Foreclosure Mediation Rules Being Developed In Nevada

Foreclosure Mediation Rules Being Developed In Nev.
San Jose Mercury News

A new Nevada law requiring lenders to meet with homeowners in danger of foreclosure is expected to create numerous requests for mediation. The Nevada Supreme Court, which is drawing up rules for the mediation sessions, held the first of two public hearings on the rules Tuesday. Chief Justice James Hardesty expects there will be 1,200 to 1,500 requests each month.  Under AB149, a homeowner who gets a foreclosure notice can request a meeting with lenders and a trained mediator in efforts to reach a mutually acceptable resolution.

Second Mortgages: Lines of Danger?
Orange County Register

Record foreclosures hitting Orange County involve more than just newbie buyers who got in over their heads. Some housing watchers say evidence is mounting that even veteran homeowners got caught up in housing euphoria and now are paying for it.  The latest argument comes from Michael LaCour-Little, a finance professor at Cal State Fullerton. He is lead author of a new study, which found that during the housing boom some long-time owners borrowed against all their property's equity gain, or paper profits. They treated their houses like cash machines.

Total Jobless Claims Fall for First Time Since January
Wall Street Journal

The total number of U.S. workers claiming state unemployment benefits plunged at the start of June by their largest amount since November 2001, breaking a streak of 21-straight increases in a rare reprieve for the unemployed in this recession. But new jobless claims rose slightly as expected last week, suggesting that while job losses have moderated since the beginning of the year, a rapid turnaround in labor market conditions is unlikely.

California Recovery to be Felt in 2010, Study Says
Los Angeles Times

An economic recovery will begin in the second half of this year, but many Californians won't feel the benefits until 2010, forecasters from Chapman University said Wednesday. That's because the Golden State is in its deepest and most profound recession since the Great Depression, dragged down by sluggish construction activity in both the residential and nonresidential markets. The Chapman forecasters expect nonfarm payroll employment in California to continue falling into next year before beginning to rebound in the fourth quarter of 2010. California will lose an estimated 437,000 jobs in 2009 and an additional 56,000 jobs next year, they said. Orange County will shed 46,000 jobs in 2009 and 2,000 more in 2010, forecasters said, marking its worst recession since the end of World War II.