Home Equity Loans: $674 Billion in Total Loans. When The Household ATM Goes Out of Order. First, Second, Third, Fourth, and Even Fifth Mortgages.
Home equity was once seen as a cushion for a rainy day. People built up home equity as a means of paying off their home loan and saw it as a source of security. The days of the mortgage burning parties were all but lost in this housing bubble. The roots of the housing bubble […]
Commercial Real Estate, Construction and Finance Employment: How Commercial Real Estate will drag the California Economy Deeper into Recession. 32 Percent of California Construction Jobs Gone.
California is heavily dependent on real estate. That should be of little surprise to you but many have a hard time understanding how devastating the housing crash is to employment in various sectors. California for 30 years relied on housing even though in many years, it was in a bubble. That is why in 2009 […]
Negative Equity Nation for 1 out of 5 Homeowners: The Psychology of the 10 Million American Homeowners with Zero Equity.
Recent data suggests that the number one factor for walking away from a home is negative equity. For us to understand this dynamic, it is important to understand why someone would leave a home with a mortgage. According to the U.S. Census Bureau some 51.6 million owner occupied homes have a mortgage. This is data […]
Housing and Banking Deception: 23,000 to 28,000 Foreclosed Homes kept off the MLS or Public View in California each Month.
The math in California housing simply does not add up. Given the amount of sales and monthly foreclosures over the past few months, it would appear that banks are sitting back while a gigantic backlog of foreclosures grows. A few in the media are calling attention to this obvious fraud but not many. The California […]