate changes, principal reduction as well as just plain waiting longer. It will be interesting to see how this plays out as the economy improves and the housing market finds its footing.”

Bay Tour Operators Moving to New Facilities

Port tenants Flagship Cruises & Events and Hornblower Cruises and Events will be relocating to new facilities that will be constructed just south of Broadway Pier in Downtown San Diego — an effort to minimize conflicts with cruise ship operations. The moves also will allow improvements to be made as part of the first phase of the North Embarcadero Visionary Plan. The two bay tour operators expect construction on their new facilities will be completed in April. Flagship Cruises & Events, which operates at 1050 North Harbor Drive, between Broadway Pier and the B Street Pier, will be developing a new facility between the Navy Pier and Broadway Pier at 900 North Harbor Drive. Flagship will berth its ferries, bay tour, whale watching and public dining cruise vessels at the new location and berth its charter vessels at Fifth Avenue Landing, behind the San Diego Convention Center. Hornblower Cruises and Events, currently at 1066 North Harbor Drive, will be building new facilities. A gangway and dock will be built along the first 400 feet of Navy Pier, located at 910 North Harbor Drive, to service bay tours, whale watching and public dining cruises. Hornblower is adding about 6,000 square feet of floating docks adjacent to the Grape Street Pier 3, located off of the foot of Grape Street and North Harbor Drive. Hornblower will use this location for charter cruises, overnight berthing, and provisioning of its vessels.

Procopio Awards Native American Law Internship

Jaclyn Simi, a graduate of Notre Dame de Namur University who is completing a law degree at California Western Law School, has been chosen to receive the 2012 Native American Law Educational Internship by Procopio, Cory, Hargreaves & Savitch. Procopio is working with California Western School of Law’s Clinical Internship Program to provide Simi experience with everyday legal issues facing the Native American community. She assists with specific Indian law related legal practice matters and other legal problems. She will conduct legal research on various Native American matters and pro bono matters affecting Indian country, while gaining experience working in a law firm. She is a member of the Seminole Nation of Oklahoma.

Scripps Research Institute Names Scientific Affairs VP

Professor Peter K. Vogt has been named senior vice president for scientific affairs for the Scripps Research Institute. During his career, Vogt has focused on virology, genetics, cell biology, and cancer. His work has been recognized by a number of awards, including election to the American Academy of Arts and Sciences, Institute of Medicine and the National Academies of Sciences. Before arriving at Scripps Research in 1993, he held positions  at the University of Colorado Medical School, the University of Washington School of Medicine and the University of Southern California School of Medicine.