Impact of mortgage rates on housing payments

The average 30 yr mortgage rate jumped to 4.51% for the seven-day period ending on July 10th.  That is an increase from 4.29% a week earlier and 3.98% for the second week in June.  The higher rates increased monthly principle and interest payments by roughly 6.5%....

Foreclosure slowdown

The California Homeowner Bill of Rights (HBR) which just passed is the reason behind the recent slowdown in foreclosure sales and short sales in Ca. The reason for this is because of the litigation risk from this bill. Lenders have become more cautious when carrying...

New short sale program offers relief

New short sale law started Nov 1 now allows borrowers who are upside down but current on their loans to qualify for a short sale. They must qualify for a “hardship”- not just “this freakin loan is killing me”. A hardship could be a job loss,...