Foreclosures Fall Due to New Laws

ckoffend | Feb 14, 2013 11:08 AM ET If I ran a bank that wrote mortgages in California, I would require 40% cash down payments as my standard. I`d accept as little as 20% cash down, but treat those loans as sub-prime loans and charge a higher rate. With laws like this, a home buyer pretty pretty much get a 3% down mortgage (as it exists right now) and knows that can serve as 5 years worth of rent - never making a mortgage payment in that time. What a joke of a State. Of course in the end, the Cali. banks will make mortgages much more expensive and once again, the responsible, financially intelligent people will pay for the problems caused by the stupid peopler with no financial intelligence.

ragnar_d | Feb 14, 2013 11:25 AM ET Diana, come visit coastal Orange County, CA. Houses here are selling like hotcakes. Even ones above 2M (starter home in the OC...). Especially checkout south OC coastal. And no, I don`t have a house for sale :-)

LoganMohtashami | Feb 14, 2013 11:48 AM ET Orange County is a Ghost Town in Inventory ... Inventory back to 2005 levels and demand is 1/3 rd the amount back then. Perfect Example of the problem in Housing, Orange County CA Logan Mohtashami

handballforlife | Feb 14, 2013 12:07 PM ET Lloyd I want to personally thank you for making it possible to own my home outright.........those corrupt banks that opened up down here in sunny Florida must have shredded my note after they sold it a few times over and now they don`t have the paper work anymore and either down the corrupt title company that was working hand in hand with them Thanks again Lloyd for being the crook we all know you are

Outside_Observer | Feb 14, 2013 12:15 PM ET I am a liberal, but when it comes to foreclosures, I have zero tolerance. People who bought houses they could not afford and knew they could not afford, need to move out. Time to step up and take personal responsibility! These loans should not be modified, they should be foreclosed. End of story. *-*-*-*-*-*-*

SoCalRefugee | Feb 14, 2013 12:18 PM ET Why would ANY homeowner in Cal make a mortgage payment?

SDedalus | Feb 14, 2013 12:26 PM ET Logan, Good point. The low-inventory / low-demand situation is the same in Phoenix. What got us, the nation, into this real-estate quagmire is the "one-size-fits-all" model employed by the international banking community. Previously, we had the wisdom that "all real-estate is local." Super-sized banks cannot solve the problems nor can super-sized bureaucracies like the one that has come to define our schools. It is a sad irony to see these government bureaucrats try to find a "solution" to our "failing schools" when in their overconfident idiocy all they are trying to impose is another example of their "one-size-fits-all" model which allows them to concentrate wealth and power until the top-heavy social system fails. What we now have in America is a plutocracy, rule by money, and the big-busines

ragnar_d | Feb 14, 2013 12:32 PM ET Socalrefugee, They would because prop values are skyrocketing. We bought a shortsale 18 months ago for 1.4M and the house next door just sold in a regular sale for 2M (same size, view, etc.). And other houses in the tract that had been for sale for months or years have suddenly sold for asking price or higher. These are not investor buyers. And folks are dumping hundreds of $K into pools and landscaping. Recession, what recession? Just reporting what I am seeing in south OC. Ragnar

areyoukidding541 | Feb 14, 2013 12:33 PM ET Big banks have been letting people stay in their homes for 2 years without making a mortgagae payment. They want too keep this BAD DEBT off the books to make the books look better then they are. It`s all a shell game. If the banks ever went after everyone who is now 3 months behind, the numbers would be shocking. Then the stock price falls. Once again, it`s all a shell game with the banks.






Start a Conversation - Add Comments

Your Comment: ( Please enter all fields and security code. )

Name:
Email:
Website:
Topic:
Comments:
 
Word Verification:
 

Latest Comments

The bankers have always been running the show - .REAL.patriot. | Jan 14, 2013 04:58 PM ET My sister in law was evicted by the local sheriff and told to vacate the property. She followed the order and thought she was done with any legal responsibil... - by pain245

January Existing Home Sales Tick Up; Philadelphia Fed Drops More Than Expected - antisocial | Feb 21, 2013 10:26 AM ET your report makes anyone in his right mind puke...

bankabanumbers | Feb 21, 2013 10:30 AM ET Unemployment are on the rise. Who`s buying homes? In... - by Fox242

How Big Is Wall Street`s Housing Bet? Pretty Big - NewDay12 | Jan 9, 2013 04:42 PM ET I like how after almost 5 years they are still calling this a recovery. Do they think people are that stupid. We are simply not in a technical reccession due to gov... - by Homenow

US Mortgage Applications Eased Again Last Week: MBA - jc18630 | Feb 27, 2013 07:30 AM ET As an aspiring homeowner, I can tell you that there is just not the supply out there to choose from. What is there is way over the price range of a first time homeb... - by Newstorm72

we`ve back to mortgages with 100% financing and refinancing at 95% - Mr.Clumpus | Feb 5, 2013 11:39 AM ET Just recently Diana was gloom and doom about housing. Now we`re in a bubble. LOL

j_m_h | Feb 5, 2013 11:40 AM ET One of the signs of a new bubble ... - by Mort2482



Foreclosures Fall Due to New Laws

Real Estate Agent Directory

Are you looking for a real estate agent in your area? At housing news blog, you can search for your local realtor and real estate service by using our agent search features.

Real Estate Agent Directory

Get listed!

Are you a real estate agent? Get listed for free with us! Complete a real estate agent profile form and get listed in a few days. Click on the link below to get started!

Free agent profile!