Why Sutter County Residents should vote “YES” on Proposed Flood Assessment
By now Sutter and Butte Counties property owners should have received a ballot for a proposed assessment for critical levee repairs. If approved, the assessment will help to pay for 44 miles of levee repairs along the west bank of the Feather River. The State is expected to pay 71% of all construction costs with bond funds dedicated to levee improvements. An annual assessment on properties will help pay the required local cost share.
The Sutter Butte Flood Control Agency (SBFCA) wants to fix levees by 2015 and reduce flood risk. The project will save property owners tens of millions each year in mandatory flood insurance costs, maintain the rights of homeowners to improve property without costly restrictions, and sustain the local economy.
Get the FACTS Before You Get Your Ballot!
FACT: Levees do not meet federal standards for 100-year flood protection.
FACT: Most of Sutter County and large portions of Butte County – are scheduled to be “remapped” by the Federal Emergency Management Agency (FEMA) as Special Flood Hazard Areas.
FACT: Until levees are repaired, property owners with mortgages will be required to purchase higher-cost flood insurance.
FACT: Property owners who want to sell their homes will be required to notify buyers of the requirement to purchase flood insurance.
FACT: Until levees are repaired, strict building codes will be in place, making it more costly for property owners to improve or replace structures.
FACT: Property owners do not get to vote on mandatory flood insurance.
Click to Look Up Your Proposed Assessment
Learn More!
Visit www.sutterbutteflood.org to look up your proposed assessment and get the latest information, news and meeting dates. Questions? Call SBFCA’s hotline at 530-870-4425.
Huge Rise in Search for Rentals On-line
Visits to a custom category of Home & Apt Rental websites (excludes vacation rentals) increased 45% in April as compared to the same month last year. For the Home & Apt Rental websites, visits have increased year-over-year for the past 10 months. The rental market for houses and apartments is benefiting as a result of tightened credit markets and increased foreclosures as a housing option.
If you are looking to rent a home or apartment in the Yuba-Sutter area please visit our website http://yubasutterrental.com.
To read entire article http://weblogs.hitwise.com/heather-dougherty/2010/05/rentals_benefit_from_weak_hous.html
RealtyTrac Sees First Annual Drop in Foreclosures Since 2005
Foreclosure filings across the country dropped from the year before for the first time since RealtyTrac began measuring the statistics in January 2005.
The company measures default notices, scheduled auctions and bank repossessions across the US. Filings were reported on 333,837 properties in April, a 2% drop from the same month in 2009 and a 9% drop from March.
James Saccacio, CEO of RealtyTrac, said it could be a sign that foreclosure activity is starting to flatten.
“There were two important milestones in the April numbers that show foreclosure activity has begun to plateau — but at a very high level that will not drop off in the near future,” said Saccacio, chief executive officer of RealtyTrac.
The first milestone was the drop in foreclosures. The second was that REO, or properties taken back by the bank, hit a record monthly high of 92,432 in April, up 1% from February and 45% from April 2009. It was a 1% increase from the peak in December 2009.
However, default notices dropped “substantially” on a monthly basis, according to the report. RealtyTrac reported 103,762 default notices in April, a 12% drop from February and a 27% drop from April 2009, when default activity peaked at more than 142,000.
“We expect a similar pattern to continue for most of this year, with the overall numbers staying at a high level and ripples of activity hitting the various stages of the foreclosure process as lenders systematically work through the backlog of distressed properties,” Saccacio said.
Nevada held the highest foreclosure rate for the 40th straight month. There, one in every 69 housing units received a foreclosure filing in April, more than five times the national average. Arizona moved from third to second despite a 15% decrease in foreclosure activity. There, one in every 169 homes received a filing. Florida held the third spot, where one in every 182 homes received a filing.
California fell from second to fourth. There, one in every 192 homes received a foreclosure filing.
Source: Jon Prior
