The Obama Administration recently announced additional support to help homeowners struggling with unemployment through two targeted foreclosure-prevention programs–the existing Housing Finance Agency (HFA) Innovation Fund for the Hardest Hit Housing Markets and the soon-to-be-launched U.S. Dept. of Housing and Urban Development (HUD) Emergency Homeowners Loan Program. Through the Hardest Hit program, California will receive an [...]

A new report shows 154 of the 206 U.S. metropolitan areas with a population of 200,000 or more posted year-over-year increases in foreclosure activity. The report by RealtyTrac® also showed nine of the 10 metro areas with the highest foreclosure rates experienced declines. Four states—Florida, California, Nevada, and Arizona—accounted for the top 20 metro foreclosure [...]

A coalition of the U.S. Dept. of the Treasury, the U.S. Dept. of Housing and Urban Development (HUD), and the Advertising Council recently launched a national public service advertising (PSA) campaign to raise awareness among struggling homeowners of the Making Home Affordable Program. The campaign encourages qualified homeowners struggling to make mortgage payments to seek [...]

Commercial and multifamily mortgage loan originations rose 1 percent in the second quarter of 2010 compared with the second quarter of 2009 and 35 percent on a quarter-to-quarter basis, according to a survey by the Mortgage Bankers Association (MBA). The one percent overall increase in commercial/multifamily lending activity during the second quarter was driven by [...]

Construction spending rose 0.1 percent in June compared with May to a seasonally adjusted annual rate of $836 billion, according to a report released Monday by the U.S. Census Bureau and the Dept. of Commerce. The June figure is 7.9 percent below the June 2009 estimate of $907.7 billion. Residential construction spending declined 0.8 percent [...]

Home values in most U.S. markets continued to decline in the first quarter of 2010, according to  the Zillow Home Value Index which decreased 3.8 percent year-over-year, and 1 percent quarter-over-quarter. However, home values in several California markets showed signs of improvement, according to the report. Housing market conditions varied across the country, with 106 [...]

Sales in new-home communities of 10 units or more in California declined 12 percent in January compared with a year ago, according to the monthly California Building Industry Association (CBIA)/HanleyWood Market Intelligence report (HWMI).  Though still at a lackluster pace, the decline was less steep than the 15 percent year-over-year decrease experienced in December, according [...]

The median home price of an existing single family home in California rose 14.1 percent to $279,840 in February compared with February 2009 and home sales decreased 11.7 percent during the same period C.A.R. reported yesterday.  “The federal tax credit for home buyers, low mortgage rates, and affordability at record levels have contributed to an [...]

Attorney General Edmund G. Brown this week closed two fraudulent foreclosure-assistance companies–U.S. Foreclosure Relief Corp. and H.E. Servicing, Inc.–and secured a court judgment of more than $1 million in restitution for homeowners who paid upfront fees for nonexistent loan-modification services. Under the judgment, a court-appointed independent receiver will oversee the repayment program, which will be [...]

The California legislature on Monday passed AB 183, providing $200 million for home buyer tax credits. The Governor is expected to sign the bill into law this week. C.A.R. supported this important legislation since its inception.  Part of a package of four bills passed at the request of the Governor, AB 183 is designed to [...]