I am beginning to hate doing this weekly news roundup, as the information gets more dire each time I write. And believe me when I tell you, on Thursday mornings I read about 5 times as much as I bring you here. I just try to filter out that which is not pertinent to us in the Bay Area, is poorly written, or wouldn’t be of value to you. But I promise that next week I will work to find some positive articles that don’t leave you screaming or passing up this blog post in disgust.
Equifax Red Flags Suspected Adjustable Mortgage Holders, eFinance Directory, 11/29/07
Credit reporting agency Equifax recently unveiled a new rating system that identifies credit seekers who may have an adjustable rate mortgage. The ARM Predictor is meant to minimize risks for lenders, but some consumer advocates worry that the system will hurt borrowers and lead to higher rates on loans and credit cards. As if credit cards weren’t already close to usury (in my mind).
ARM Resets to Hit the Fan in 2008, Judith Levy, Seeking Alpha, 11/26/07
Commentary on the next wave of delinquencies (yes, there is still more to come).
San Francisco Bay Area Housing Market Summary, Home Guide 123, 11/20/07
Snapshot of activity, or lack thereof, in the RE market.
What Should You Pay For A House? Patrick.net
A little help figuring out the age-old question.
Disintermediation of the Mortgage Broker, Pat Kitano, Transparent Real Estate, 11/27/07
History of brokers and what the current mess means for future transactions.
Foreclosure Properties Pile Up in East Bay, Mavis Scanlon, East Bay Business Times, 11/26/07
Quick auction of bank-owned inventory in the East Bay.
Condo Owners Feeling Crunch of Increased Association Costs, Will Oremus, MediaNews/Inside Bay Area, 11/29/07
All too often we hear horror stories about HOA dues. In reality they are nothing more than a controlled monthly fee for repairs and maintenance, but in some cases fees are increased astronomically or “one-time” assessments in the tens of thousands of dollars can be devastating for condo owners.
Falling Over With 29 Offers! Garrett Goldman, San Francisco Schtuff, 11/27/07
Just goes to show ya, even mediocre homes with multiple faults can still garner a lot of interest and sell quickly.