Countrywide Continues the Slow Bleed. Countrywide takes a writeoff of $125-$150 Million in their re-structuring where they are laying off 20% of their workforce. Meanwhile Southern California home sales have dropped to their lowest since Dataquick began tracking home sale records in 1998.

A total of 12,455 new and resale houses and condos were sold in September in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties, according to DataQuick Information Systems.

It was the slowest month since the firm began keeping records in 1988, DataQuick said.

Labels: countrywide, southerncalifornia, SouthernCaliforniaHomes

  ¶ Countrywide Continues the Slow Bleed. 0 Comments

LoanWeb Honored by Los Angeles Business Journal

LoanWeb Honored by Los Angeles Business Journal (PR Web)

Online mortgage marketing company recognized in top 100 fastest-growing.

Despite the LA Business Journal mostly being a vanity publication, it's refreshing to see a company like Loanweb continuing to thrive in today's tough market. Loanweb was one of the first brokers to really embrace the internet as a lead generation tool. They are based in Calabasas and have been doing online loan applications since 1996.

Labels: Calabasas, LABusinessJournal, Loanweb, loanweb.com, southerncalifornia

  ¶ LoanWeb Honored by Los Angeles Business Journal 0 Comments

Houses Overvalued in Northern California, Study Shows Houses Overvalued in Northern California, Study Shows
KXTV - Aug 19 9:00 AM
A new study by one of the nation's largest mortgage lenders shows some of the country's most overvalued houses are here in Northern California.


Not surprising really given the amount of money in Silicon Valley and the desirability of California real estate. It's only natural that real estate would be bid up.

Labels: BakersfieldRealEstate, NorthernCalifornia, southerncalifornia, SouthernCaliforniaHomes

  ¶ Houses Overvalued in Northern California, Study Shows 0 Comments

Not an entirely healthy sign. This covers the three fold rise in foreclosure scam artists. These guys scam the default notices in the public record and then claim to be a white knight to help the person out. In most of these schemes the owner surrenders title to the white knight who then walks off with the equity through selling the house. A increase of this size in one year in reported cases of this fraud indicates that many owners are having a tough time adjusting to the new larger mortgage that accompany rising proporty values. While this starts at the lower end of the market and slowly works it way up.

Labels: californiaforeclosures, forclosures, forclosurescam, foreclosurescamartists, SouthCoasttoday, southerncalifornia

  ¶ Not an entirely healthy sign. 1 Comments