Foreclosure rates in Stockton increased
Foreclosure rates in Stockton increased in December 2009 over the same month in 2008, according to First American CoreLogic.
According to data Thursday from First American CoreLogic on foreclosures for the Stockton area, the rate of foreclosures among outstanding mortgage loans was 6.00 percent for the month of December, an increase of 2.39 percentage points compared to December of 2008 when the rate was 3.61 percent.
Foreclosure activity in Stockton is higher than the national foreclosure rate which was 3.16 percent for December 2009, representing a 2.84 percentage point difference.
Defaults Continue to Plague Commercial Real Estate Market
We are seeing more commercial mortgages in distress every week,” said Ira J. Friedman, COO of Guardian Solutions.
Not since the early 1990s have we observed this perfect storm of deteriorating rents and occupancies, deflating sales prices, and tight credit that’s leading to a lot of defaults,” said Victor Calanog, director of research at Reis, a New York-based real estate research organization. “
With close to $3.5 trillion of loans outstanding and at least 12 to 24 more months of rent declines, I expect to see more commercial properties defaulting on loans.”
Residential Mortgage Delinquency Rate Surpasses 10%: LPS
Home loan delinquency rates in the United States have now surpassed 10 percent, Lender Processing Services (LPS) reported.
When you factor in homes already in the foreclosure process, the total rate of noncurrent mortgages sits at 13.3 percent, according to the data in the Florida-based company’s national loan-level database.
Goldman Sachs CEO awarded a $9 million stock bonus
Goldman Sachs Group awarded Chief Executive Lloyd Blankfein $9 million in restricted stock units, according to a regulatory filing by the investment bank.
Mortgage payments lag as consumers pay credit cards instead
Americans are paying their credit card debts before they write a check for their mortgages at a greater rate than ever, according to a new study developed by TransUnion LLC, one of the nation’s three major consumer credit reporting agencies.
• Trend gaining momentum • Especially true in California
Record number of real estate licenses were revoked in 2009
Record number of real estate licenses were revoked for cause in 2009 by the California State Department of Real Estate, the state department that issues licenses to real estate professionals.
All told, over 775 licensees had their license revoked or simply surrendered their licenses while facing accusations.Over the past two fiscal years, the DRE averaged 446 license revocations and 59 license surrenders. In 2009, license revocations jumped over 50 percent, to 672, while license surrenders jumped nearly 80 percent to 105.
California home permits declined 44 percent in 2009
California homebuilders pulled 36,209 permits statewide in 2009, a 44 percent decline compared with 2008, and 83 percent lower compared with 2004, the peak of the current cycle, according to the California Building Industry Association (CBIA).
Last year also marked the second consecutive year of record-low housing production in California, according to CBIA.
NONREFUNDABLE DEPOSIT DEEMED INVALID
An agreement for a “nonrefundable” escrow deposit is invalid and unenforceable, according to the recent California case of Kuish v. Smith (2010 WL 373225). This case serves as a good reminder for REALTORS® that inserting a “nonrefundable deposit” provision into a real property purchase contract may be legally ineffective.
Foreclosures increase in California
There were 84,568 California homes entering the foreclosure process in the fourth quarter of last year, a 12.4 percent increase over the same period a year earlier, according to figures compiled by real estate information company MDA DataQuick of La jolla.
However, the fourth quarter’s numbers were lower than the third quarter, MDA DataQuick notes, contending that “the worst may be over in hard-hit entry-level markets, while slowly spreading to more expensive neighborhoods.”
