Archive for the ‘Claifornia’ Category

Obama plan to prevent foreclosures won’t help many California homeowners

March 6, 2009
Nearly a third of the state’s mortgage holders are underwater on their loans, many of them by amounts that would disqualify them for government-sponsored refinancing.
By E. Scott Reckard and Peter Hong
Los Angeles Times
10:38 PM PST, March 5, 2009
The Obama administration’s plan to stave off foreclosures could fall flat in California, where nearly one-third of mortgage holders are underwater on their loans — many of them by amounts that would disqualify them for government-sponsored refinancing.

The problem is likely to be especially acute in areas like the Inland Empire, where homes have lost more than 40% of their value in the last year and nearly half the homeowners owe more on their loans than the properties are worth.

Read the rest:
http://www.latimes.com/business/la-f
i-housing6-2009mar06,0,2516760.story

Foreclosed home auction A sign in front of a house in Palmdale announces an auction of foreclosed homes.  David McNew / Getty Images