New Government Under Water Homeowner Programs

2010 March 12

government foreclosure program

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…

Home Foreclosure Rates Drop In California

2010 March 11

California home foreclosures

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 Rate Hits 11 Percent

2010 March 11

San Diego unemployment

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

New FHA Home Mortgage Rules

2010 March 10

FHA home loans

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.

read more…

Housing Market – Another Dip Forecast

2010 March 9

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

Has the Commercial Real Estate Market Bottomed?

2010 March 8

CNBC Squawk on the Street -- Has the Commercial Real Estate Market Bottomed?

Orange County California real estate lawyer