Central Valley Real Estate

Modesto #6 in USA For Highest Unemployment

2009-05-26T11:23:06-07:00

It's not cheerful news, but it's important to note: HousingEconomics.com (sponsored by the National Association of Homebuilders, NAHB) recently released March 2009 employment data. Highlights from the report include: National Unemployment rate: 8.5% #3 Highest Unemployment Rate: Merced - 18.5%...

Report Shows Modesto, Merced & Stockton As "Most Affordable" In CA

2009-05-22T11:36:00-07:00

The HOI report for the 4th Quarter of 2008 shows that Modesto, Merced, and Stockton were the three most affordable areas in the state of California, with affordability rates of 71.1% for Modesto, 70.9% for Merced, and 66.4% for Stockton.

Reconciling Two Diverging Foreclosure Trends

2009-05-21T06:00:00-07:00

"This suggests that many lenders and servicers are beginning foreclosure proceedings on delinquent loans that had been delayed by legislative and industry moratoria. It’s likely that we’ll see a corresponding spike in REOs as these loans move through the foreclosure process over the next few months."

Fannie Mae REO Financing Tips with HomePath

2009-05-20T14:55:00-07:00

I’ve personally noticed a significant increase in questions about this financing so I thought I would cover the basics. First, there are two types: a HomePath Mortgage and a HomePath Renovation Mortgage.

More Foreclosures Coming To Modesto/Turlock Areas

2009-05-19T06:00:00-07:00

The lull in foreclosures is about to end. While it hardly seemed that way, the foreclosure rate was relatively low the past six months in Stanislaus, Merced and San Joaquin counties. But things are going to get a whole lot worse

Central Valley: Worst in Nation For Negative-Equity Homes

2009-05-18T06:20:00-07:00

As shown in the graphic, Stockton, Modesto, and Merced are ranked as #2, #3, and #6 in the country for percentage of homes with negative equity, at 51.1%, 50.8%, and 44.4% of all homes, respectively. Only Las Vegas, at 67.2% of all homes with negative equity, did worse.

California Conundrum: More Defaults & Fewer Foreclosures?

2009-05-17T06:56:00-07:00

More Californians are failing to make their mortgage payments than at any time in the last 20 years, but fewer of them are losing their homes, according to new figures.

California Foreclosures Are Back With A Vengeance

2009-05-15T06:00:00-07:00

We knew it was coming, and now it's here...the return of California's foreclosure crisis. Okay, it wasn't exactly gone, but maybe just on hiatus thanks to a new state law that went into effect last fall. That law requires lenders to

Foreclosure Firestorm Ahead?

2009-05-14T06:47:00-07:00

Mark Hanson of the Field Check Group, who works with ForeclosureRadar.com, writes, “there is a Pigzilla the size of a freight train in the python and it has worked its way to the lower intestines.” Hanson claims that foreclosures did not surge in April because the banks simply didn’t have the capacity to process all the distressed loans after all the moratoria had caused a backlog.

Top 4 Reasons To Do Your Own 'Loan Mod'

2009-05-13T12:39:35-07:00

There is currently so much advertising going around--most of it deceitful, illegal or both--that it is easy to think you need to pay a company to do a "loan mod" (or loan modification) for you. THIS IS NOT TRUE. There is little, if any value in having an outside company do this for you. These are the top 4 reasons why...