foreclosure

Homeowner Bill of Rights Gets Mixed Reviews Nearly One Year On

Oct 23, 2013
Joe Moore / Valley Public Radio

California’s Homeowners Bill of Rights is nearly a year old and both banks and groups representing distressed homeowners say the legislation intended to help distressed mortgage holders is a bit of a mixed bag.

Maurice Weeks is with the Alliance of Californians for Community Empowerment. He says provisions in the law have helped slow the state’s foreclosure rate.

Foreclosure Process Speeds Up in California

Oct 11, 2012
Joe Moore / Valley Public Radio

Banks are speeding up the home foreclosure process in California, according to data out today. But one analyst says the process may start to slow down again.

It took lenders an average of 335 days, or about 11 months to complete the foreclosure process on California properties in the third quarter.

Daren Blomquist with foreclosure listing service RealtyTrac says that was down three percent from the previous quarter and an eight percent drop from a year ago.

"These foreclosures, if they’re going to happen, it’s better that it’s more like a band-aid that you rip off."

Joe Moore / Valley Public Radio

Data out today show a big spike in the rate of California homes purchased and resold within six-months.

People in the real estate business call it “flipping.”

“Flipping is the process of buying a home or other property, usually at a discounted price, improving that property through rehab and repairs and then reselling that.”

Daren Blomquist is with RealtyTrac. The research firm has released new nationwide figures on flipped properties.

“Not surprisingly the state with the most flips in the first-half of 2012 was California with nearly 26,000.”

Foreclosures Drop, But Still Remain High

Aug 30, 2012
Joe Moore / Valley Public Radio

Foreclosure-related home sales fell 10 percent in California during the second-quarter compared to last year. But repossessions still accounted for a big percentage of homes sold. Listing service RealtyTrac says four out of every 10 California homes sold between April and June were foreclosures.

Daren Blomquist, RealtyTrac’s Vice-President said that number, "is extremely high. We’d expect to see less than 5 percent of all sales be foreclosure-related in a normal, healthy market."

Charmion N. Kinder / HUD

The nation's top housing official visited Fresno today to generate support for the Obama administration's efforts to stem the foreclosure crisis. 

Shaun Donovan, Secretary for the U.S. Department of Housing and Urban Development met with homeowners and members of the media today, saying that preventing foreclosures is key to stabilizing property values and boosting the economy.