Happy Thanksgiving!
Happy Thanksgiving
We would like to wish everyone a wonderful Thanksgiving holiday. As you enjoy food and fellowship with family and friends be sure to take time to reflect on things you are grateful for in your life. Enjoy the day!
Thank you to our agents, clients, business associates and family for their support throughout the years.
Coldwell Banker Heritage House.
California expects mortgage-aid program to begin in weeks
The California Housing Finance Agency (CalHFA) reported this week that its “Keep Your Home California” program will be delayed because of logistical issues with the program.• Funded with federal money, the program offers four different types of cash assistance for an estimated 100,000 low- to moderate-income California homeowners. Additionally, eligible borrowers must have endured some sort of loss of income.
• The two primary forms of aid include $875 million dedicated toward unemployed Californians who need help making their monthly payments, and $790 million to be used to directly reduce mortgage loan balances.
• Although the program has been delayed for several weeks, homeowners struggling to make their mortgage payments are advised to not wait for assistance programs to begin before contacting their servicer or lender. Instead, homeowners should begin working with their lender or servicer at the first sign of difficulty.
• More information about the “Keep Your Home California” program can be found at
The “Keep Your Home California” program is a $1.83 billion government aid program that will pay down loan balances and provide monthly cash assistance to struggling California homeowners.
Foreclosure rates rise in both Yuba-Sutter County
The number of notices of default, which is the first step in the foreclosures process, has fallen in both Yuba and Sutter County from a year ago. However, the number of defaults recorded from the previous quarter of 2010 is up 38% and 15% for Yuba and Sutter County, respectively.
Homes lost to foreclosure in Yuba and Sutter County was down 3.6% in Yuba County, but up 7.2% in Sutter from a year ago. Homes lost to foreclosure rose in both counties from the previous 2010 quarter.
| Notices of Default (first step in foreclosure process) | |||||
| County | 2009 Q3 | 2010 Q3 | Yr/Yr % | 2010 Q2 | Qr/Qr % |
| Yuba | 312 | 282 | -9.6% | 173 | 38% |
| Sutter | 403 | 282 | -30.0% | 239 | 15% |
| Trustees Deeds Recorded ( homes lost to foreclosure) | |||||
| Yuba | 196 | 189 | -3.6% | 181 | 4.2% |
| Sutter | 152 | 163 | 7.2% | 154 | 5.5% |
| Statewide | 111,689 | 83,261 | -25.4% | 70,051 | 19% |
What does this mean? Here is my breakdown of the data.
First, the number of distressed homeowners in Yuba and Sutter County continues to rise. It also appears that the rate at which banks are foreclosing is increasing. Those homes that do go all the way to foreclosure are probably homeowners that were not able to work out a loan modification or short sale.
We could see the number of foreclosed homes on the market rise over the next few quarters bringing home prices down further. However, the faster we can work through the inventory of distressed homes the sooner we can return to some normalcy in the housing market and possibly return to the days of rising homes values.
Source: DataQuick Infomation Systems.
