California real estate
44 states are facing budget shortfalls. California is leading the way as it is expected to spend 50% more than it will generate this year.
Now that is a really scary thought. Since 2007 US states have collectively spent 300 billion more than they have generated. These deficits mean higher taxes and so far 33 states have raised taxes, but collections have plummeted to their worst levels in 46 years; you cannot squeeze water out of a rock. No jobs means no revenues but states are selling new bonds at record rates to raise funds. It’s a recipe for long term disaster.
San Jose California real estate lawyers
The accusation can be made that government programs never come in at their projected costs or finish on time. The government’s current Home Affordable Refinance Program is a prime example. The Obama administration’s Home Affordable Refinance Program was scheduled to end on June 10 . Now it will run to June 30, 2011, the Federal Housing Finance Agency said Monday.
The program allows borrowers, who owe up to 25 percent more than their homes are worth, to refinance to lower interest rates. read more…
California home sales
According to a recently released California Association of Realtors report, 67 percent of all sellers in California did so as a result of difficulties related to meeting their mortgage obligation. Changes in family and employment status as well as adjustments to monthly mortgage obligations played significant roles in homeowners’ decisions to sell their homes in 2009. read more…
Why lenders are tightening the requirements to get home loans.
Orange County California real estate lawyers
Warren Buffett
Will the housing market recover this year? Yes, if you believe the ‘industry’ line. Then again, according to the “industry,” it’s been a good time to buy,for the last three or four years! With the government’s big homeowner credits, a slight pick-up in the lower end of the market in San Diego ,and historic low interest rates, the end of equity devastation is relegated to bad dream status.
US home sales
According to a report between Fiserv and Moody’s, the average home price in the United States will fall by about 6% by September 2011.
Mark Zandi, economist and co-founder of Economy.com said: “Foreclosure sales will pick up this spring as mortgage servicers figure out who can qualify for a modification and who can’t.”
