Foreclosure stats by state/ loan programs

Foreclosure stats according to MBA:

Foreclosures in California and Florida increased (accounting for 39% of the total foreclosures started in the second quarter), offsetting the improvements in Texas, Massachusetts and Maryland.

There were 8 states that exceeded the national average: Nevada, Florida, California, Arizona, Michigan, Rhode Island, Indiana, and Ohio.

for the full story, click here: MBA

So, have we hit the bottom? Who knows? Just buy extra candy for the kiddies this year ...

Halloween is going to suck this year!

September Recap

RECAP for the month of...

Month end again... seems like I JUST did a month end recap...where does the time go?

Here's a recap of the articles I posted this month:

FHA MIP effective 10/1/09

FNMA says 2 years after Short Sale

FNMA & FHLMC under conservatorship

Cities Likely to See Increase

Shopping Rates

Attn: COLORADO! CHFA continues!

Stopping "Buy and Bails"

Anyone Selling Hot Dogs?

Bail Out was a Bust

CHFA Money Continues!

This statement was issued by CHFA confirming there was no effect on their mortgage programs as a result of the passing of the Housing and Economic Recovery Act of 2008, H.R. 3221 on July 31, 2008:

"There is a provision in the bill that eliminates the Seller Funded Down Payment Assistance Programs beginning October 1, 2008. This does not impact the optional down payment provided by CHFA’s Second Mortgage Loan Program, only available with any CHFA program. The CHFA Second Mortgage Loan Program continues to be offered at 0% interest and deferred for all qualified CHFA borrowers now and after October 1, 2008.

Please be aware H.R. 3221 is a very robust and complex piece of legislation. CHFA is currently evaluating the bill and will release announcements through our eNews as well as on a special section of our website at: http://www.chfainfo.com/news/HR_3221.icm."

We are watching closely to see whether CHFA will be adjusting their second mortgage from 3% (the current required FHA down payment), to 3.5% (the new FHA required down payment scheduled to go into effect January 1st). We'll keep you updated...