Obama Launches New Mortgage Aid
Over the last month we have mentioned in Could This Be The End of Short Sales? and No New Ideas From Mortgage Summit that it was rumored the Obama administration was about to order the government-controlled lenders to forgive a portion of the mortgage debt for Americans who are underwater. Today the Obama administration has indeed launched a revised government mortgage relief program referred to as the “short refinance” program . However this program is not intended for Fannie Mae or Freddie Mac loans and it still faces the challenge of satisfying second lien holders. The administration still hopes that up to 1.5 million loans could be modified through the program. The intent is to focus on homeowners who are current on their mortgage payments but are at risk of default because they have no equity in their homes. It is still too early to tell how many Stockton area underwater homeowners will benefit from this program.
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Stockton, CA, Short Sale Stockton Home for Sale & Stockton Real Estate, 3440 Heatherbrook Dr, Stockton, CA, 95219
For information on this and all the Stockton homes for sale visit www.Homes-In-Stockton.com!
Great Stockton Short Sale! Updated kitchen with granite counters and stainless appliances. Custom Paint and tile. Family Room with fireplace and french doors. Formal Dining with crown moulding throughout. Stamped concrete in the backyard. Stunning home.
Stockton, CA, Short Sale Stockton Home for Sale & Stockton Real Estate, 7309 Camellia Lane, Stockton, CA, 95207
For information on this and all the Stockton homes for sale visit www.Homes-In-Stockton.com!
Stockton short sale. Stockton home for sale located in Lincoln School District! Here is the perfect home for a couple starting out or a small family complete with a white picket fence. Hardwood Floors in Living Room and one bedroom. Updated touches throughout. Great buy.!
Stockton, CA, Short Sale Stockton Home for Sale & Stockton Real Estate, 3026 English Oak Cir, Stockton, CA, 95209.
For information on this and all the Stockton homes for sale visit www.Homes-In-Stockton.com!
Nice Stockton Short Sale! Well cared for home in gated community. Large corner lot. Priced to sell. Kitchen with tile counters and dining bar. Low maintenance yards.
Lathrop, CA, Lathrop Home for Sale & Lathrop Real Estate, 15928 Covered Bridge Way, Lathrop, CA 95330.
For information on this and all the Lathrop homes for sale visit www.Homes-In-Stockton.com!
Hurry this will not last long!!! A very beautiful home in the City of Lathrop, easy commute off of I-5, kitchen is upgraded with granite counters and stainless steel appliances, open room concept to family room with fireplace, and master bath has a jacuzzi tub. Just move in your furniture and ENJOY your new home.
Stockton, CA, Short Sale Stockton Home for Sale & Stockton Real Estate, 8185 Shay Cir, Stockton, CA, 95212
For information on this and all the Stockton homes for sale visit www.Homes-In-Stockton.com!
Great Short Sale Opportunity! 4 Bedroom 2 bath home with balcony on the upper level. Low Maintenance well kept yards. Close to schools and shopping.
Mortgage Rates Drop to New Low Record
Freddie Mac reports that the average rate for a 30-year fixed mortgage fell to another record low at 4.32%. The new 15 year fixed rate also dropped to 3.83%. These new record breaking rates show hope for a struggling housing market since the expiration of the popular home buyer tax credits. On 09-01-10 the Mortgage Bankers Association reported that mortgage applications for purchases increased last week and refinances were up 2.8%. It is too early to report on any impact these new mortgage rates will have on the local Stockton real estate market.
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Stockton, CA, Stockton Home for Sale & Stockton Real Estate, 2350 Moreing Rd, Stockton, CA, 95204
For information on this and all the Stockton homes for sale visit www.Homes-In-Stockton.com!
Amazing remodeled beauty located on 2 acres, high end quality products used; custom bird’s eye maple cabinets, brazilian cherry hardwood, granite, & marble. There is a tennis court, game room, exercise room, & wine room. The master bedroom suite is upstairs and features a fabulous walk-in closet/room w/built-in cabinets. So many amenities, it’s a must-see!
Lodi, CA, Short Sale, Lodi Home for Sale & Lodi Real Estate, 927 Comanche Way, Lodi, CA, 95240
For information on this and all the Lodi homes for sale visit www.Homes-In-Stockton.com!
Great 3 bedroom, 2 bath Short Sale home located in Lodi. Well cared for home features dual pane windows, large backyard, covered patio and 2-car garage. Perfect starter home or investment property!
60% or More Mortgages Underwater in Stanislaus and San Joaquin Counties
According to the Modesto Bee, in Stanislaus county underwater mortgages occur at twice the rate of the national average. The rate for San Joaquin county is even more extreme where 62.4% of mortgages are underwater compared to Stanislaus county’s 60%. The national average negative equity rate is 23% and the California state average is 33%. Areas high in negative equity have higher incidence of strategic defaults, short sales and foreclosures contributing to the slower market turn around.
