Courtesty of foreclosureradar.com, here’s how the foreclosure process works in California. If you would like more information on foreclosures in your area, please give me a call! (805) 339-3591.
Does your housing take up half your income?
A new study by the Center for Housing Policy, entitled Housing Landscape 2012, found that the share of working households paying more than half their income for housing rose significantly between 2008 and 2010 for both renters and owners. This annual report explored the last Census data on housing costs and income, including housing cost burden data from the 50 largest US metropolitan areas, all 50 states, and the District of Columbia. The report found that nearly one in four working households in the US spends more than half of total income on housing.
Is it Time to Refinance?
Those who refinanced their mortgages a year or so ago, when interest rates averaged just below 5 percent for a 30-year fixed-rate loan, may be wondering whether it’s time to refinance yet again now that rates are at least a full percentage point lower.
Making sense of the story
• As of Thursday, according to Freddie Mac’s weekly survey, the average rate on a 30-year loan was 3.83 percent, down from 4.63 percent a year ago, setting a record low.
Foreclosure Activity Declines Hurting Investors
Here is the latest report from foreclosureradar.com
Foreclosure Starts declined across our coverage area wiping out the small gains in new foreclosure filings last month. In California, Notice of Default filings are down 69.8 percent from the peak in March 2009, and 15.8 percent from April 2011. Notice of Trustee Sale Filings, the start of Arizona’s foreclosure process, are down 59.4 percent from the peak in March 2009, and down 8.0 percent year-over-year.