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California Short Sales, Foreclosures, REOs Los Angeles, San Diego, Riverside & Orange County Short-Sales Listings
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23 Dec 08 California Homebuying Frenzy

The LA Times. “We’ve pretty much blown through the first couple of stages of grief with regard to the Southern California housing bust. There’s no room left for denial now that home prices in the Southland are down 44% from their peak in 2007, and there’s not much use for anger. Now we’re bargaining.”

“Pretty typical is a one-bedroom, one-bathroom house on East 98th Street in South Los Angeles, near the intersection of the Harbor Freeway and Century Boulevard. Its listing calls the 738-square-foot house ‘great for a growing family.’ The seller wants $85,000 for the house, which sold in 2006 for . . . $365,000.”

“Throughout Southern California, real estate agents say and sales records confirm that attractively priced foreclosed houses sell quickly and does not mean prices will go back up any time soon. ‘I am absolutely positive it’s still going down,’ said Dennis Findly, 18-year veteran of Inland Empire real estate. ‘If you’re looking at a home like this for $250,000, it looks like a good deal, but a year from now it could be $220,000 or $230,000,’ he said.”  California loan modifications and foreclosure statistics continue to send shock waves through the Westen real estate communities.  Read the complete Housing Bubble article > A Bidding War For Buyers In California.

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07 Dec 08 Home Sales Drop

“Some servicers keep a loan in a delinquent state until they see customers carrying through on their agreements, and then they’ll switch it to performing,” Brinkmann said. U.S. home sales and prices began to tumble in 2006 after a five-year boom, dragging the economy into a recession that began in December 2007, according to the National Bureau of Economic Research.

The median home price in the fourth quarter probably will be $190,300, down 19% from the record $226,800 in 2006’s second quarter, according to a Nov. 24 forecast by Fannie Mae, the world’s largest mortgage buyer. Purchases of existing homes in October slid to an annual rate of 4.98 million, lower than forecast, the National Association of Realtors said in a Nov. 24 report. The median price fell 11.3% from a year earlier, the most since the group began collecting data in 1968. Short sales in states like California have become all too common.

Federal Reserve Chairman Ben S. Bernanke yesterday urged using more taxpayer funds for new efforts to prevent home foreclosures, saying the private sector is incapable of coping with the crisis on its own. The Fed chief outlined four possible options, including buying delinquent mortgages and providing bigger incentives for mortgage refinancing. He called for addressing the “apparent market failure” where mortgage lenders aren’t offering loan modifications even in cases where it’s in their own economic interest to do so. Bernanke’s proposed changes would go beyond those announced last month by Housing and Urban Development Secretary Steve Preston, who oversees the FHA. The agency will change the amount of the loan a lender must forgive and allow banks to extend the payback time of a mortgage.

The bankers’ report cites percentages without providing the number of mortgage loans. The U.S. had $11.3 trillion of outstanding home loans at the end of June, according to Federal Reserve data. Mortgage lending fell to $80.8 billion in the second quarter, down from $764 billion a year earlier, the Fed said. The Mortgage Bankers report is based on a survey of 45.5 million loans by mortgage companies, commercial banks, thrifts, credit unions and other financial institutions.

01 Dec 08 FDIC Mortgage Modification Versus Private Loan Modification Companies

Many California homeowners are not aware of the State’s position on foreclosures.  The Golden State’s Governor continues to promote a Foreclosure Moratorium for California.  Legal Loan Relief reminds homeowners that “whether they are upside down with a home loan balance larger than their house value or if they simply need a lower, more affordable payment that they should consider a loan modification as one of the best foreclosure prevention methods.   Read Complete Article >  Mortgage Loan Relief Page.

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