Results tagged “housing” from News 24/7
Three people have pleaded guilty to taking part in a loan-modification fraud scam that was based in San Bernardino and may have involved hundreds of homeowners.
The outfit known as First Gov, but which also went by Foreclosure Prevention Services, Resolution Department, Reinstatement Department and Reinstatement Processing, operated under the auspices of helping homeowners prevent foreclosure, according to a news release from the California attorney general.
Members of the ring told hundreds of people that they would renegotiate their mortgages and lower the monthly payments after receiving an fee of $1,500 to $5,000 from the homeowners, according to the release.
The outfit known as First Gov, but which also went by Foreclosure Prevention Services, Resolution Department, Reinstatement Department and Reinstatement Processing, operated under the auspices of helping homeowners prevent foreclosure, according to a news release from the California attorney general.
Members of the ring told hundreds of people that they would renegotiate their mortgages and lower the monthly payments after receiving an fee of $1,500 to $5,000 from the homeowners, according to the release.
Continue reading Prison sentences handed out in San Bernardino loan-modification scheme.
In the Riverside-San Bernardino-Ontario region, 379,037, or 44.8 percent, of all properties with a mortgage had negative equity as of Dec. 31, according to newly released data from Santa Ana-based First American CoreLogic. That means the owner owes more than the home is worth.
An additional 34,397 mortgages in the region, or 4.1 percent, are near negative equity. On a national level, more than 8.3 million U.S. mortgages, or 20 percent of all properties with a mortgage, had negative equity. California ranked first with more than 1.9 million borrowers having negative equity, followed by Florida (1.3 million) and Texas (498,000).
Read more at The Bizz.
matthew.wrye@inlandnewspapers.com
An additional 34,397 mortgages in the region, or 4.1 percent, are near negative equity. On a national level, more than 8.3 million U.S. mortgages, or 20 percent of all properties with a mortgage, had negative equity. California ranked first with more than 1.9 million borrowers having negative equity, followed by Florida (1.3 million) and Texas (498,000).
Read more at The Bizz.
matthew.wrye@inlandnewspapers.com
Talk about a quick fix.
Council members Sam Spagnolo and Dennis Michael have been crafting an ordinance to deal with the blight caused by the number of foreclosed properties in the city. Among the tools this subcommittee wants to adopt is a spray-on product to turn dead grass green. Apparently, there are companies out there who'll give abandoned lawns a green treatment.
"We'd pay for that and then we would put a lien on the property," explained Spagnolo. "This ordinance would give us the tool to do what we need to do so there won't be a blight on the neighborhood."
The ordinance will include other measures to deal with abandoned homes. More details will come out when the council votes on it in March.
Read more at RC Now.
wendy.leung@inlandnewspapers.com
Council members Sam Spagnolo and Dennis Michael have been crafting an ordinance to deal with the blight caused by the number of foreclosed properties in the city. Among the tools this subcommittee wants to adopt is a spray-on product to turn dead grass green. Apparently, there are companies out there who'll give abandoned lawns a green treatment.
"We'd pay for that and then we would put a lien on the property," explained Spagnolo. "This ordinance would give us the tool to do what we need to do so there won't be a blight on the neighborhood."
The ordinance will include other measures to deal with abandoned homes. More details will come out when the council votes on it in March.
Read more at RC Now.
wendy.leung@inlandnewspapers.com
MESA, Ariz. (AP) -- Seeking to tackle "a crisis unlike any we've ever known," President Barack Obama unveiled an ambitious $75 billion plan Wednesday to keep as many as 9 million Americans from losing their homes to foreclosure.
Announcing the plan in Arizona -- a state especially hard hit by the housing crunch -- Obama said that turning around the battered economy requires stemming the continuing tide of foreclosures. The housing crisis that began last year set many other factors in motion and helped lead to the current, widening recession.
"In the end, all of us are paying a price for this home mortgage crisis," Obama said at a high school outside Phoenix. "And all of us will pay an even steeper price if we allow this crisis to deepen."
Announcing the plan in Arizona -- a state especially hard hit by the housing crunch -- Obama said that turning around the battered economy requires stemming the continuing tide of foreclosures. The housing crisis that began last year set many other factors in motion and helped lead to the current, widening recession.
"In the end, all of us are paying a price for this home mortgage crisis," Obama said at a high school outside Phoenix. "And all of us will pay an even steeper price if we allow this crisis to deepen."
Continue reading Obama unveils $75 billion mortgage relief plan.
SAN FRANCISCO (AP) -- California home sales rose sharply last month, but the median price plummeted 38 percent from a year ago, as more bargain hunters scooped up foreclosure properties, a real estate tracking firm said Wednesday.
The state's median home price dropped to $249,00 last month from $402,000 in December 2007, according to La Jolla-based MDA DataQuick. The median price is the point where half the homes sold for more and half sold for less.
An estimated 37,836 houses and condos were sold in California last month, up 18 percent from November and 48 percent from December 2007, according to MDA DataQuick.
The state's median home price dropped to $249,00 last month from $402,000 in December 2007, according to La Jolla-based MDA DataQuick. The median price is the point where half the homes sold for more and half sold for less.
An estimated 37,836 houses and condos were sold in California last month, up 18 percent from November and 48 percent from December 2007, according to MDA DataQuick.
Continue reading Firm: Calif. median home price falls 38 percent.
Grand Terrace is working to resolve legal issues surrounding the long-awaited senior housing project.
The City Council met in closed session Tuesday night and discussed a potential settlement of a 2005 lawsuit filed by a residents' group regarding the 120-unit apartment complex for low and middle-income seniors.
The council directed City Attorney John Harper to attempt to resolve an appeal in the case and enter into a final settlement agreement.
The City Council met in closed session Tuesday night and discussed a potential settlement of a 2005 lawsuit filed by a residents' group regarding the 120-unit apartment complex for low and middle-income seniors.
The council directed City Attorney John Harper to attempt to resolve an appeal in the case and enter into a final settlement agreement.
The Board of Supervisors is expected to vote Tuesday on Chairman Paul Biane's recent proposal intended to help stop home values in San Bernardino County from plummeting further.
The plan is for the county to contract with the newly formed Inland Empire Recovery Corporation, which would buy foreclosed properties in bulk, rehab them and resell them.
Biane is asking the board for $2.5 million to get the program rolling.
Supervisors Josie Gonzales and Neil Derry have previously expressed concerns about the proposal.
The plan is for the county to contract with the newly formed Inland Empire Recovery Corporation, which would buy foreclosed properties in bulk, rehab them and resell them.
Biane is asking the board for $2.5 million to get the program rolling.
Supervisors Josie Gonzales and Neil Derry have previously expressed concerns about the proposal.
A proposal to build 133 single family homes on Greenspot Road, east of the Golden Triangle, will be reviewed and discussed at the Design Review Board's Jan. 6 meeting.
Santa Ana-based Centerstone Communities is planning to build the homes on the southeast corner of Greenspot Road and Orange Street, near Beattie Middle School and across from the Village Lakes neighborhood.
It should take about four to six months for the project to go through the various approval processes at the city level before any grading can begin.
The developer hopes to start building by the end of 2009, said Bernie Mayer, president of Yucaipa-based Sitetech, Inc., a civil engineering company hired by the developer to prepare the grading and infrastructure plans.
"We're early on in the review process here," said John Jaquess, Highland's community development director. "It'll probably go to the Planning Commission some time in February or March."
In other news, the board is expected to review and approve building and monument sign proposals for a new Farmer Boys restaurant being built on the northwest corner of Palm Avenue and Fifth Street.
The restaurant is being built on a 1 1/2-acre parcel, and is expected to be finished in the Spring, Jaquess said.
Read more at Highland Now.
Authorities made 23 arrests during an operation today to combat affordable-housing fraud in the High Desert.
There are 30,000 people on a waiting list for federal housing assistance in San Bernardino County, according to a sheriff's news release.
As of 4 p.m., deputies were still in the field.
Along with sheriff's officials, federal law enforcement personnel and officials with the county Probation Department, District Attorney's Office, state Corrections and the county's Housing Authority took part in the operation in the Victorville area.
Of the 23 arrests, 18 were on suspicion of purjery and fraud to obtain aid, two for parole violations, one on a warrant and two on suspicion of obstructing an officer in his duties. Authorities also found a counterfeit operation and $2,000 in counterfeit bills.
There are 30,000 people on a waiting list for federal housing assistance in San Bernardino County, according to a sheriff's news release.
As of 4 p.m., deputies were still in the field.
Along with sheriff's officials, federal law enforcement personnel and officials with the county Probation Department, District Attorney's Office, state Corrections and the county's Housing Authority took part in the operation in the Victorville area.
Of the 23 arrests, 18 were on suspicion of purjery and fraud to obtain aid, two for parole violations, one on a warrant and two on suspicion of obstructing an officer in his duties. Authorities also found a counterfeit operation and $2,000 in counterfeit bills.
Dale Bonner, state secretary of business, transportation and housing, got the rundown today from Board of Supervisors Chairman Paul Biane on San Bernardino County's plan to work with the private sector to buy foreclosed properties from the federal government.
The formation of the Inland Empire Economic Recovery Corp., approved Dec. 1 by the Board of Supervisors, is an effort to stimulate the local economy and thwart the depreciation of real estate in the Inland Empire.
"I think it's an innovative concept, and obviously there's still some details and things to work out," Bonner said today.
The formation of the Inland Empire Economic Recovery Corp., approved Dec. 1 by the Board of Supervisors, is an effort to stimulate the local economy and thwart the depreciation of real estate in the Inland Empire.
"I think it's an innovative concept, and obviously there's still some details and things to work out," Bonner said today.
San Bernardino is hosting a Housing Summit tonight to discuss the city's future housing needs.
The Inland Empire has taken a bruising during the current foreclosure crisis and the summit could be a chance to learn about how San Bernardino officials are reacting to economic developments.
The meeting is scheduled to be held from 6 to 8 p.m. tonight at the former Woolworth building at 396 North E Street.
Read more at SB Now.andrew.edwards@inlandnewspapers.com
A redevelopment project intended to replace a once-troubled neighborhood with a new Home Depot store took a small step forward when the City Council approved a contract with a local firm to make maps for the planned shopping center.
The City Council, acting in its role to oversee redevelopment work, voted Monday to hire San Bernardino-based Mapco Corp. to help prepare a patch of eastern San Bernardino land for redevelopment as a new shopping center.
Home Depot currently has an exclusive right to negotiate with San Bernardino officials to develop the land. However, EDA Project Manager Colin Strange said that agreement expires in March 2009 and that it's not currently certain whether the project will move forward.
The City Council, acting in its role to oversee redevelopment work, voted Monday to hire San Bernardino-based Mapco Corp. to help prepare a patch of eastern San Bernardino land for redevelopment as a new shopping center.
Home Depot currently has an exclusive right to negotiate with San Bernardino officials to develop the land. However, EDA Project Manager Colin Strange said that agreement expires in March 2009 and that it's not currently certain whether the project will move forward.
Continue reading Contractor hired to prepare for San Bernardino redevelopment project.
The Board of Supervisors rolled out another program today aimed at stemming the foreclosure crisis in San Bernardino County.
"Most likely, we're probably looking at another wave of foreclosures that are going to happen in the next few years as people recognize they are upside down in their equity," said Supervisor Paul Biane.
Earlier in November, the board adopted a plan to use millions of dollars in federal money to help homebuyers purchase foreclosed homes and enable government agencies to acquire and either resell or rent foreclosed houses in the county.
"Most likely, we're probably looking at another wave of foreclosures that are going to happen in the next few years as people recognize they are upside down in their equity," said Supervisor Paul Biane.
Earlier in November, the board adopted a plan to use millions of dollars in federal money to help homebuyers purchase foreclosed homes and enable government agencies to acquire and either resell or rent foreclosed houses in the county.
Continue reading San Bernardino County votes on contract to acquire foreclosed homes.
The San Bernardino County Board of Supervisors is trying to stem housing market woes by tapping into a federal program that will free up money for home buyers who want to purchase foreclosed houses.
The program also will allow government agencies to buy blighted properties and rehabilitate them.
The board approved a plan Tuesday that allocates nearly $23 million in federal money from the Neighborhood Stabilization Program.
The program also will allow government agencies to buy blighted properties and rehabilitate them.
The board approved a plan Tuesday that allocates nearly $23 million in federal money from the Neighborhood Stabilization Program.
Continue reading San Bernardino County allocates $22.8 million to ease foreclosure crisis.
LOS ANGELES (AP) -- Despite an increasingly uncertain economy, homebuyers in California kept snatching up foreclosed homes last month, dragging down the median home price by 34 percent from a year ago, a real estate tracking firm said today.
The statewide median home price plunged to $278,000 in October, compared with $424,000 in the year-ago period, according to San Diego-based MDA DataQuick.
Last month's median price was down 1.8 percent from September.
The statewide median home price plunged to $278,000 in October, compared with $424,000 in the year-ago period, according to San Diego-based MDA DataQuick.
Last month's median price was down 1.8 percent from September.
Continue reading California median home price drops 34 percent.
State Sen. Bob Dutton, a Republican from Rancho Cucamonga, the City of Rancho Cucamonga and Assemblyman Bill Emmerson will host a free workshop to help homeowners avoid foreclosure.
The workshop will be held 9 a.m. to 2 p.m. Saturday at Celebration Hall in the Cultural Center at Victoria Gardens; 12505 Cultural Center Drive, Rancho Cucamonga.
California has seen the number of home foreclosures skyrocket over the last year with the rate in San Bernardino and Riverside Counties among the highest in the state.
Speakers will be Charles Ludlam from HUD/FHA; Matthew Velasquez, California Department of Financial Institutions; and Christine Lantis, San Bernardino County Assessor's Office.
In addition there will be lenders present as well as experts from the fields of credit counseling, loan servicing, and lending practices. Attendees are encouraged to bring their loan documents, delinquency notices and any questions they may have.
The speakers will be followed by a question and answer time and numerous resource tables will be set up to provide assistance, information and advice to those who attend.
Information: the Rancho Cucamonga Redevelopment Department at 909-477-2700.
Read more at Behind the Story.
lauren.mcsherry@inlandnewspapers.com
WASHINGTON (AP) -- Once again, the government has offered another plan to help troubled homeowners. Once again, critics say it doesn't go far enough.
The plan announced today by federal officials and mortgage giants Fannie Mae and Freddie Mac sounds sweeping in its approach: Borrowers would get reduced interest rates or longer loan terms to make their payments more affordable.
But there's a catch. The plan focuses on loans Fannie and Freddie own or guarantee. They are the dominant players in the U.S. mortgage market but represent only 20 percent of delinquent loans.
The plan announced today by federal officials and mortgage giants Fannie Mae and Freddie Mac sounds sweeping in its approach: Borrowers would get reduced interest rates or longer loan terms to make their payments more affordable.
But there's a catch. The plan focuses on loans Fannie and Freddie own or guarantee. They are the dominant players in the U.S. mortgage market but represent only 20 percent of delinquent loans.
Continue reading Government launches new mortgage aid effort.
The San Bernardino Planning Commission approved a 980-home development for the city's northern boundary Wednesday night.
The project, recommended to the mayor and City Council by a 4-3 vote, would take up 404 acres in the foothills northeast of Cal State San Bernardino, though there would only be development on 169.5 acres of that area.
The project will go to the City Council on Nov. 17.
The project, recommended to the mayor and City Council by a 4-3 vote, would take up 404 acres in the foothills northeast of Cal State San Bernardino, though there would only be development on 169.5 acres of that area.
The project will go to the City Council on Nov. 17.
Continue reading UPDATE: San Bernardino planners approve 1,000-home development.
By a four-to-three vote Wednesday night, the San Bernardino Planning Commission recommended the City Council and mayor approve plans by Inland Communities Corp. to build a 1,000-home project in the foothills northeast of Cal State San Bernardino.
The vote came despite complaints from local hang gliders and environmentalists about the project
The vote came despite complaints from local hang gliders and environmentalists about the project
At a time when economic development officials are trying to take a more assertive approach to housing issues in the city, tenants at a cluster of Westside apartments are anxiously waiting to find out what's in store for their future.
The Meridians - a set of 18 distressed four-plexes near the San Bernardino-Rialto boundary - are but a piece of the San Bernardino Economic Development Agency's housing-related work. EDA officials want to have the apartments razed to make room for new development, and those who live there have yet to learn when they will have to leave.
California law requires the EDA compensate tenants displaced by redevelopment work.
Meridians' residents who were willing to be interviewed today say they're not averse to leaving apartments that they say have become infested with blood-sucking insects.
"Who wants to live around this?" resident Carl Williams said while standing in an alley littered with garbage. "Take a look at this trash. This filth."
Williams and others said they want to move out. But they're waiting for EDA officials to do the necessary work to purchase their apartments and provide relocation dollars.
"I'd consider it a great thing," Williams said.
Many people at the Meridians -- colloquially named for the apartments' location on Meridian Avenue north of Foothill Boulevard -- didn't want to speak on the record today. However, several said they are dealing with substandard maintenance and an infestation of fierce bedbugs.
"If you smash them, you would not believe how much blood is in them," resident Tasha Bailey said. She and others at the complex pointed out irritations on their bodies that they said were inflicted by ravenous bugs.
Landlord Gilbert Badillo Sr. of Anaheim said by telephone today that he's aware of the bedbug problem and has hired an exterminator to spray for the insects. He said the infestation hasn't stopped because some tenants have not opened their doors to the exterminator, thus allowing bedbugs to survive in some units if killed in others.
Badillo said he owns one of the four-plexes himself and two others with a partner. He said he has difficulty keeping up with repairs because unruly tenants break windows and deface walls while others fail to pay their rent, which ranges from $750 to $800.
He's open to selling his properties - many other four-plexes in the Meridians have been foreclosed and are boarded up - but said he has yet to hear from the EDA.
"I'd like to see the city purchase the property and develop it into something that's a little better for the community," he said.
On Oct. 6, the City Council, acting as the Community Development Commission, approved a contract with Santa Ana-based Community Property Specialists Inc. to work on the acquisition of the Meridians and follow-up work to help tenants move and to demolish the stucco-covered four-plexes.
EDA officials expect the Meridians to be torn down within the 2009-10 budget year.
Redeveloping the apartments is expected to cost more than $6.4 million.
The EDA's interest in San Bernardino housing issues extends beyond the Meridians. On Oct. 20, the council adopted an "Integrated Housing Strategy" intended to address broader issues.
The strategy includes plans for annual notices of funding for housing projects. The EDA has up to $6 million allocated for the current budget year to finance construction of 40 to 80 senior housing units, as well as the purchase and rehabilitation of more than 40 rental units.
Other aspects of the strategy include assistance to homeowners and homebuyers, using the judicial process to place properties that have persistent code violations into receivership and using $8.4 million in federal dollars to buy and rehab foreclosed homes.
andrew.edwards@inlandnewspapers.com
The Meridians - a set of 18 distressed four-plexes near the San Bernardino-Rialto boundary - are but a piece of the San Bernardino Economic Development Agency's housing-related work. EDA officials want to have the apartments razed to make room for new development, and those who live there have yet to learn when they will have to leave.
California law requires the EDA compensate tenants displaced by redevelopment work.
Meridians' residents who were willing to be interviewed today say they're not averse to leaving apartments that they say have become infested with blood-sucking insects.
"Who wants to live around this?" resident Carl Williams said while standing in an alley littered with garbage. "Take a look at this trash. This filth."
Williams and others said they want to move out. But they're waiting for EDA officials to do the necessary work to purchase their apartments and provide relocation dollars.
"I'd consider it a great thing," Williams said.
Many people at the Meridians -- colloquially named for the apartments' location on Meridian Avenue north of Foothill Boulevard -- didn't want to speak on the record today. However, several said they are dealing with substandard maintenance and an infestation of fierce bedbugs.
"If you smash them, you would not believe how much blood is in them," resident Tasha Bailey said. She and others at the complex pointed out irritations on their bodies that they said were inflicted by ravenous bugs.
Landlord Gilbert Badillo Sr. of Anaheim said by telephone today that he's aware of the bedbug problem and has hired an exterminator to spray for the insects. He said the infestation hasn't stopped because some tenants have not opened their doors to the exterminator, thus allowing bedbugs to survive in some units if killed in others.
Badillo said he owns one of the four-plexes himself and two others with a partner. He said he has difficulty keeping up with repairs because unruly tenants break windows and deface walls while others fail to pay their rent, which ranges from $750 to $800.
He's open to selling his properties - many other four-plexes in the Meridians have been foreclosed and are boarded up - but said he has yet to hear from the EDA.
"I'd like to see the city purchase the property and develop it into something that's a little better for the community," he said.
On Oct. 6, the City Council, acting as the Community Development Commission, approved a contract with Santa Ana-based Community Property Specialists Inc. to work on the acquisition of the Meridians and follow-up work to help tenants move and to demolish the stucco-covered four-plexes.
EDA officials expect the Meridians to be torn down within the 2009-10 budget year.
Redeveloping the apartments is expected to cost more than $6.4 million.
The EDA's interest in San Bernardino housing issues extends beyond the Meridians. On Oct. 20, the council adopted an "Integrated Housing Strategy" intended to address broader issues.
The strategy includes plans for annual notices of funding for housing projects. The EDA has up to $6 million allocated for the current budget year to finance construction of 40 to 80 senior housing units, as well as the purchase and rehabilitation of more than 40 rental units.
Other aspects of the strategy include assistance to homeowners and homebuyers, using the judicial process to place properties that have persistent code violations into receivership and using $8.4 million in federal dollars to buy and rehab foreclosed homes.
andrew.edwards@inlandnewspapers.com
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