Proposed state law protects against foreclosure scams. Colorado joins others seeking to regulate procedure. A bill aiming to protect consumers from scammers who prey on homeowners facing foreclosure is making its way through the Colorado legislature as lawmakers nationwide seek to combat the problem. California, Georgia and Missouri already have such laws on the books. In a typical foreclosure scam, the mortgage consultant promises to make the overdue mortgage payments to the lender, and in return, the homeowner transfers the deed to the property. The owner is given a year to buy the deed back, but the more common result is that the consultant ends up with the home after paying thousands of dollars less than it is worth. Click here to read more.
Housing Gains Slow in Region. The Southland's median home price in December is 13% higher than a year earlier, the lowest rate of appreciation in nearly four years. Southern California home prices rose last month at their lowest rate in nearly four years while the pace of appreciation for all of 2005 slowed for the first time since 1999, providing the latest evidence that the region's once-sizzling real estate market is cooling off. The statistics, released Wednesday by DataQuick Information Systems, a La Jolla-based real estate research firm, suggest that Southland homeowners might have to settle for more moderate price increases after a six-year run of extraordinary gains, analysts said. That boom bolstered the local economy by generating thousands of jobs and adding billions of dollars in equity for homeowners. But it also made homes too pricey for many residents. Now there are signs that the market might favor buyers over sellers. Many homes are taking longer to sell, with the average duration on the market about three months compared with one month a year ago, real estate agents say. A more drawn-out sales process is often leading sellers to reduce their asking prices or accept offers below the listed price. By contrast, buyers early last year sometimes resorted to bidding wars for homes in many neighborhoods, forcing prices above the asking prices. Click here to read more.
Go to the Midwest, young man! It's cheaper! For many, it's no longer 'California or bust.' Instead people are leaving both coasts in search of a more affordable lifestyle. NBC's Mark Mullen reports. "California or bust!" That's been the mantra for generations of Americans who wanted to ride the wave of westward migration. Now, the tide may be turning, as families turn back to their Midwestern roots, searching for a more affordable lifestyle for themselves and their children. NBC’s Mark Mullen reports. Click here to read more.
~Tina Jan~
Coldwell Banker Kivett-Teeters
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