Southern California Mortgage Crisis

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“It’s Your Call” KVCR TV – Loan Mod Opportunities

24. July 2009

Host Roger Bowman had guests Chris Sorensen, founder of Homeownership Education Learning Program and a frequent speaker on foreclosure prevention, and Riverside County Assessor Larry Ward. The guests discussed current loan modification programs, strategies to optimize your success rate, property value impacts, and the requirement by proposition 13 to revalue your home for tax purposes.

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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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