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San Diego County recorded 1,246 default filings last month, the lowest it’s fallen since October 2008. Still, more than 18,000 property owners in the county received notices of default in 2011. Foreclosures were up slightly in December, rising from 666 in November to 710 in December, or 6.6 percent. Those numbers are lower than the two- and three-year averages of 923 and 1,003, respectively. The 2011 tally of homeowners who […]
FANNIE MAE and Freddie Mac’s recent extension of forbearance programs will give short-term aid to unemployed homeowners, but housing counselors warn that these borrowers will need to look at longer-term solutions. In a forbearance program, a lender agrees not to foreclose on a property and gives a borrower several months’ grace from or reduction in monthly mortgage payments. The programs work best for temporary setbacks, like job loss, health problems […]
Is low demand or poor supply the biggest cause for concern in the current housing market? Of course, one of the biggest problems facing the U.S. housing market right now is that there aren’t enough buyers for homes. Mortgage rates are hovering near their lowest levels in most Americans’ adult lifetimes, but demand is anemic. But we have written about a surprising trend: housing inventories have shrunk over the past […]
From cbsnews.com The U.S. government has sued several of the country’s largest banks over mortgage-backed securities they sold that lost value in the housing market collapse. The Federal Housing Finance Agency, which oversees mortgage buyers Fannie Mae and Freddie Mac, filed the lawsuit Friday seeking seeks compensation for more than $41 billion of losses related to subprime mortgage bonds. The suit could hamper a broader government mortgage settlement […]
From sfgate.com Foreclosures made up roughly one-third of all home sales this spring. While that’s a smaller share of sales from the previous quarter, it’s six times the percentage of foreclosures in a healthy housing market. Foreclosure sales, which include homes purchased after they received a notice of default or that were repossessed by lenders, accounted for 31 percent of the market in the April-June quarter, foreclosure listing firm RealtyTrac […]
On average it took less time to foreclose in California, Arizona, and Nevada in June 2011, countering what has been a growing trend to extend the foreclosure process, according to the latest report from ForeclosureRadar.