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Over the last few months, the Federal Reserve has reduced its key interest rate, the overnight LIBOR, to as low as 1 percent. However, mortgage rates have not declined as dramatically. One of the most commonly-followed indicators to determine where mortgage rates are headed is the yield on the 10-year United States Treasury [...]
Due to the large number of foreclosures, many financial institutions have created mortgage modification programs to help homeowners in default modify their existing mortgage loans into fixed-rate, more affordable loans. Many banks are overwhelmed with borrowers applying for mortgage modifications, resulting in some private companies, real estate brokers, nonprofit organizations, and attorneys offering [...]
Fannie Mae and Freddie Mac recently announced they will postpone foreclosure sales and evictions on occupied single-family residences that were scheduled to occur between Nov. 26, 2008 and Jan. 9, 2009. During this time, the companies will streamline their mortgage modification programs, scheduled to launch Dec. 15. Foreclosure attorneys and loan servicers will [...]
Calif. median home price - September 08: $316,480
Calif. highest median home price by C.A.R. region September 08: Santa Barbara So. Coast $935,000
Calif. lowest median home price by C.A.R. region September 08: High Desert $159,720
Calif. First-time Buyer Affordability Index - Second Quarter 08: 48 percent
Mortgage rates - week ending 11/13/08 30-yr. fixed: 6.14% Fees/points: 0.7% 15-yr. [...]
Foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 279,561 U.S. properties in October, a 5 percent increase compared with the previous month and a 25 percent increase compared with October 2007, according to recent report from RealtyTrac®. One in every 452 U.S. housing units received a foreclosure filing [...]
The Federal Housing Finance Agency announced a new loan modification program designed to reduce preventable foreclosures with a simplified, streamlined program to put struggling homeowners into mortgage they can afford. The goal is to have a uniform process for loan modifications that the majority of lenders and servicers will use. Participants include Fannie Mae, Freddie [...]
The Federal Housing Finance Agency (FHFA) announced that the “new” conforming loan limit for 2009 will remain at $417,000 for most areas in the U.S., unchanged since 2006. Loan limits for high-cost areas, including California, are capped at $625,500, down from the previous $729,750 limit. Loan limits for many areas of the state do not [...]
