CalHFA Additional Benefit for Borrowers Makes Mortgage Payments in Cases of Job Loss. A new program that began earlier this year allows borrowers who use CalHFA's conventional home mortgage programs with CalHFA mortgage insurance to have their monthly mortgage paid for up to six months if they lose their job. CalHFA in partnership with Genworth Mortgage Insurance has added the HomeOpeners benefit at no additional cost to all of its conventional loans with mortgage insurance. HomeOpeners may pay as much as $2,500 for up to six payments during unemployment for the first five years of the loan. The benefit, which is subject to certain restrictions, can include principal, interest, insurance and tax payments. The CalHFA HomeOpeners mortgage protection becomes effective 60 days after loan closing. Since the benefit was added earlier this year, over 1,350 new homeowners have gained the coverage on loans totaling more than $384 million. CalHFA's lender partners say first-time homebuyers feel it takes some of the anxiety out of buying a home. Click here to read more.
More and more Americans are moving to get away from overheated housing markets. Many residents of high-priced housing markets around the country are cashing out and moving to more affordable areas. California suffers a net loss of about 100,000 residents a year to other states, according to Economy.com. In recent years, many have cashed out their rapidly appreciated homes and moved to Arizona, Washington, and Oregon. But now that prices have climbed in those states as well, the latest trend is that Californians are turning to the Midwest, where spacious houses are available for half of the cost of similar space in Los Angeles. Click here to read more.
In the U.S. bond market, the housing bubble has burst. Bonds backed by home loans to the riskiest borrowers, the fastest growing part of the $7.6 trillion mortgage market, have lost about 2.5 percent since September on concern an 18-month rise in interest rates may force more than 150,000 consumers to default. The slump in the bonds is one of the first signs the housing boom is ending after the Federal Reserve's 12 interest- rate increases. Real estate has accounted for about half the economy's growth since 2001, according to Merrill Lynch & Co. Click here to read more.
KB HOME and Shaw Form Joint Venture to Build New Homes in Louisiana The joint venture will pursue the building of new homes in Louisiana with the goal of providing permanent housing and increased economic development to Louisiana in the aftermath of the two devastating hurricanes in the state. KB HOME/Shaw Louisiana envisions this venture will generate a significant amount of work in Louisiana over the next few years. This is the first new residential construction program to be announced
in Louisiana since Hurricane Katrina came ashore. This joint venture is designed to provide desperately needed new homes to stricken areas and will attract a broad demographic range of homeowners. Click here to read more.
~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com
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