Monday, June 15, 2009

Moratorium Begins Today For Troubled Alameda Homeowners

Starting today, Alameda and California homeowners who are behind on their mortgages, will benefit from a 90-day moratorium being imposed by the State.

The law was enacted to make lenders/banks work harder to keep borrowers in their homes. Loan companies must prove they tried to modify the delinquent loans before they can begin foreclosing.

Many experts and supporters of the legislation do not believe this will help the vast majority of homeowners currently behind on payments. The California Foreclosure Prevention Act is trying to stop thousands of foreclosures already in the system and the couple hundred here on the Island. There have been more than 365,000 foreclosures in California since early 2007.

For us locally, Alameda has seen just a small portion of the meltdown. According to RealtyTrac, 106 Alameda properties are in Pre-foreclosure, 57 are in Trustee Sale, and 71 are Banked owned. The Act is focused on those in pre-foreclosure.

The California bill passed in February is similar to the Obama administration's “Making Home Affordable Program” that began in March and has now just expired. The programs are to encourage lenders to cut interest rates or rewrite loans to affordable levels. Under the Act, Banks in California cannot foreclose a mortgage without either renegotiating the loan or giving the homeowner three months notice.

According to State Assemblyman Ted Lieu, the Torrance Democrat who authored the bill, “California is ground zero for foreclosures. We’re getting about 80 to 90,000 foreclosure filings every month. That’s one every 30 seconds, so until we start mitigating the number of foreclosures, our economic recovery is going to be hampered.”

California is second in the Nation for foreclosures.

The Alameda Inventory report is below.

Video from Mortgage Brokers Association







KCBS Radio Report



Link to chart

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Alameda Residential Inventory

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Total 164

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94501 125

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94502 39

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SFR 103

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Condo 36

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Multi-Family 23

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Short Sale 11

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Foreclosure 13

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Price Reductions 56

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High List $2345000

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Low List $265000

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June Sales through June 12

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Sales Date Address Type Beds Baths Sq Feet List Price Sales Price

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6/2/2009 14 REDONDO CT CONDO 2 3 1631 $540000 $510000

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6/3/2009 1025 ISLAND DRIVE SFR 4 2 1720 $533610 $585000

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6/5/2009 248 CHESWICK COURT SFR 3 2 1891 $624900 $625000

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6/5/2009 632 SANDALWOOD SFR 3 2 1690 $750000 $735000

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6/5/2009 1810 HIBBARD STREET SFR 2 1 $469000 $436000

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6/9/2009 807 SANTA CLARA AVE SFR 2 1 1275 $445000 $471000

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6/10/2009 35 MCDONNEL ROAD SFR 3 2 $609000 $589000

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6/11/2009 1902 CHESTNUT ST MFR 0 0 $658000 $703000

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6/12/2009 17 TIPPERARY CT SFR 4 2 2205 $838000 $800000

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Alameda New Listings

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List Date Address Zip Beds Baths Sq Feet Type List Price

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6/12/2009 1233 BROADWAY #A 94501 3 2 1268 CONDO $399000

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6/12/2009 1808 WALNUT ST 94501 2 1 1594 SFR $389000

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6/11/2009 2104 EAGLE AVE 94501 0 0 MFR $599000

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6/11/2009 1420 SAINT CHARLES 94501 2 1 1218 SFR $459900

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6/11/2009 3 NAKAYAMA CT 94502 5 3 2969 SFR $1200000

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6/11/2009 311 CENTRE CT 94502 2 2 1720 CONDO $549900

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6/11/2009 125 BAY PARK TER 94502 2 2 1534 CONDO $499000

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6/10/2009 3210 LIBERTY AVE 94501 2 1 1142 SFR $549500

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6/10/2009 228 DIAPIAN BAY 94502 3 3 2083 SFR $759000

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6/9/2009 217 STANBRIDGE CT 94502 3 2 1817 SFR $724900

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6/8/2009 2025 OTIS DRIVE #D 94501 2 2 1129 CONDO $314275

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6/8/2009 412 TIDEWAY DR 94501 3 2 1835 CONDO $665000

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6/8/2009 3 COHEN COURT 94501 4 2 2171 SFR $679950

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6/8/2009 514 WESTLINE DR 94501 4 4 4011 SFR $1250000

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6/8/2009 3007 ADAMS STREET 94501 2 1 911 SFR $525000

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6/8/2009 280 BEACH RD 94502 3 2 1413 SFR $550000

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6/8/2009 7 CASTLEBAR PL 94502 4 4 4958 SFR $1899000

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6/7/2009 1291 CAROLINE ST 94501 3 1 1471 SFR $789000

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3 comments:

  1. methinks you are missing a few zeroes in some of those listing prices

    ReplyDelete
  2. I am not very adapt at formatting in html and some of the numbers got cut off, use the link tyo google docs.

    ReplyDelete
  3. Hi.. ur way of presentation of the blog is good..

    Idaho Real Estate

    ReplyDelete