Source: CNN/Money –
They thought losing their home was bad enough. Now, years later, collectors are coming after them for thousands of dollars in back debt.
Ben McLarin lived near Jacksonville, Fla., until he lost his job and got divorced in 2007. His wife kept the house, but then couldn’t keep up the payments, spurring the bank to foreclose in 2009.
This year, a debt collector informed him he was being sued for $115,000, the difference between what was owed on the house and the amount the lender managed to recoup after it sold the home, said McLarin, an IT worker, who now lives in California.
His attorney, Chip Parker, with Parker & DuFresne in Jacksonville, said McLarin is one of thousands. Parker estimates that one debt collector alone, Dyck O’Neal, has filed more than 10,000 suits in Florida this year, involving roughly $1 billion in foreclosure debt.
Read the full story at money.cnn.com
Source: Sacramento Bee –
Low mortgage rates are on the holiday menu for home buyers, with lenders surveyed by Freddie Mac offering 30-year fixed-rate home loans this week at an average of 3.97 percent, down from 3.99 percent a week ago.
The average 30-year rate, which started 2014 at 4.5 percent, has been below 4 percent for five of the last seven weeks, according to Freddie Mac, which has published weekly reports on the 30-year loan since 1971.
The latest survey from the bailed-out finance giant, released Wednesday, showed the average rate for a 15-year fixed mortgage was the same as last week, 3.17 percent. Start rates for adjustable loans also were unchanged.
Freddie Mac’s chief economist, Frank Nothaft, described economic news in the United States as “uplifting” going into the holidays. Third-quarter home resales topped expectations, Nothaft noted, while growth in the gross domestic product was revised up from 3.5 percent to 3.9 percent.
Read the full story at SacBee.com
Source: San Jose Mercury News –
California housing affordability remained in check in the third quarter of 2014 due to lower interest rates and smaller home price gains, according to the California Association of Realtors. Affordability even improved in some high-cost counties in the San Francisco Bay region during the July-September period of this year.
The percentage of home buyers who could afford to buy a median-price, existing single-family home in California in third quarter 2014 was unchanged from the 30 percent recorded in the second quarter of 2014, but it was down from a revised 32 percent in third quarter 2013, according to the state Realtor group’s Traditional Housing Affordability Index.
This is the sixth consecutive quarter that the index was below 40 percent. The index measures the percentage of all households that can afford to purchase a median-price, single-family home in California.
Read the full story at MercuryNews.com