Place 728 x 90 Ad Here

The Real Estate Bloggers

The Real Estate Bloggers


Mortgage Default Notices Down 43 Percent in California

Posted: 23 Jul 2010 03:41 AM PDT

ChartDown_1Some good news for the California real estate market came out, mortgage default notices for the 2nd quarter of 2010 are down 43.8 percent. That is great news as the pressure of foreclosures on the housing market has been weighing down the California real estate market.

Default notices, the first stage of the foreclosure process initiated by banks on troubled homeowners, plummeted 43.8% in the second quarter over the same period last year to 70,051, and 13.6% from the first three months of the year, research firm MDA DataQuick of San Diego said Wednesday. via the LATimes

There are a few reasons for the reduction in default notices, but they are all good ones for the industry. First, banks cut way back on subprime mortgages which means the quality of the loans out there has improved. Add into the equation an active housing market in the 2nd quarter with the home buyer tax credit to provide activity in the market and an uptick in the economy you can see why people were more secure in paying their mortgage on time.

What the next challenge for the real estate industry is now in California is how the economy does. Unemployment and underemployment is the challenge that the people will face when it comes to paying their mortgage. If the pressure from foreclosures hitting the market lessens housing prices will stabilize and people will trust the market.

 

Thanks for reading this post. If you would like to see more articles like this, please come visit The Real Estate Bloggers. where it was originally published.



Mortgage Default Notices Down 43 Percent in California

Related posts:

  1. Strategic Mortgage Defaults Rising in Hard Hit Regions If I was to ask you who was more...
  2. Can’t Reach Bank Of America Mortgage Department? If you are a Bank of America, or a...
  3. Third Quarter Existing Homes Sales Increase 11.4 Percent, Prices Drop 11.2 Percent With stimulus provided by the new homeowners tax credit,...

E-Verify Coming To a Construction Site Near You

Posted: 22 Jul 2010 05:39 AM PDT

E-verify-logoE-Verify, the government program designed to determine if an employee is legally able to work in the United States, is about to be required at all city run job sites in Denver if a bill passes the City Council.

I bet it is meeting a great deal of resistance by every construction contractor in Denver. Resistance mixed in with a little fear.

Because we all know that the language of the construction site has turned to Spanish over the past decade. When construction companies large and small started getting overwhelmed with demand around the turn of the century the workers they found were illegal aliens. These employees worked hard, showed up on time, and were inexpensive.

The nature of construction with lots of subcontractors allowed illegal workers to fly under the radar screen when it came to residency checks.

Now that we are in a deep recession with 10 percent unemployment legal residents want these construction jobs, the City Council of Denver is getting pressured to stop illegal aliens working on their construction projects. The way to do this is implement the E-Verify system.

If passed, it would require that all firms that get construction contracts with the city check new employees, starting on Sept. 1, to determine if they are legally allowed to work in this country.
Councilwoman Jeanne Faatz and Councilman Chris Nevitt brought up the proposal after the city got complaints about workers on a concrete job last year and found that 12 of the 25 privately employed workers did not have Social Security numbers that matched any in the federal system. Both said they want to make sure that at a time when the city is laying off people and cutting back on public programs, taxpayer money is only going to legal workers. via Denver Business Journal

This is a testimonial to our failed immigration policies. We in the United States have a variable labor market. Just 5 years ago we had full employment plus a huge demand for additional labor. The boom in construction created the need for additional workers and illegal aliens filled that need.

If we had been honest and developed a guest worker program that could manage these people and remove them from the shadows, we all would be better off. With unemployment around 10% and jobs being scarce, we really have no understanding of how many illegal workers are here. Even if we pass immigration laws, the shadow market will remain as employers will try to maintain the low wages of illegals and those illegals will remain in the shadows so they do not lose their jobs to legal residents.

Immigration is a mess and the construction and real estate world is knee deep in it. However, I am glad to see Denver taking a stand. The quicker we get legal residents working the quicker we will get out of the this recession.

Thanks for reading this post. If you would like to see more articles like this, please come visit The Real Estate Bloggers. where it was originally published.



E-Verify Coming To a Construction Site Near You

Related posts:

  1. Weather and Economy Hurt New Home Construction in February February was not a good month for new home...
  2. Fremont California Residents Would Require Occupancy License Now I am not sure where you fall on...
  3. Construction Jobs Down 13 Percent From Last Year If you think that the housing market is coming...

0 comments:

Post a Comment

Note: Only a member of this blog may post a comment.

 
Real Estate © 2010 Template design by Vida de bombeiro . Powered by Blogger.
Vida de bombeiro Recipes Informatica Humor Technology Curiosidades Mensagens News Tecnology Curiosity Car News Saude Video Games Mister Colibri Diario das Mensagens Eletronica Rei Jesus News Esportes Noticias Atuais Pets Career Religion Fashion Recreation Business Education Television Programming Motosport Tech Arts Fashion Business Computer Academics Sport Design Photography Travel Ebooks Music Politic Science Education Gadget Games Ecology Fish Flowers Sociology Home Soccer Downs Center Handicraft Education Show Music Show Fashion Health Freak Drag Home Toscas Noticias dos Times Futebol Central do Coração Science Livros Politics Music Business Women Law Downloads Saude Downs Computer Downs World Tele News Wireless Tech Arts Fashion Business Computer Academics Sport Design Photography Travel Ebooks Music Politic Science Education Gadget Games Ecology Fish