11% of the money the U.S. Department of Housing and Urban Development (HUD) has given to the American Recovery and Reinvestment Act of 2009 will be given to California. Already $10 million dollars – or nearly 75% of the recovery funds have been dispersed. The first group of funding is described
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02/27/2009
The latest home buying reports showed for the first time since it started being recorded in 1988 builders sales of new residences are less than 100 per month. This is 87% below the 1988-2008 average and the price for new homes is down 44% from its high in February 2005. The median selling price
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02/27/2009
This week home loan rates rose to the highest level since mid-December despite the fact that the Federal Reserve is trying push the mortgage rates down. The average rate on 30-year loans was up from 5.1% last week to 5.25% this week. The government began to launch a program in January to buy mor
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02/25/2009
A recent survey of 17 lenders in California showed that by the end of last year $141.5 million worth of commercial loans were over 30 days past due. This is triple the rate a year ago and up from the .08% calculated for the third quarter of last year. Currently 0.15% of the $92 billion commer
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02/25/2009
Who is Eligible The $8,000 tax credit is available for first-time home buyers only. The law defines a first-time home buyer as a buyer who has not owned a home during the past three years. All U.S. citizens who file taxes are eligible to participate in the program. Income Limits Home buyers wh
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02/23/2009
Approximately 1,718 homes that had previously sold for $1 million or more were either seized by a bank or on the brink of foreclosure last year. In 2008 its reported that 2,862 home sales of $1 million or more took place in Orange County. Orange County records also show that 1,179 homes that ha
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02/11/2009
Currently nearly 57% of homeowners believe that their home has lost value in 2008, in reality nearly 76% of U.S. home decreased in value. Zillow.com’s VP states that “It’s clear that the ‘not my house’ sentiment that was so prevalent in earlier surveys is waning, and homeowners are opening thei
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02/11/2009
Statistics show that in Orange County during the month of December there were 5,991 foreclosure filings on houses and condos. That number does not account for properties that were already foreclosed and is equal to a ration of 1.3 percent of all outstanding mortgages in the county. Overall Oran
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02/10/2009
The latest statistics show that demand for housing is up 70% from a year ago. Demand for housing is defined as the number of new deals in escrow in the past 30 days. At the current home buying pace it would take 4.31 months for buyers to purchase all the homes for sale, which is even better tha
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02/10/2009
The director for the Center for Economic and Policy Research in Washington D.C. has released an article in which he reveals the problems that all government efforts face when trying to deal with the foreclosure epidemic we are facing. He states: “While Congress and policymakers are debating vari
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02/05/2009
