Los Angeles Real Estate

*10/2003 Purchased for $799,000*7/2008 Listed $1,399,000 after 182 days on the market did not sell*4/17/09 Notice of Default filed*8/2009 Foreclosed – Loans at this time: first $1,000,000 and a second for $120,500*1/28/10 Listed for sale as a foreclosure $799,999*3/14/10 Closed at nearly $100,000 over asking price at $890,500 Notes: Values in La Crescenta are up substantially from 2003 levels; Well priced homes continue to sell quickly and often for over asking price. So much of the foreclosure problem is from homeowners pulling too much cash out of their homes (cash out refinances). Related Posts: ...

New Foreclosure Prevention Measures Planned

Mar 01, 2010 at 1:42 pm.

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Apparently someone is starting to realize that the government’s Home Affordable Modification Program (HAMP) is not very effective. The Obama administration is considering expanding their attempt to to ease the housing crisis by banning all foreclosures on home loans unless they have been screened and rejected under the program.

Currently, lenders can begin foreclosure proceedings on any loan that hasn’t been submitted for HAMP eligibility. In the state of Georgia, it only takes one month to foreclose on a property, so slowing down the process would allow more time for the banks to consider alternatives for Georgia homeowners.

Under current HAMP rules, foreclosure litigation can proceed while borrowers are under review for the program or even in a trial modification.

The proposed changes would prohibit lenders from initiating new foreclosure actions before loan screening by HAMP and would require lenders to halt existing proceedings for borrowers once they are in a trial repayment plan.

About 89 percent of outstanding residential mortgage loans are covered by the voluntary HAMP program.

About 2.82 million U.S. homeowners lost properties to foreclosure last year and 4.5 million filings are expected in 2010, according to industry sources.

The Treasury proposal would require all borrowers who are 60 or more days delinquent on their mortgage to be sought out for participation in HAMP. Mortgage companies would need to try to contact the borrower at least four times by phone and twice by certified mail over 30 or more days before going to foreclosure.

Under current Treasury policy, foreclosure proceedings are only halted when a borrower receives a permanent modification plan.

Slim Pickings for Los Angeles Home Buyers

Feb 18, 2010 at 6:52 am.

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In my market, other than high end homes, inventory remains tight with many homes continuing to sell in multiple offer situations and sometimes for over asking price. It can be very frustrating for home buyers. Of course inventory is tight; some statistics reflect that one in four homeowners owe more than their home is worth. 25% of home owners can’t sell unless their bank agrees to a short sale, but even so, they have little incentive to sell, they aren’t “moving up”. There are indications that the number of foreclosures coming to ...

Foreclosure Filings Down, Expected to Surge

Feb 13, 2010 at 1:24 am.

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Forecasts are coming in, that despite mortgage foreclosure filings in the country dropping in January, projecting a surge in foreclosures due to the ongoing impact from unemployment rates and uncertainty over the economy.

One in every 409 U.S. housing units received a foreclosure filing in January, Irvine, California-based RealtyTrac said in its January 2010 U.S. Foreclosure Market Report.

Foreclosures are definitely the biggest threat U.S. housing market recovery.

Many lawmakers, advocacy groups and housing experts say the government’s Home Affordable Modification Program, or HAMP, has fallen short because of its failure to adequately address negative equity, or “underwater” mortgages.

Negative equity has been one of the biggest banes of many homeowners, making many unqualified for home loan refinancing and preventing some from selling their homes. Borrowers in negative equity are more prone to defaults and foreclosures.

Slowing the foreclosure rate is a key step in the recovery of the real estate market and the overall economy. The foreclosure crisis forced the federal government and several states to come up with plans to prevent or delay the process to help delinquent borrowers.

Some foreclosures suspended for holidays

Dec 22, 2009 at 12:58 pm.

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Mortgage finance companies Fannie Mae and Freddie Mac are suspending foreclosures and evictions for about two weeks in a temporary break for borrowers during the holiday season.

The suspension, announced last week by the government-controlled companies, runs from Saturday through January 3rd.

Earlier Thursday, Citigroup Inc. announced a 30-day suspension of foreclosures and evictions, affecting about 4,000 borrowers. Fannie and Freddie did not estimate how many homeowners would get this grace period.

While these announcements are nice, it actually affects very few people and is viewed more as publicity stunt as these are not real solutions, just temporary suspensions for the holidays.