Do you own a home which has negative equity and are wondering how this occurred? The answer is simple. Negative equity occurs when you purchase a home using a home loan and the home prices begin to decline due to economic slowdown. The home value now decreases below the value principally on mortgage. This condition is called negative equity. It can be calculated by taking the value of the home, less the balance on the remaining loan.
An important aspect in the performance of home loans in the third quarter of 2009 was the high resale of foreclosures. This came up to one fifth of the t...
Read more
Read more | 0 comments
| Link directly to this article.
Home Front: Quarterly home sales worst yet for Sacramento area
Sacramento-area home builders just keep singing the blues.
July, August and September brought their worst quarter yet in this long housing crash: just 616 sales in El Dorado, Placer, Sacramento, Sutter, Yolo and Yuba counties, the Folsom-based Gregory Group reports today.
Actually, nearly all the region’s sales were in Placer and Sacramento counties alone. The suburban cities of Placer County accounted for 44 percent of third-quarter sales of new homes in the region. Sacramento County’s outer...
Read more
Read more | 0 comments
| Link directly to this article.
Sacramento Association of Realtors Upcoming Events
Here are some noteworthy events coming up in September that you might be interested in:
SAR Volunteer Opportunity: Rebuilding Together
Date: Saturday, October 3rd
Time: All Day
Location: TBA
SAR has been organizing a team of members to help rehab the home of a needy Sacramento citizen. This team gets together twice a year to paint, construct, and even clean homes. If you are interested please contact Tony @ 437-1205 and for more details you can sign up at www.rebuil...
Read more
Read more | 0 comments
| Link directly to this article.
WASHINGTON – Nearly three years into the deepest U.S. housing slump in generations, lenders are modifying only a small number of problem mortgages, and rising foreclosures are restraining the economy’s recovery.
The Obama administration has stepped up pressure on lenders and their mortgage servicers, who act as bill collectors on behalf of investors who own mortgage bonds. The administration on Aug. 4 unveiled the first of what...
Read more
Read more | 0 comments
| Link directly to this article.
The real estate market isn’t cured yet, but several indicators suggest that it is beginning that long, slow and greatly anticipated climb out of intensive care.
If so – and if the patterns continue – the market here could stabilize, finally reversing the decline that has marked the capital region as one of the worst-hit metro areas in the United States. Sacramento’s ill-fated housing boom peaked four years ...
Read more
Read more | 0 comments
| Link directly to this article.
Capital-area foreclosures keep climbing in second quarter
By Jim Wasserman
jwasserman@sacbee.com
http://www.sacbee.com/business/story/2047112.html
The capital-area foreclosure crisis raged on in April, May and June, with lenders repossessing another 4,448 homes and filing notices of default against 10,682 more households late on their payments.
The newest statistics from La Jolla-based researcher MDA DataQuick brought the foreclosure total to 41,903 households since the start of 2007 in Amador, El Dorado, Nevada, Placer, Sacramento, Sutter, Yolo and Yu...
Read more
Read more | 0 comments
| Link directly to this article.
Many Californians saw their dreams go up in smoke when the housing market burned up as a result of heavy job losses, bankruptcies and balloon mortgage payments, but others are rising from the ashes and forging new investment endeavors.
All the bathroom mirrors are missing, there’s dog urine in the air-conditioning unit and holes in the walls, but the foreclosed house Sacramento r...
Read more
Read more | 0 comments
| Link directly to this article.
Sacramento-area home sales fall for 1st time since April 2008
By Jim Wasserman
jwasserman@sacbee.com
http://www.sacbee.com/business/story/2033127.html
The 14-month streak is over.
Sacramento-area home sales reached their highest monthly count yet this year in June. But with fewer bank repos on the market, they failed to beat the numbers from June 2008, according to new statistics released Thursday from researcher MDA DataQuick.
It was the first time since April 2008 – when year-over-year figures turned positive after three years of declines – ...
Read more
Read more | 0 comments
| Link directly to this article.
Mortgage defaults spread as even ’safe’ borrowers falter
By Jim Wasserman and Dale Kasler
jwasserman@sacbee.com
http://www.sacbee.com/business/story/2017811.html
The mortgage default crisis has an ominous new face. It’s your neighbor with a traditional fixed-rate loan.
No longer is the real estate bust simply the result of exotic, subprime loans that doubled payments and blew up in homeowners’ faces. As the Sacramento economy buckles, even the safest mortgages have become part of a new wave of loan defaults, experts say. Read more
Read more | 0 comments
| Link directly to this article.
At the beginning, Alejandro Maybuena lost the Sacramento house he bought in April 2005 for $350,000. At the end, in early 2009, Kim Gish bought it for $109,000.
Stories like this have happened more than 40,000 times in the Sacramento area. Still, the tale in particular of one house in California’s capital region shows the sweeping change in a real estate industry that once involved mainly a mom-and-po...
Read more
Read more | 0 comments
| Link directly to this article.
At first, the Sacramento region’s small, business-oriented community banks appeared to have sidestepped the plight of banking titans that staggered under the burden of home mortgage defaults. Now some are showing signs of stress.
Gold Country Bank in Marysville has become the weakest bank of its size in California – below 98 percent of similar banks nationwide, according to Bankrate.com, a leading independent ev...
Read more
Read more | 0 comments
| Link directly to this article.
Use of short sales on rise in Sacramento housing market
By Jim Wasserman
jwasserman@sacbee.com
http://www.sacbee.com/business/story/1933643.html
For years real estate agents have steered buyers away from "short sales," labeling them a mind-numbing, difficult experience that could exhaust the patience of the biblical Job.
Now buyers can hardly avoid them.
"When it’s 50 percent of the inventory you don’t have a choice," said Scott Williams, a Roseville-based ReMax broker. Williams specializes in a complex transaction that may be...
Read more
Read more | 0 comments
| Link directly to this article.
The price per square foot of homes improved from February to March in 11 of 25 metro areas tracked, real estate analytics and data company Radar Logic reported this week.
The composite price-per-square-foot index for the 25 metro areas fell 0.3 percent on a month-over-month basis in both February and March, which is less than the 1.2 percent and 0.9 percent declines in February and March 2008.
Radar Logic noted in an announcement that the pr...
Read more
Read more | 0 comments
| Link directly to this article.