Home foreclosures
RealtyTrac Inc. reported last week that lenders repossessed 92,858 properties last month, up 9 percent from June and an increase of 6 percent from July 2009.
July marks the eighth month in a row that the pace of homes lost to foreclosure has increased on an annual basis.
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Government homeowner loans
The Treasury Department says it will send $1 billion to a new program being run by the Department of Housing and Urban Development. It will provide homeowners with emergency zero-interest rate loans of up to $50,000 for up to two years.
Let’s hope a condition of these loans is that the homeowners are personally liable for the repayment. But, if just the home is the security for the loan, we’ll just see many more strategic defaults.
San Diego bail bonds
San Diego real estate facts
In a recently released report, the real estate site Zillow reported the following for the San Diego real estate market:
- Off the peak: Home values here have plunged 29.7 percent from September 2005, which zillow.com considers the region’s peak. read more…
home prices
According the US Housing Market Monthly report by Capital Economics released yesterday, home sales have yet to hit the trough of the recession.
Further, the economics firm states that pending home sales will do little to push home sale numbers higher. In fact, the number of pending home sales is so diminished, down 32% in the wake of the tax credit expiration, that existing sales will only dip in the coming months as these mortgage agreements are finalized. read more…
