California Home-Loan Defaults Rise 19 Percent in Q3
California Home-Loan Defaults Rise 19 Percent in Q3
October 26, 2010, Bloomberg
California home-mortgage defaults climbed 19 percent in the third quarter from the previous three months as the state’s unemployment rate lingered close to a three-decade high, MDA DataQuick said.
New Home Sales Rise 6.6 Percent in September
October 26, 2010,
Sales of new homes improved last month after the worst summer in nearly five decades, but not enough to lift the struggling economy. The Commerce Department says new home sales in September grew 6.6 percent from a month earlier to a seasonally adjusted annual sales pace of 307,000. Even with the increase, the past five months have been the worst for new home sales on records dating back to 1963.
Who Wins if Foreclosures Halted?
October 26, 2010, Washington Times
Taxpayers and the federal government would be among the biggest losers if officials heed calls from some legislators and homeowners rights groups to stop millions of foreclosures across the country because of possible paperwork problems.
Is it Safe to Buy a Foreclosure in California Now?
October 25, 2010, Orange County Register
In his blog this week, mortgage broker Dennis C. Smith of Stratis Financial in Huntington Beach explains where you likely stand if you’ve bought a foreclosed property in California, or if you are thinking of buying one.
Home Truths
October 21, 2010, The Economist
America’s mortgage lenders are again at the center of a scandal. This time the cause is not the recklessness of their lending, but the sloppiness with which they are dealing with the resulting defaults. Recent revelations suggest that many lenders rode roughshod over legal niceties to push delinquent borrowers out of their homes.
Short Sales Resisted as Foreclosures Are Revived
October 24, 2010, New York Times
Bank of America and GMAC are firing up their formidable foreclosure machines again today, after a brief pause. But hard-pressed homeowners like Lydia Sweetland are asking why lenders often balk at a less disruptive solution: short sales, which allow owners to sell deeply devalued homes for less than what remains on their mortgage.