California’s median home price declined nearly 4 percent last month to $254,000 from $264,000 in December 2009, as low-priced foreclosures and other distressed properties continued to dominate the market.
Industry experts warn Riverside County is among the most distressed cities in the state when it comes to mortgages — and 2011 may not bring much more relief.
Southern California’s median home price increased less than 1 percent last month to $287,000 from November 2009, the smallest year-over-year increase since prices began to rise from their recession-era depths.
Some struggling homeowners say they’re being unfairly foreclosed on despite making all their payments under trial mortgage modification programs.
The recent data suggests foreclosures may be leveling off, but one analyst notes that may have more to with how lenders are opting to proceed when it comes to defaults.
Attorney General Jerry Brown says the state of California will take part in a joint investigation into allegations that mortgage companies may have improperly or illegally foreclosed on hundreds of thousands of homeowners.
Will Jerry Brown take on the mortgage bankers in order to boost his hopes in November?
For millions of Southland homeowners facing foreclosure, the move by Bank of America could bring some short-term relief, but what happens from there is unclear.
A steep dip in the Southland housing market has forced Riverside to take drastic cost-cutting measures in order to compensate for the downturn.
House lawmakers are pushing for a federal investigation after three major banks halted foreclosures in dozens of states over potential fraud and other legal violations.
Distressed properties continue to decimate the Inland Empire, with about 1 in 109 homes at some stage of foreclosure activity.
Officials say the federal grants will help “reverse the effects” of widespread foreclosures on Inland Empire communities.