Home Foreclosures Dropping to Levels Seen in 2006

Source: Sacramento Business Journal
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New research by RealtyTrac Inc. on foreclosures in the Sacramento housing market suggests by early 2015, the rate of underwater buyers losing their homes to the bank will be about what it was before housing bust began.

Right now, about 1,000 homes are at some stage of foreclosure every month in the region; during the first half of 2006, the number was 929, said Daren Blomquist, vice president at RealtyTrac.

“Sacramento is making its way back to normal, but it’s not there yet,” he said. Compared to the state as a whole, though, where 13,000 homes monthly are in some kind of foreclosure stage now but only 7,000 were on a month-to-month basis during 2005 and early 2006, Sacramento’s recovery is ahead of the pace.

For September, 951 homes were in foreclosure, more than 400 fewer than the same month a year ago. But either way, the same culprit is still afflicting those homes: Loans from 2008 or earlier that have backfired relative to values now.

Read the full story at BizJournals.com

Bay Area Housing Market Posts Strong September

Source: San Jose Mercury News
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Despite two years of double-digit increases that have home prices approaching previous peaks, there’s still plenty of demand for single-family houses, condos and townhouses in the nine-county Bay Area, according to the latest snapshot of the region’s booming real estate market.

A total of 7,141 sales of all types of homes were recorded in the strongest September in five years, the real estate information service CoreLogic DataQuick reported Tuesday. That was an increase of 4.2 percent from a year ago. The median sale price of $604,000 was up 14 percent in one year, but still below the peak of $665,000 reached in June and July 2007, just before the housing crash.

HNot every county reported such strong sales. Santa Clara County sales were down slightly from a year ago, probably depressed by a combination of high prices and a shortage of homes for sale. That contrasted with five-year September highs in Contra Costa and Alameda counties, and a three-year high in San Mateo County, the Irvine-based real estate information company reported.

Read the full story at MercuryNews.com

Five Things to Consider Before Tapping Your Home for Cash

Source: Money-CNN
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During the housing bust, many homeowners were cut off from a popular source of funds: their homes.

But as home prices recover, more people have been able to tap their home’s equity to pay for renovations, consolidate debts or help pay for other big ticket items.

Home equity lines of credit were up 27% during the year ended June 30, according to financial services company Experian and consulting firm Oliver Wyman. And more people are expected to follow suit.

But does that mean a home equity loan (HEL) or home equity line of credit (HELOC) is right for you? Here are five things you need to consider.

1. Rates
In recent years, mortgage rates have hovered near historic lows — with nearly 9 million borrowers getting 30-year fixed mortgages at or below 4%, according to CoreLogic.

Read the full story at Money.Cnn.com