Serdar Bankaci, founder of foreclosure tracker Default Research of Mt. Pleasant, Pa., says …
- “We expect to see foreclosure activity continue through the first two quarters of 2009. With home prices in California dropping between 20 to 30 percent, many homes purchased during the real estate boom are upside down. Those who took the risk and financed using adjustable rate mortgages are going to have problems.”
- The foreclosure situation in California and across the country should improve though by the third quarter of 2009 when the significant action taken by the United States government late in 2008 trickles down into the economy. “It generally takes 9 to 12 months before interest rate cuts by the government and other stimuli begin to benefit the consumer, and then the foreclosures should slow down.”
Other real estate news …
- IndyMac bought for $13.9 billion by private group
- Refinancing can be tricky if your home was recently for sale
- Quote of 2008 … for home lending biz
- Open dialogue on mortgages
- Mortgage rates fall to historic low
- Mortgage Insider readers were right
- O.C. firm to help Fed buy $500 billion in mortgage securities
- Ditech.com parent gets $5 billion bailout
- Is it worth saving homeowners without equity?
- O.C. supply of distressed homes for sale drops 7%
- More buyers for failed bank
- Banks get mixed message: lend more and increase capital too
- Investor close to buying failed bank
- Shopping for lowest rate is dumb way to get a mortgage
- Lender eyes hard choices for O.C. home shoppers
- Low-end LA/OC home-price loss nearly twice high end
- Realtor eyes O.C. housing bottom by summer
- UCI economist eyes housing recovery in 2011 or later
- O.C. builder group prez eyes undramatic recovery
- Housing woes no longer a business myth
- House swapper eyes Surf City’s Edwards Hill, Seacliff
- H.B. market snapshot: 297 homes available, 22 close
- Surf City home sales down 21%
You’ve got to be kidding. Seriously. How could it possibly slow with all the Alt-A/Pick a Pay junk now heading for default with no chance of rescue. Oh because the govt programs will help as we have seen so far they are working at a smashing success rate(heavy sarcasm)