No one is buying homes.
No one is building homes.
But home prices are continuing to rise.
Except for a little exaggeration in two of the three previous statements, that’s the state of the California housing market as spring 2007 turns to summer.
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The California housing market isn’t spectacular, and in the Central Valley city of Lodi, it’s downright sluggish.
But compared with nearly every other city in the area, sluggish is actually looking pretty good right about now.
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The California Department of Real Estate is trying to bar a local mortgage broker from the industry, accusing him and his company of arranging inflated appraisals in order to pocket huge commissions.
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The number of homeowners in Santa Barbara County who have fallen behind in their house payments has quadrupled over the past two years as the real estate market has cooled and many introductory mortgage interest rates have risen.
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Real estate is no longer “cooling” or “in a lull” or “returning to normal” in this California housing market.
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Mortgage fraud cases rose significantly last year in California, which ranked No. 2 in the nation among other states for fraud incidents, a study revealed Wednesday.
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A coalition of California consumer groups sent letters Monday urging six major mortgage lenders to suspend foreclosures on home loans for the next six months and find ways to keep borrowers from losing their homes.
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Money may not grow on trees, but for a whilel it seemed to grow on houses, and Colleen Moorhead knew exactly where to turn when she needed to harvest some cash.
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The turmoil in the California mortgage industry is beginning to take its toll on Orange County jobs, according to the Orange County Register.
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Why are San Diego mortgage defaults on the rise? The ranking of this city in a recent poll may reveal the answer.