government foreclosure program
Under an Obama administration program due to begin in the next few weeks, many borrowers who get reduced payments on their first-lien mortgage through the administration’s Home Affordable Modification Program automatically would get a break on their second-lien mortgage. read more…
California home foreclosures
RealtyTrac said today that California foreclosures declined on a monthly and yearly basis in the hard-hit states of Nevada, Arizona and California, but still grew rapidly in Florida.
Still, fears remain about the hundreds of thousands of homeowners who are still being evaluated for help under loan modification programs. Many analysts say most of those borrowers will eventually lose their homes, sparking a new round of foreclosures later this year. read more…
San Diego unemployment
The San Diego County unemployment rate rose to 11 percent in January, up from a revised 10.3 percent in December. In January 2009 the unemployment rate in San Diego Countywas 8.4 percent.
From December 2009 to January 2010, San Diego County lost 17,400 jobs, most in the leisure and hospitality and trade, transportation and utilities sectors, according to the California Employment Development Department.
Houston Texas employment lawyer
FHA home loans
Today, the Federal Housing Administration (FHA) issues apprx. 40% of home mortgages. On April 5, the FHA Up-Front Mortgage insurance premium increase goes into effect. The FHA is raising up its upfront mortgage insurance premium to 2.25 percent from 1.75 percent, boosting the minimum down payment to 10 percent for borrowers with a credit score of 580 and below (it stays at 3.5 percent for everyone else), and reducing permissible seller concessions from 6 percent to 2 percent.
Housing numbers aren’t great now, and MoneyWatch real estate blogger Ilyce Glink believes things will only get worse this spring. Here’s why:
Oakland California real estate lawyer
CNBC Squawk on the Street -- Has the Commercial Real Estate Market Bottomed?
