Foreclosures set to rise in 2010 - prices may fall

U.S. housing market meltdown not over yet: Zandi | Reuters

"The housing crash is not over," he said.

The U.S. housing market has suffered the worst downturn since the Great Depression, and its impact has rippled through the recession-hit economy as well as the rest of the world.

A setback for the hard-hit housing market could portend problems for the U.S. economy.

Home prices, as measured by the Standard & Poor's/Case-Shiller U.S. National Home Price Index, will trough in the third quarter of 2010 after declining 38 percent, Zandi said.

san diego foreclosure info

U.S. housing market meltdown not over yet: Zandi | Reuters

U.S. housing market meltdown not over yet: Zandi | Reuters: "'The housing crash is not over,' he said.

The U.S. housing market has suffered the worst downturn since the Great Depression, and its impact has rippled through the recession-hit economy as well as the rest of the world.

A setback for the hard-hit housing market could portend problems for the U.S. economy.

Home prices, as measured by the Standard & Poor's/Case-Shiller U.S. National Home Price Index, will trough in the third quarter of 2010 after declining 38 percent, Zandi said."

Treasury sets guidance to simplify short sales | Reuters

Treasury sets guidance to simplify short sales | Reuters: "The U.S. Treasury on Monday set long-awaited guidance on a plan for mortgage companies to speed 'short sales' of homes and other loan modification alternatives to stem a rising tide of foreclosures."

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Who’s Hurting the Most? - Economix Blog - NYTimes.com

Who’s Hurting the Most? - Economix Blog - NYTimes.com: "First let’s take a look at jobless rates by age:
DESCRIPTIONSource: Bureau of Labor Statistics

While older workers may worry about their coming retirement, younger workers are actually having the most difficulty finding jobs. The unemployment rate for teenagers, which reached 27.6 percent in October, has set a record in each of the last three months.

On to education. As implied above, greater educational attainment is associated with a lower unemployment rate:
DESCRIPTIONSource: Bureau of Labor Statistics

Men are also doing much worse than women in the labor market, largely because men are disproportionately employed in industries that are more sensitive to the business cycle:"

This may explain why we see so many people out at the malls and restaurants in North County.

Should you pay your Property Taxes

Whether you should pay your property taxes is a tough question to answer on net.
1. call your tax assessor find out if you have an unusual bond which might make your county tax collector foreclose in and expedited manner.

Typically you can get a few years behind before the government in California will foreclose.

Remember property taxes are not personal debts, they are debts of the property. So in generally in California you will not be personally responsible for the property taxes.

Not paying the property taxes will make the short sale harder to close. Make sure your Realtor and Escrow officer are aware of the circumstances and see if this is going to effect the lender net. If the lenders net is effected, it may cause problems.

Generally someone is going to have to pay those taxes before the buyer takes title to the property. The lender may pay the property taxes, you may pay them, the buyer may pay them or perhaps one of the Realtors will pay them to close the deal.

If you do plan to pay them, you might want to pay them at the closing table instead of directly to the county tax collector. Why? Because the National Association of Realtors found that that most short sales fail to close. So unless you Realtor has a lengthy track record of closing short sales you should have back up strategies.

Whether you will be responsible to your lender for costs after a foreclosure is a much longer answer.

In short, talk to your tax office and then determine how much you really need to do that short sale. Paying the taxes makes the short sale more likely to happen. Your Realtor should be able to give you specifics.
Web Reference: http://UpsideDownRealEstate.com"

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