Category: California

California housing market

Foreclosures Decline with Robo-Signing Troubles

By Mike Colpitts Foreclosures rose by only a slim margin in January, but declined 17% over year ago figures as banks and mortgage servicing companies temporarily halted foreclosures in 26 states in the robo-signing scandal, according to RealtyTrac. Foreclosure filings were posted against 261,333 residential properties during the month, a slim 1% increase over December.… Continue reading Foreclosures Decline with Robo-Signing Troubles

Americans Move at Lowest Rate since World War II

By Mike Colpitts Saddled with a weak economy and sluggish housing market Americans moved across state lines at the lowest rate since World War II in 2010, according to the Brookings Institution. Only 1.4% moved to a new state during the year. Demographer William Frey said “tepid gains in employment and the rise in home… Continue reading Americans Move at Lowest Rate since World War II

Home Prices Decline Less in Hardest Hit Markets

By Mike Colpitts Where home prices are still declining they are deflating at a slower rate for the second year in a row, a new Housing Predictor survey has found. The hardest hit markets in the nation, including places in California, Nevada, Arizona, Rhode Island and Florida are experiencing less deflation than in early 2010.… Continue reading Home Prices Decline Less in Hardest Hit Markets

Settlement Likely in Robo-Signing Foreclosure Probe

By Kevin Chiu Iowa Attorney General Tom Miller, who is spearheading the 50 state probe into the robo-signing foreclosure scandal is seeking a settlement agreement with the major banks involved in the mess. Statements made by bank employees admitting to signing foreclosure documents in sworn affidavits without checking their accuracy led to the foreclosure scandal… Continue reading Settlement Likely in Robo-Signing Foreclosure Probe

California Woman May Receive Damages in Foreclosure Suit

By Kevin Chiu A California woman whose home was foreclosed may be able to obtain financial damages as a result of wrongly being dealt with by U.S. Bank in the foreclosure of her home, a federal court has ruled. The lender reneged on its promise to negotiate with the woman and her husband over their… Continue reading California Woman May Receive Damages in Foreclosure Suit

Underwater Homeowners Receive Little Aid

By Mike Colpitts Underwater homeowners struggling to pay mortgages are getting little aid from an Obama administration program aimed at helping upside down mortgage holders at risk of losing their homes nearly a half a year after the program went into effect. There have been just 40 U.S. homeowners helped by the FHA short refinancing… Continue reading Underwater Homeowners Receive Little Aid

Silicon Valley in Recovery

By Mike Colpitts Led by high tech giant Apple, California’s Silicon Valley is coming back to life after reaching the slowest real estate downturn in its existence. Apple, the second largest U.S. company based on stock market value, acquired Hewlett Packard’s old commercial office setting in Cupertino, and other large tech corporations are leasing offices… Continue reading Silicon Valley in Recovery

Four States Cities Lead Foreclosure Crisis in 2010

By Mike Colpitts Four states cities accounted for 19 of the top 20 metropolitan U.S. foreclosure centers in 2010 as the foreclosure crisis gained momentum in the majority of the nation, despite moratoriums put in place by five major national lenders, according to RealtyTrac. California, Florida, Nevada and Arizona cities accounted for the most foreclosures.… Continue reading Four States Cities Lead Foreclosure Crisis in 2010