More Homeowners Facing Foreclosure
More Homeowners Facing Foreclosure
The New York Times
More homeowners than ever before are falling behind on mortgage payments and sliding into foreclosure, according to figures released Thursday, a sign that the housing crisis is spreading through the ranks of previously stable borrowers.
About 5.4 million of the country’s 45 million home loans were delinquent or in some stage of the foreclosure process in the first three months of the year, according to the Mortgage Bankers Association. About 12.07 percent of all mortgages were delinquent or in foreclosure, up from 11.93 percent at the end of 2008.
Housing Picture Brightens in California
The Wall Street Journal
SAN FRANCISCO -- California's median price for existing homes rose 1.4% in April from March, marking the second consecutive monthly increase in housing prices and prompting some industry officials to declare that the state's long swoon in housing values could be at or near the bottom.
California's housing market is being closely watched as a barometer of the economy -- it is the nation's largest. Prices soared during the boom, but the collapse of housing prices has pummeled homeowners and helped send foreclosures skyrocketing. Any sign of recovery would be taken as a sign that the market is bottoming.
Mortgage Rates Surge, Sap Hopes
The Wall Street Journal
Home-mortgage rates have surged to their highest level in more than three months, threatening prospects for quick rebounds in the housing market and consumer spending.
The average rate for 30-year fixed-rate loans jumped to 5.44% on Thursday, the highest level since early February, according to a survey by HSH Associates, a financial publisher. That was up from 5.29% Wednesday and 5.03% Tuesday.
First-time homebuyers can get short-term loans for $8,000 tax credit
USA Today
WASHINGTON — Thousands of first-time homebuyers will be able to get short-term loans so they can quickly make use of a new $8,000 tax credit.
The Federal Housing Administration on Friday released details of a plan in which borrowers who use FHA loans can receive the credit before they complete their taxes.
BofA loses bid to dismiss most of Countrywide lawsuit
Los Angeles Times
Bank of America Corp. has lost a bid to dismiss most of a combined lawsuit accusing its Countrywide unit of steering borrowers into subprime and other high-risk mortgages during the housing boom.
In a May 18 ruling, U.S. District Judge Dana Sabraw in San Diego said borrowers represented in several lawsuits could pursue claims that Calabasas-based Countrywide Financial Corp. engaged in racketeering and unfair business practices before it was acquired by Charlotte, N.C.-based BofA.