NorCalSavant

The moratoria banks had on foreclosures have expired, and a steady stream of foreclosures is expected to hit the market throughout the remaining year. As these foreclosed properties add to the supply of houses on the market, home prices are expected to continue to decline or stay declined. More on this topic (What's this?) Gayest [...]

With the ongoing recession things have not been looking too good for California’s budget.  With politicians entrenched in Legislature and ideological camps with safe gerrymandered seats, there has been no clear solution to matching state income with state expenses.  State Legislature and Governor Schwarzenegger have taken some half-hearted measures, although the problem seems far from [...]

Last week Treasury announced the Second Lien Program to work in tandem with the primary mortgage modification under the Home Affordable Modification Program to help homeowners avoid foreclosure.  Treasury also announced new lender incentives under the beleaguered Hope for Homeowners Program for underwater homeowners.  Are these new programs going to make a difference in continuing [...]

Interest rates are low, and house prices are down, but all you eager mortgage buyers out there, beware.  Mortgage fees and private mortgage insurance (PMI) have gone up, sometimes based on the credit score, and underwriting and appraisal rules have changed for the worse. More on this topic (What's this?) The Boldest Prediction I’ve Heard [...]