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Archive for April, 2007
Trend called ‘disturbing’
Many subprime loans, foreclosures occur in minority areas
By Emmet Pierce – UNION-TRIBUNE STAFF WRITER – April 20, 2007
San Diego County neighborhoods with large minority populations have been especially hard hit with foreclosures and risky subprime loans, members of the San Diego City-County Reinvestment Task Force were told yesterday.
Attention Realtors: Establish an IRA and Invest in Income Properties
by Realty Times, author Peter Mosca
According to the Center for Disease Control and Prevention, on average women are now living to be 80 years of age and men 74. In 1920, the average lifespan of an American was 60 years.
Lenders get into foreclosure business, particularly in West
By Alan Zibel – ASSOCIATED PRESS and SignOnSanDiego.com – April 17, 2007
WASHINGTON – Consumer advocates have begun criticizing major mortgage lenders, such as Countrywide Financial Corp. and GMAC Financial, that also have in-house foreclosure businesses.
The Subprime Foreclosure Crisis: How Does California Get Out?
Testimony of Paul Leonard, California Office Director, Center for Responsible Lending Before the California Senate Banking Committee, March 26, 2007
The crisis in subprime lending will produce record levels of foreclosures. Immediate action is needed on two fronts: 1) help for current borrowers to avoid widespread foreclosures; and 2) statutory and regulatory changes to ensure that this cycle will not be repeated when the housing market turns up again.
Bay Area housing prices tick up, Sales volume stays flat
By Eve Mitchell, BUSINESS WRITER
Article Last Updated: 04/13/2007 07:28:09 AM PDT
Home prices, which have been flat for several months, edged up a bit in March while home sales remained at their lowest level in 11 years, a real estate information service reported Thursday.
For Distressed Homeowners, Short Sales Stave Off Credit Ruin
By KELLY BENNETT Voice Staff Writer
As a growing number of homeowners stare down the barrel of foreclosure, some are electing to negotiate with lenders to sell their homes at a loss, hoping to avoid the credit-marring implications of surrendering the home to the bank.
With Foreclosures Up, REOs Now Starting to Flood Market
More than a quarter-million pre-foreclosures and notices of pending foreclosure auctions were filed nationwide in the first quarter of the year, according to data released today by ForeclosureS.com, a real estate advisory service. 253,803 notices of foreclosure were filed in the first quarter of 2007, up 22.5 percent from the 207,128 filings in the fourth quarter of 2006.
Sacramento: The pressure’s on sellers to lower their prices
By Noelle Knox, USA TODAY
Here’s an alarming fact about Sacramento’s housing market: About one of every five existing homes on the market is a “short sale.” That means the home is worth less than the value of the mortgage, and the lender is willing to accept less than full repayment of the loan to avoid foreclosure, says Tracey Saizan, president of the Sacramento Association of Realtors.
California foreclosure sales near $2 Billion in March
Central Valley Business Times – Discovery Bay – April 5
With the Central Valley leading the way, 5,316 homes were lost to foreclosure sales in March in California, according to figures compiled by Foreclosure Radar, a Discovery Bay-based foreclosure listings and software company.
