livethedesertlife!
What's happening right now!

Homes Underwater in the Coachella Valley 2nd Quarter 2012

Re-blogged 0 times

Homes Underwater in the Coachella Valley 2nd Quarter 2012

Homes Underwater in the Coachella Valley 2nd Quarter

homes underwater

 

The percentages of homes underwater vary widely based on the city. Some 68 percent of homeowners in Coachella are underwater, for instance, while 19 percent of homes in Indian Wells were underwater in the second quarter, Husing said.

Nationwide, about 22 percent of homes with a mortgage are underwater.

A new program this month from mortgage-finance giants Fannie Mae and Freddie Mac aims to make short sales easier for homeowners. In short sales, lenders agree to sell the house for less than the full amount owed on the mortgage.

Under the plan designed by the Federal Housing Finance Agency, owners who are current on their payments would qualify when they run into financial trouble that could ultimately force them to default on their loans.

The changes affect underwater homeowners whose mortgages are guaranteed by Fannie Mae and Freddie Mac, as well as relief to those underwater borrowers who need to relocate more than 50 miles for a job, FHFA Acting Director Edward DeMarco said in a statement.

Some of the hardships included in the new program include death of a borrower or co-borrower, divorce and disability. Federal officials said the program should enable servicers to quickly and more easily qualify certain borrowers who are current on their mortgages for short sales.
For more on short-sale regulation changes: Lenders Aim to Ease Short-Sales

PERCENTAGES OF HOMES IN THE COACHELLA VALLEY UNDERWATER

Coachella: 68 percent

Desert Hot Springs: 63 percent

Indio: 54 percent
Cathedral City: 50 percent
La Quinta: 36 percent
Rancho Mirage: 36 percent
Palm Springs: 32 percent
Palm Desert: 20 percent
Indian Wells: 19 percent
Riverside County: 51 percent
Source: Economist John Husing; Zillow

Share

Leave a Comment

Get Adobe Flash playerPlugin by wpburn.com wordpress themes