Forbearances jump in state
With millions of Californians out of work, the almost 6% of mortgages in forbearance in the state could eventually become homes in foreclosure.
COVID slams the door on home sales in April
Sales plummeted 30% in April compared to a year ago, the largest decline since the Great Recession. It was across-the-board pain as the pandemic prompted businesses to close and millions to lose jobs.
Big profits for sellers — and much equity for owners
Homes sold generated hefty paydays for sellers, and many owners are now equity-rich, owing 50% or less on their mortgage than the current market value of their home.
Homeowners may not need Uncle Sam’s help with mortgages
Lenders offering to delay payments could be the best option for hard-hit households dealing with job losses from the COVID-19 pandemic. Forbearance is better than foreclosure, an often lengthy and painful process for homeowners, servicers and communities.
Also in the blog:
Worried about the mortgage or rent? Help for homeowners and renters affected by COVID-19
We know you’re worried, the coronavirus has already affected you in so many ways. But there is some help with the mortgage or rent the next few months. Uncle Sam, the state, cities and even big banks are taking unprecedented steps to help.
Curb appeal pays off more than kitchen remodels
Stone veneer and new garage doors may not be very exciting, but they are the most rock-solid of investments when it comes to home-improvement projects.
What regions are most at risk for wildfires?
Nine of the nation’s 15 metro regions with the highest risk of wildfires are in California, threatening the state’s residents and economy.
Long-term rates inched lower for the week ending May 21, remaining near a record-low.
30-year: 3.24% vs. 3.28% a week ago
15-year: 2.70% vs. 2.72% a week ago
Source: Freddie Mac
Forbearances could lead to foreclosures with millions of residents jobless. Also, many renters are worried about paying rent, mortgage refis skyrocket, new-home sales stall, and Facebook and Twitter employees search for lower-priced homes.
COVID slammed the door on home sales in April, with the largest month-to-month drop in more than 40 years.
California homeowners are enjoying hefty profits when selling — and when they don’t. Also, bigger down payments and higher credit scores needed for buyers, and don’t expect 3.5 million more homes anytime soon.
Uncle Sam has already pumped a lot of money into the economy during the past several weeks. Do we need more to help out-of-work homeowners with their mortgages?
California’s once-strong housing market showed much weakness in March, as the coronavirus prompted a double-digit decline in sales, the first time in more than nine years.
Home prices and sales soared in February, but as concerns about the economy and the health risks of COVID-19 spread, the solid market will struggle in the coming months.
Outside home-improvement projects generate the best return. Also, time to refinance with record-low mortgage rates and Bakersfield is the top luxury market in the state, likely because LA is too pricey.