June 23, 2009
QuickLinks: A Foreclosure Triptych
∙ Home Resales in U.S. Rise 2.4% in May to 4.77M Rate Amid Foreclosures [Bloomberg]
∙ U.S. Home Prices Drop 6.8 Percent in April as Foreclosures Rise [Bloomberg]
∙ Housing Eludes Recovery as Job Losses, Foreclosures Climb [Bloomberg]
First Published: June 23, 2009 7:30 AM
Comments from "Plugged In" Readers
Haven't had a link post like this one in a while. Always good reads. Thanks.
Posted by: eddy at June 23, 2009 9:27 AM
It will be interesting to see whether The California Foreclosure Prevention Act, or Assembly Bill X2 7, which postpones foreclosures for 90 days, and went into effect June 15, 2009, will have any impact in our state's housing market.
The law does not require a bank to “provide a modification to a borrower who is not willing or able to pay under the modification.” The target debt-to-income ratio is 38 percent.
Does anybody have an early indication as to whether this act will significantly reduce California foreclosures over the coming 3 months?
Posted by: DataDude at June 23, 2009 10:15 AM
How could this distraction actually have any effect in the mid to long term? This is a stupid game. The foreclosures are already signed and sealed.
Posted by: Mole Man at June 23, 2009 5:12 PM