Gov. Arnold Schwarzenegger signed a 90-day moratorium on California home foreclosures (legislation SB2X-7 and AB2X-7) amid criticism that the law likely won’t put a dent in the skyrocketing pace of repossessions. Here’s what you need to know: The bill, as part of the state’s recent budget deal, safeguards owner-occupied residences that had first loans on more » Read more »
Foreclosure Inventory Skyrockets, Home Prices Hit Historic Low
Here’s a quick, informative slice of what’s happening in the booming buyer’s market this week: 1. Foreclosures are at an all-time high nationwide. The number of foreclosures skyrocketed last year to an all-time high of 2.3 million, further deflating home prices at the fastest pace we’ve seen yet. According to Bloomberg reports out today, foreclosures more » Read more »
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