Southern California Mortgage Crisis

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Making Your Home Affordable

19. June 2009

The “Making Home Affordable” (sic) program found at www.makinghomeaffordable.gov is a federal program that is intended to help refinance homes that have teaser rates or low adjustable rates and thereby avoid the inevitable rate reset that will raise payments to an unaffordable level. It may also reduce the principal for qualifying loans. There is an [...]

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The median price for an existing, single-family detached house in California declined 30 percent to $267,570 -CA Assoc. of Realtors [#]
California ranked highest nationally in the overall number of foreclosure filings in May, totaling 92,249, according to RealtyTrac. [#]
Survey by U of Michigan reports 77% of homeowners in West experienced value declines, the nation's highest rate, compared to 51% in South. [#]
As of today, California is imposing a 90-day foreclosure moratorium. It's the California Foreclosure Prevention Act. [#]
The number of foreclosures filed in May was so high as to make May the third highest month on record. [#]

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