Foreclosure Radar, a website that tracks foreclosure filings is reporting that Wells Fargo, Bank of America and US Bank increased their rate of foreclosure filings by double digits in California, Nevada, Oregon and Washington between July and August. Foreclosure rates had been in decline over the few months previous to August.
In California, foreclosure starts [...]
Californians have a brief window of opportunity to receive up to $18,000 in combined federal and state homebuyer tax credits. To take advantage of both tax credits, a first-time homebuyer must enter into a purchase contract for a principal residence before May 1, 2010, and close escrow between May 1, 2010 and June 30, 2010, inclusive.
The Federal Reserve has been purchasing mortgage-backed securities guaranteed by Fannie Mae and Freddie Mac since early last year. The purchase program has helped maintain low interest rates for borrowers. As planned, the Fed this week announced it will stop purchasing these securities at the end of this month. Many analysts anticipate this will result in a slight rise in rates by year’s end.
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