{"id":1004090182,"date":"2014-01-22T06:56:03","date_gmt":"2014-01-22T14:56:03","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004090182"},"modified":"2022-12-06T07:22:43","modified_gmt":"2022-12-06T15:22:43","slug":"economy-watch-world-economic-forum-income-disparity-top-risk-residential-foreclosures-dropping-in-california","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/economy-watch-world-economic-forum-income-disparity-top-risk-residential-foreclosures-dropping-in-california\/","title":{"rendered":"Economy Watch: World Economic Forum: Income Disparity Top Risk; Residential Foreclosures Dropping in California"},"content":{"rendered":"

By Dees Stribling, Contributing Editor<\/em><\/p>\n

The World Economic Forum, best known for its annual meeting of the world\u2019s economic panjandrums \u2013 which begins on Wednesday at Davos, Switzerland \u2013 also generates reports, the latest of which was released in time for the high-level conference: \u201cGlobal Risks 2014.\u201d The report analyses 31 global risks grouped under five categories \u2013 economic, environmental, geopolitical, societal, and technological \u2013 and measured in terms of their likelihood and potential impact.<\/p>\n

The chronic gap between the incomes of the richest and poorest people is the risk that\u2019s most likely to cause serious damage globally in the coming decade, according to the 700-plus global experts that contributed to \u201cGlobal Risks 2014.\u201d After income disparity, the experts see extreme weather events as the risk next most likely to cause systemic shock on a global scale. Then comes unemployment and underemployment, climate change, and cyberattacks.<\/p>\n

\u201cEach risk considered in this report holds the potential for failure on a global scale; however, it is their interconnected nature that makes their negative implications so pronounced as together they can have an augmented effect,\u201d Jennifer Blanke, chief economist at the World Economic Forum, said in a statement.\u201cIt is vitally important that stakeholders work together to address and adapt to the presence of global risks in our world today.\u201d<\/p>\n

Residential Foreclosures Dropping Fast in California\u00a0<\/strong><\/p>\n

The number of California residential properties pulled into the formal foreclosure process dropped to an eight-year low last quarter, the result of an improving economy, foreclosure prevention efforts and higher home prices, DataQuick reported on Tuesday. As a bellwether housing market, California is generally worth watching \u2013 and recently has been recovering at a strong pace.<\/p>\n

A total of 18,120 Notices of Default were recorded by lenders and their servicers on California houses and condos during the fourth quarter of 2013, according to the real estate information service. That was down 10.8 percent from the previous quarter, and down 52.6 percent from the fourth quarter of 2012. In fact, last quarter’s tally was the lowest since the fourth quarter of 2005. Notices of Default peaked in first-quarter 2009 at 135,431.<\/p>\n

“Some of this decline in foreclosure starts stems from the use of various foreclosure prevention efforts — short sales, loan modifications and the ability of some underwater homeowners to refinance,\u201d John Walsh, DataQuick president, noted in a statement. \u201cBut most of the drop is because of the improving economy and the increase in home values. Fewer people are behind on their mortgage payments. And of those who do get into trouble, many, if not most, can sell and pay off what they owe.\u201d<\/p>\n

Wall Street ended the day mixed on Tuesday, with the Dow Jones Industrial Average losing 44.12 points, or 0.27 percent. The S&P 500 and the Nasdaq, however, were both up, by 0.28 percent and 0.67 percent, respectively.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

According to the World Economic Forum’s report, the chronic gap between the incomes of the richest and poorest people is the risk that\u2019s most likely to cause serious damage globally in the coming decade. The number of California residential properties pulled into the formal foreclosure process dropped to an eight-year low last quarter.<\/p>\n","protected":false},"author":1023,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[],"class_list":["post-1004090182","post","type-post","status-publish","format-standard","hentry","category-latest"],"acf":[],"yoast_head":"\nEconomy Watch: World Economic Forum: Income Disparity Top Risk; Residential Foreclosures Dropping in California - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/economy-watch-world-economic-forum-income-disparity-top-risk-residential-foreclosures-dropping-in-california\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Economy Watch: World Economic Forum: Income Disparity Top Risk; Residential Foreclosures Dropping in California\" \/>\n<meta property=\"og:description\" content=\"According to the World Economic Forum's report, the chronic gap between the incomes of the richest and poorest people is the risk that\u2019s most likely to cause serious damage globally in the coming decade. 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