KVIE Facing the Mortgage Crisis

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.

See the entire list here>

Read the entire Forbes Magazine article here>

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.

Read the rest of the Sacramento Business Journal article>

In a flurry of end-of-session bill signings, Gov. Arnold Schwarzenegger approved seven new laws that provide a range of consumer protections to home-mortgage holders and may allow some to hold on to their houses.

Read the rest of the LA Times article here>

Saturday, October 10, 2009
Resource Fair: Noon-4pm
Informational Workshops: 1pm-3pm
Location: Cosumnes River College, Recital Hall, 8401 Center Parkway, Sacramento (Near Lot A)
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The California State Controller and the California Community Colleges are working together to hold a series of regional community/public service workshops and resource fairs that focus on helping Californians survive, thrive and become empowered to “take control” during these tough economic times. These events will provide much needed information on financial literacy, higher education opportunities, tax credits and community college financial aid. More than two dozen different financial experts will be on hand at the resource fair to help you learn additional tips on handling your finances and obtaining financial aid year-round for community colleges. Attend our workshops and become automatically enrolled in our grand prize raffle! This event is FREE and open to the public. For more information visit: www.sco.ca.gov/takecontrol.html.