KVIE Facing the Mortgage Crisis

The Neighborhood Assistance Corporation of America’s “Save the Dream” event starts at 9 a.m. today. Counselors from the Boston-area nonprofit will be on-site around the clock through 8 p.m. Tuesday, working with consumers and lenders to avoid home foreclosures.

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As some of the nation’s largest lenders have conceded that their foreclosure procedures might have been improperly handled, lawsuits have revealed myriad missteps in crucial documents.

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Merced, Stockton and Modesto top Forbes Magazine’s list of cities where homes are losing the most value. Of the top ten cities, eight are in California.

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Prospective home buyers might expect good prices for homes in the Sacramento area in the wake of the foreclosure crisis, but a new trend is emerging: Bay Area investors are sucking up Sacramento real estate and turning them into rentals.

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Long-term mortgage rates fell to a new low this week, with a 30-year fixed-rate mortgage averaging 4.71 percent in the week ending Dec. 3, the lowest rate since at least 1971, when Freddie Mac started keeping track.

A year ago, 30-year fixed-rate mortgages averaged 5.53 percent.

For homeowners who can afford a higher monthly payment, 15-year fixed-rate mortgages are even lower, averaging 4.27 percent, also a new low.

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