This week in Stockton - Real Estate related news summaries 10/2/10 - 10/9/10
The foreclosure crisis captured most of the headlines this week as the nation's largest lenders and loan servicing companies took protective postures regarding poorly or incorrectly documented foreclosure processes. Additional bad news confronted the economy as the impact of the secondary recession issues start to become more visible.
Oct 4 - Washington, AP - "Executive only checked date on foreclosure documents" - A Wells Fargo executive confirmed that he verified only the dates on the foreclosure documents he signed daily. In a deposition made involving a Washington State homeowner, he said he relied on co-workers for up to 150 files a day. Other lenders, GMAC, Bank of America and Chase have halted foreclosure while documentation is reviewed.
Oct 4 - Stockton Record - Staff - "Home sales rise; factory orders drop" - People have have signed contract to purchase home increased in August for the second month in a row. The National Association of Realtors index shows a seasonally adjusted reading of 82.3. The index provides early measurements of sales activity. A 100 reading indicates the average sale level in 2001, when the index started. Factory orders fell 0.5 percent in August the fourth month in a row reflecting a decline
Oct 6 - Stockton Record - Keith Reid - "Lodi may absorb some water meter costs" - Property owners in Lodi are expected to see relief from the proposed $1200 city installation charge to $300. City council members will have to approve the current water spending plan to insure the fee reduction. If the plan is approved, homeowners will still be offered a payment plan to have city workers install the water meters.
Oct 7 - Stockton Record - Keith Reid - "Lodi goes forward on bond for water plant" - The City Council voted to move forward with issuing $45 million in bonds for paying the construction of a new water treatment plant. Bond rating agency Moody's recently gave the utility a rating of Aa3 and Standard and Poor's gave it an A+.
Oct 7 - Washington, AP - "Poverty stretches deep into suburbia" - America's suburbs are bearing the brunt of poverty among those of working age. Analyses by the non-profit Brookings Institute "paint a bleak economic picture for the 100 largest metropolitan areas; poor living outside of cities is upo37 percent. Millions of American at all income levels moved to the suburbs looking for better schools, jobs, affordable housing and sense of security. The recession has produced reductions in incomes and employment increase economic stress in the suburbs.
Oct 7 - Washington AP - "US cities squeezed by revenue drop" - Reduction in city tax revenues declined the most in the past 25 years. Depressed home values are just beginning to impact property tax receipts. "While the recession might have officially ended for the national economy," said Chris Hoene, direct at the National League of Cities, "cities are now in the eye of the storm." The NLC has projected that cities will cut 480,000 jobs this year and next. More jobs are expected to be lost among firms doing business with cities
Oct 8 - Stockton Record - Reed Fujii - "Foreclosure questions foremost among callers" - Free financial call-in serviced line Thursday [8/7], reported foreclosure, short sales and their impact on credit ratings were among the most often asked questions. The resource line was sponsored by The Record and the Financial Planning Association of San Joaquin County.
Oct 8 - New York - AP - "Mortgage rates hit record lows again" - 30-year fixed-rate mortgages fell again for the 12th week in a row. Pegged at 4.27 percent, that is the lowest rate on record since 1971, when the data began being tracked. This week's rate is doen from last week's rate of 4.32 percent.
Oct 9 - Washington, AP - Alan Zibel - "Foreclosures on hold at Bank of America" - Bank of America on Friday halted foreclosures across the county as pressure mounting from consumer, regulators and politicians became more focused on concerns regarding the handling of foreclosure process by major lenders. A week earlier Bank of American announced it would stop proceedings in the 23 states that conduct judicial foreclosures. This week's action expanded that posture to the entire nation.
Oct 2 - Stockton Record - CLOSED listing real estate transaction for Sep 2 to Sep 9 from information compiled from County records: Total sales: 117; Sales identified as Banks or REO-type: 48, with 28 different firms selling (top 3: Federal National Mortgage-11; Wells Fargo-5; Deutsche Bank & Harborview with 4 each ) New Homes: 2
Side note: 6 of the closings were Private Trust single sale transactions.
Focus on Stockton: Total Closed: 53; REO: 25; New: 0
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