KVIE Facing the Mortgage Crisis » Crisis in the Valley

Thousands Flock to Cal Expo for Mortgage Help

admin — Fri, 08 Oct 2010 18:39:05 +0000

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.

Read the rest of the Sacramento Bee Article>

Bank of America Halts Foreclosures

admin — Fri, 08 Oct 2010 18:33:54 +0000

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.

Read the entire New York Times Article>

Top 10 Western Cities Where Homes Are Losing Most Value

admin — Tue, 22 Dec 2009 19:08:54 +0000

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>

Local Home Buyers Finding Themselves Outbid

admin — Mon, 14 Dec 2009 18:58:04 +0000

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.

Read the rest of the article here>

Mortgage Rates Fall to New Low

admin — Thu, 03 Dec 2009 21:56:50 +0000

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>

Schwarzenegger Signs Seven Mortgage Laws

admin — Tue, 13 Oct 2009 23:58:52 +0000

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>

CA Posts Third Highest Foreclosure Rate in August

admin — Thu, 10 Sep 2009 17:03:48 +0000

California had the nation’s third highest state foreclosure rate during August, with one in every 144 housing units receiving a filing, according to online foreclosure marketplace RealtyTrac.

California REOs dropped 32 percent from the previous month, but the state continued to post the highest overall total of any state, with 92,326 properties receiving a foreclosure filing in August. California’s total was down 15 percent from the previous month and was also down 9 percent from August 2009 — the first year-over-year decrease in California foreclosure activity in RealtyTrac’s monthly reports.

Read the rest of the Sacramento Business Journal article>

Visionary Home Builders Offering Homebuyer Education Classes

admin — Wed, 26 Aug 2009 19:30:40 +0000

(Stockton, CA) Visionary Home Builders is offering Homebuyer Education Classes at their Homeownership Center every Saturday. The one-day class reviews all aspects of home purchase, including understanding credit scores and good faith estimates, budget analysis, housing payment affordability, and how to develop your home buying team.

The Homebuyer Education Class satisfies the Housing and Urban Development (HUD) requirement for those interested in considering a home through the Neighborhood Stabilization Program. Visionary Home Builders is a HUD Approved “Housing Counseling Agency”.

A Class Registration Form is available at Visionary Home Builders’ Homeownership Center located in downtown Stockton at 315 N. San Joaquin Street, or can be downloaded - www.visionaryhomebuilders.org. Pre-registration is mandatory. Classes are held from 8:30am to 5:30pm each Saturday and are offered in both Spanish and English.

The staff of Visionary Home Builders is also available to teach the Homebuyer Education Class to employees at businesses in Stockton, Manteca and Tracy.

For further information about classes, please contact Joan Jacobs at 209-466-6811 or visit the website at www.visionaryhomebuilders.org.

Sacramento-area Prosecutors Focus on Mortgage Fraud Crime

admin — Mon, 10 Aug 2009 17:01:40 +0000

Prosecutors in the Sacramento area have taken varying approaches to the surge in real estate fraud. Some, such as El Dorado County, have devoted more resources, while others have used existing anti-fraud units. Nationwide, the number of suspected cases of mortgage loan fraud has increased from 52,868 in 2007 to 64,816 in 2008, the FBI says.

Read the rest of the Sacramento Bee article>

Why Are Mortgage Rescue Plans Slow to Materialize?

admin — Mon, 03 Aug 2009 19:17:07 +0000

About a month after taking office, President Barack Obama launched an effort to keep as many as 9 million homeowners out of foreclosure in a major federal effort to stabilize the U.S. housing market. What kind of impact has this plan, backed by $50 billion from the financial industry bailout fund, had on the housing crisis the past few months?

Read the rest of the Modesto Bee article.>