FHA lenders had reason for cheer and mirth at the end of last week. “In an effort to continue stabilizing home values and improve conditions in communities experiencing high foreclosure activity, Acting FHA Commissioner Carol Galante will extend FHA’s temporary waiver of the anti-flipping regulations.”
By one widely watched home-price benchmark, weakness in local home values is at a two-year high.
According to the October reading of the S&P/Case-Shiller Home Price Indexes, values in Los Angeles and Orange Counties were down 1.48% in the month; and down 4.91% in a year. Locally, it was the third straight monthly decline – and largest dip since February 2009. Year-over year, it was the 11th consecutive drop and biggest since October 2009.
Bank of America increased foreclosures by nearly 200 percent in California between July and August.
A bank recently foreclosed on the home where a Christmas display featuring the ‘Peanuts’ gang has been set up for 44 years, but Costa Mesa City Hall has agreed to take over the display.
After about a year of increased regulatory scrutiny, banks boost the pace of foreclosure activity in October, filing actions on 230,678 U.S. homes, a 7% increase over September.