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December 2011 - Posts

Thursday, December 29, 2011 6:49 PM

Latest Statistics

Fast Facts Calif. median home price : November 2011: $280,960 (Source: C.A.R.) Calif. highest median home price by region/county November 2011: Marin: $736,410 (Source: C.A.R.) Calif. lowest median home price by region/county November 2011: Madera: $103,330
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Thursday, December 29, 2011 6:47 PM

Fraud Alert: Financial fraud against older Americans peaks during holidays

Instances of financial abuse and fraud against the elderly increased from November 2010 to January 2011, according to a recent report from MetLife, which found overall investment fraud targeted towards older Americans is on the rise. Americans over the
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Thursday, December 29, 2011 6:45 PM

Fourth quarter starts with broad-based declines in home prices

Data through October 2011, released Tuesday by S&P Indices for its S&P/Case-Shiller Home Price Indices, showed decreases of 1.1 percent and 1.2 percent for the 10- and 20-City Composites in October compared with September. Nineteen of the 20 cities
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Thursday, December 29, 2011 6:42 PM

FHA extends waiver of anti-flipping regulations

The Acting FHA Commissioner has extended a temporary waiver of FHA’s anti-flipping regulation through 2012. “This extension is intended to accelerate the resale of foreclosed properties in neighborhoods struggling to overcome the possible
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Thursday, December 29, 2011 6:40 PM

Pending Home Sales are Indicators of Future Sales

Talking Points California pending home sales fell 9.1 percent in November but were up from a year ago, according to the CALIFORNIA ASSOCIATION OF REALTORS®’ Pending Home Sales Index. However, the index was up 11 percent from November 2010, marking
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Thursday, December 29, 2011 6:37 PM

6 million estimated foreclosures by 2016

San Francisco Chronicle Six million homes will be repossessed by banks or sold at distressed prices by 2016, according to a Morgan Stanley analyst. Read the full story
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Thursday, December 29, 2011 6:35 PM

Foreclosure free ride: Three years, no payments

CNNMoney Delinquent borrowers facing foreclosure are learning that they can stay in their homes for years, as long as they’re willing to put up a fight. Read the full story
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Thursday, December 29, 2011 6:32 PM

Home prices fall in October, Case-Shiller report says

The Los Angeles Times Home prices in the nation’s largest cities fell in October for the second straight month, according to the Standard & Poor’s/Case-Shiller index. Read the full story
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Thursday, December 29, 2011 6:30 PM

Victims sought in Countrywide case

The Wall Street Journal The Justice Department faces the daunting task of tracking down more than 210,000 alleged victims and determining how to compensate them, following last week’s $335 million fair-lending settlement with Bank of America Corp.’s
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Thursday, December 29, 2011 6:27 PM

Getting back in the black

The New York Times Getting back in the black More than 2.6 million households are at least 60 days delinquent on their mortgage payments, according to the nonprofit coalition Hope Now. While those who are delinquent 60-120 days can make back payments
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Friday, December 23, 2011 1:17 PM

Tips to Avoid Mortgage Modification Scams and Fraud

C.A.R. recently released a consumer alert offering tips on avoiding mortgage fraud. Con artists trying to take advantage of unknowing, financially troubled homeowners usually promise mortgage loan modifications or reduced monthly payments for upfront
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Friday, December 23, 2011 1:12 PM

Home foreclosures jumped in third quarter

The Los Angeles Times Newly initiated home foreclosures by large national banks increased 21.1 percent in the three months ending Sept. 30 as mortgage servicers lifted voluntary holds on such activity because of paperwork problems, the Office of the Comptroller
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Friday, December 23, 2011 1:09 PM

Low mortgage rates to hang around next year

The Wall Street Journal Mortgage rates are expected to remain very low at least through mid-2012, while housing activity improves slightly, according to Freddie Mac’s economic and housing outlook. Read the full story
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Friday, December 23, 2011 1:06 PM

Helping homeowners dig out

The New York Times With interest rates at historic lows, the expansion of a federal refinancing program could help more homeowners who owe more than their property is worth move out of higher-rate or adjustable loans into something more affordable and
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Friday, December 23, 2011 1:02 PM

California house sales up, prices down

The Orange County Register California home sales posted an increase both on a monthly and annual basis in November, marking the fifth consecutive month of year-to-year sales increases, according to figures released today from the CALIFORNIA ASSOCIATION
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Thursday, December 22, 2011 7:42 AM

Fraud Alert: C.A.R. releases consumer alert

Don’t fall victim to unscrupulous con artists trying to take advantage of unknowing, financially troubled home owners. These scammers usually promise mortgage loan modifications or reduced monthly payments for upfront fees. In most case, charging
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Thursday, December 22, 2011 7:41 AM

NAR to release revised home-sale stats

This week, NAR issued revised estimates for existing-home sales going back five years, saying the formula it had been using to adjust the sales data it collects from multiple listing services had drifted and was overestimating sales. The benchmark revisions
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Thursday, December 22, 2011 7:40 AM

Delinquent mortgages rise in November

The number of delinquent mortgages in November rose to 8.15 percent from 7.93 percent in October, according to a report from Lender Processing Services. That delinquency rate as a percentage of the LPS database of 40 million mortgages declined nearly
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Thursday, December 22, 2011 7:38 AM

Fannie Mae announces third quarter servicer results

Fannie Mae announced Servicer Total Achievement and Rewards (STAR) Program results through the third quarter of 2011. The STAR program, announced in February 2011, measures the performance of servicers with an emphasis on foreclosure prevention. Servicers
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Thursday, December 22, 2011 7:36 AM

California home sales, median price rise in November

California home sales posted an increase both on a monthly and annual basis in November, marking the fifth consecutive month of year-to-year sales increases, according to figures released by C.A.R. Closed escrow sales of existing, single-family detached
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Wednesday, December 21, 2011 1:51 PM

California ranks No. 1 for mortgage fraud

HousingWire Mortgage fraud activity slowed overall in the third quarter, but California ranks first in home loan fraud, with the state seeing as much as $204.2 million in losses on deceptive mortgage activity. Read the full story
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Wednesday, December 21, 2011 1:50 PM

Christmas Season Fires

Talking Points The U.S. Fire Administration (USFA) reports more than double the number of open-flame fires on Christmas Day than on an average day, and about twice as many on New Year’s Day. Property loss during a holiday fire is 34 percent greater
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Wednesday, December 21, 2011 1:48 PM

Real estate recovery likely to be slow

The San Francisco Chronicle... Fair warning to U.S. real estate players: Resign yourselves to a “slowing grind-it-out recovery” in 2012, as “enduring economic doldrums” continue to weigh heavily on the market, acording to a report
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Wednesday, December 21, 2011 1:46 PM

What went wrong with foreclosure aid programs

USA Today The Obama administration’s initial foreclosure-prevention programs were intended to help 7 million to 9 million people. So far, they’ve aided about 2 million, and not all of those are out of foreclosure danger. Read the full stor
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Wednesday, December 21, 2011 1:43 PM

Home bargains abound, but willing lenders are rare breed

The Wall Street Journal Faced with finicky lenders, would-be home buyers are increasingly turning to family members, friends, and even strangers they meet online. While this is understandable, given the abundant bargains on the market, they also present
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Wednesday, December 21, 2011 1:40 PM

Fraud Alert: Better Business Bureau email scam

An email with the subject line “Complaint from your customers” is circulating and may be a scam, according to an urgent scam alert by the Council of Better Business Bureaus. The email appears to come from a Better Business Bureau employee
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Wednesday, December 21, 2011 1:39 PM

Home values continued descent in October

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Wednesday, December 21, 2011 1:37 PM

Consumer concerns stabilize in November

Home price expectations moved from negative to positive territory in November for the first time in six months, according to Fannie Mae’s November National Housing Survey. Respondents to the survey said they expect home prices to increase by 0.2
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Wednesday, December 21, 2011 1:35 PM

Short Sale Soundoff: Industry professionals advocate bulk short sales

A panel of industry professionals, including representatives from Citigroup and the National Community Stabilization Trust, recently advocated for bulk short sales during the inaugural MPact Conference. “Foreclosure prevention by itself is not going
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Wednesday, December 21, 2011 1:33 PM

Builders claim flawed appraisals are killing home sales

One out of three builders reported losing signed sales contracts during the preceding six months because appraisals on their homes were less than the contract sales price, according to a survey by the National Association of Home Builders (NAHB). Builders
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Wednesday, December 21, 2011 1:31 PM

Fannie, Freddie Mac complete nearly 2 million foreclosure-prevention actions

Foreclosure-prevention actions by Fannie Mae and Freddie Mac increased in the third quarter of 2011, according to a report by the Federal Housing Finance Agency. Since entering conservatorship in 2008, the GSEs have taken nearly 2 million foreclosure-prevention
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Friday, December 09, 2011 8:14 AM

California Real Estate Stats

Calif. median home price : October 2011: $278,060 (Source: C.A.R.) Calif. highest median home price by region/county October 2011: Marin: $781,250 (Source: C.A.R.) Calif. lowest median home price by region/county October 2011: Lake County: $96,500 (Source:
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Friday, December 09, 2011 8:12 AM

Fraud Alert: Taskforce created to combat HAMP scams

The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), the Consumer Financial Protection Bureau (CFPB), and the U.S. Department of the Treasury today announced the creation of a joint task force to combat scams targeted
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Friday, December 09, 2011 8:11 AM

California, Nevada form Mortgage Investigation Alliance

Attorneys General Kamala D. Harris of California and Catherine Cortez Masto of Nevada announced this week that their states have entered into a joint investigation alliance designed to assist homeowners who have been harmed by misconduct and fraud in
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Friday, December 09, 2011 8:10 AM

Mortgage delinquencies expected to rise, and then fall in 2012

National mortgage loan delinquencies – the ratio of borrowers 60 or more days past due – are expected to decline to approximately 5 percent by the end of 2012 from just under 6 percent at the end of 2011, according to TransUnion’s annual
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Friday, December 09, 2011 8:09 AM

Fannie, Freddie suspend evictions for the holidays

Fannie Mae and Freddie Mac announced they will suspend all evictions involving foreclosed occupied single family and 2-4 unit properties with mortgages owned by the GSEs from Dec. 19, 2011-Jan. 2, 2012. The suspension will apply only to eviction lockouts
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Friday, December 09, 2011 8:04 AM

Lower Your Utility Bills!

Ways to lower your utility bills... Homeowners can reduce their energy bills by lowering the thermostat setting on their water heater. Most manufacturers set water heater thermostats at 140 degrees Fahrenheit, but most households don’t need water
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Friday, December 09, 2011 8:02 AM

A home-insurance trap

The Wall Street Journal Homeowner policies have important differences that can affect whether claims are paid, according to a study scheduled to be published early next year in the University of Chicago Law Review. The problem is that those differences
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Friday, December 09, 2011 8:00 AM

Second homes for retirement have pros and cons

The Mercury News Financial experts say buying your retirement home five to 10 years before you stop working could be beneficial. However, people in this age group should be aware of the risks of tying up money and perhaps losing flexibility with a second
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Friday, December 09, 2011 7:59 AM

2012 mortgage delinquencies seen dropping sharply

The San Francisco Chronicle Mortgage delinquency rates – the ratio of borrowers 60 or more days behind on their payments – will likely tick up to about 6 percent through the first three months of 2012, TransUnion said in its annual delinquency
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Friday, December 09, 2011 7:58 AM

California and Nevada join forces in mortgage probe

The Los Angeles Times An alliance by California and Nevada to jointly investigate misconduct and fraud in the mortgage business further divides efforts by the nation’s attorneys general to bring the home-lending industry to account for improper
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Friday, December 09, 2011 7:56 AM

Help with a down payment

The New York Times With most lenders requiring borrowers to put down at least 20 percent as a down payment – unless using an FHA or VA loan, or purchasing mortgage insurance – the best holiday gift some people might receive would be help with
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Thursday, December 01, 2011 10:06 PM

Quick Facts

Calif. median home price : October 2011: $278,060 (Source: C.A.R.) Calif. highest median home price by region/county October 2011: Marin: $781,250 (Source: C.A.R.) Calif. lowest median home price by region/county October 2011: Lake County: $96,500 (Source:
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Thursday, December 01, 2011 10:05 PM

Fraud Alert: Employment and income fraud on the rise

While incidences of mortgage fraud have remained steady over the past six quarters overall, submissions of fraudulent employment/income information are on the rise, according to the latest Mortgage Fraud Risk Index by Interthinx. Employment/income fraud
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Thursday, December 01, 2011 9:54 PM

One in five American homes “underwater”

Los Angeles Times An estimated 10.7 million households, or 22.1 percent of all homes with mortgages, had more debt on the properties than they were worth in the third quarter, according to CoreLogic. Read the full story
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Thursday, December 01, 2011 9:53 PM

New barriers to reverse mortgage

SmartMoney Changes are in store for the way reverse mortgages are processed that might make it more difficult for some borrowers to qualify. Read the full story
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Thursday, December 01, 2011 9:51 PM

Higher loan limits transform FHA into key source of financing

Los Angeles Times Congress has raised the maximum mortgage limits for the FHA while leaving loan ceilings untouched for Fannie Mae and Freddie Mac. This may make the FHA the go-to financing option for borrowers in high-cost areas. Read the full story
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Thursday, December 01, 2011 9:49 PM

Stronger lure for prospective home buyers

With the monthly cost of owning a home more affordable now than at any point in the past 15 years, homeownership is becoming less expensive than renting in a growing number of cities. Making sense of the story The Wall Street Journal’s third-quarter
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