California Senate passes mortgage default warning bill
[L.A. Times - Business]
The first major bill designed to help prevent more home foreclosures in California won final passage from the state Senate on Wednesday and was sent to the governor, who was expected to sign the measure into law.
The legislation, which passed on a 32-8 vote, would require lenders to give homeowners more -- and earlier -- warnings that their home loans were heading toward default. The bill, SB1137, would take effect immediately once it had the signature of Gov. Arnold Schwarzenegger.
Survey: Loan changes lag foreclosures in California
[editor@mercurynews.com (Alex VeigaAssociated Press)]
A survey of non-profit mortgage counseling agencies in California suggests more homeowners are losing their homes to foreclosure than receiving loan modifications and other payment workarounds from lenders.
Freefall: California median home prices down 35% in May
May 2008 home sales and price trends
[SacBee -- Real Estate News]
Data for resale single-family detached homes that closed escrow.
