Southern California Mortgage Crisis

Orange County Foreclosures Rise

30. June 2009

ForeclosureRadar.com reports in Orange County in April: Notices of default totaled 2,002, down 21% from a year ago, and 23% from March. Banks foreclosed on 573 houses and condos, down 49% from a year ago but up 52% from March. Banks typically file a notice of default (NOD) after a borrower misses three or more monthly payments. NODs [...]

Riverside Foreclosure Rate in May 2009

29. June 2009

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California ranked highest nationally in the overall number of foreclosure filings, totaling 92,249, according to RealtyTrac. Nevada had the highest foreclosure rate — 1 in every 64 households. California’s rate was 1 in every 144. Florida was third with 1 in 148, data showed. RealtyTrac CEO James J. Saccacio said that while defaults and foreclosure auctions [...]

Criteria to Qualify for 90-Day Foreclosure Delay

26. June 2009

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The California Foreclosure Prevention Act, was introduced by Sen. Ellen Corbett, D-San Leandro, and attached to the budget package in February. The 90 foreclosure moratorium took effect June 15th and covers owner-occupied homes where the first loan was recorded between Jan. 1, 2003, and Jan. 1, 2008. California’s non-judicial foreclosure process requires a mortgage loan servicer [...]

Listen here: SoCal NPR – California Foreclosure Moratorium

25. June 2009

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Loan modifications are on the minds of many in the Southland these days. And more are succeeding. Over the first three months of this year over 20-thousand modifications a month were reported to the California Department of Corporations, up from around 15-thousand in the previous year. A new law is designed to make lenders even more willing to modify loans It's the California Foreclosure Prevention Act, which went into effect on June 15th.

California puts 90-day hold on foreclosures

19. June 2009

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June 16, 2009, Los Angeles Times: California is imposing a 90-day moratorium on housing foreclosures under a new law that took effect Monday. The law is expected to make lenders try harder to keep borrowers in their homes. Lenders must prove they tried to modify the delinquent loans before they can begin foreclosing. But supporters acknowledge the [...]

Foreclosure-heavy Inland Empire weighs on California home prices

19. June 2009

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Los Angeles Times Blog. June 18th, 2009. California’s median home sales price rose 4% in May, nudged up by an increase in sales of higher-priced homes, MDA DataQuick reported today. The statewide median sale price was $230,000 in May, up from $221,000 in April. That’s a 52% drop from the state’s peak median price [...]

Listen here: Socal NPR – Mortgage Modifications

11. June 2009

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KVCR-FM created this NPR news spot pertaining to the Southern California mortgage crisis. Listen to the segment here (approximately 5 minutes). Click the arrow below to play. MORTGAGE MODIFICATION 91.9 KVCR – June 5, 2009 By Anthea Raymond The Inland Empire has been hit HARD by the mortgage crisis. Interest rates have reset on many loans. Unemployment in the [...]