The Sacramento Beepublished an article September 26, 2011 with the following statistics compiled by RealtyTrac and Foreclosure-Response.org. They placed our region’s shadow inventory at 53,256 homes in the four surrounding areas of Sacramento, Yolo, Placerand El Dorado counties.
They included in this number three categories of distressed properties:
12,285 houses already owned by banks but not sold
19,367 units whose owners have received an initial foreclosure notice, or notice of default, but have not been foreclosed on
21,604 homeowners who are 90 days or more delinquent on their payments but have not received a notice of default
Lenderare starting to pick up the pace on repossessions once again. The figures provided by RealtyTrac show foreclosures in the area soared 76% from July to August, the highest number in 11 months.
Based on this “shadow inventory” it would take a year and a half to sell these distressed homes.
To read the complete article by Rick Daysog of the Sacramento Bee click here
As the recession lingers on workers are really feeling it in their pocket. Nearly eight-in- ten (77%) of workers in 2010 said they felt they lived paycheck to paycheck to make ends meet, up from 61% in 2009. One-in-five (22%) said they have missed payments on bills in the last year in a survey conducted by Career Builder between May and June, 2010.
Some workers are making ends meet by dipping into their long-terms savings. More than one-in-five (21%) say they have reduced their 401(k) contributions or savings to get by; while 33% state they do not participate in any programs such as 401(k), IRA or retirement plans. 30% also reported they don’t put any money aside into their savings each month while 28% set aside $100 or less for savings and 14% save less than $50.
As a result some workers said they have made changes to their living and spending habits as follows:
The Obama Administration said that through the existing Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets, the US Treasury will make $2 billion of additional assistance available to housing finance agencies in 17 states to implement local programs for unemployed homeowners struggling to make their mortgage payments. Yesterday the US Treasury Dept added $476.2 million to a $64 million state program. California received the largest share of the $2 billion awarded.
California Housing Finance Agency “CalHFA” will be the administrator of this program as the state’s affordable housing bank. In the capital region, unemployment has soared to 12.4 percent and the State of California has more than 42,000 laid off homeowners.
Beginning on November 1, 2010, the government will help those QUALIFIED individuals help make their mortgage payments (up to $1,500 month) while they look for another job. They aim to help 19,000 make a few months of mortgage payments between November and next July and 23,000 will receive help in the next two years.