Monday, October 29, 2007

The Press Democrat - "HOMEOWNERS IN COUNTY FALLING BEHIND ON MORTGAGES" (10-27-07)

"Foreclosures shot to record highs in Sonoma County this summer, the latest sign that more people are struggling to hold onto their homes as their mortgage payments rise. Lenders began foreclosure proceedings against 749 homeowners in the third quarter, up from 462 in the second quarter and more than triple the number from a year ago, according to a report issued Friday by DataQuick Information Systems, a real estate market research company."

Yahoo - "Mortgage Industry Facing More Troubles" (10-27-07)

"In all phases of the mortgage industry this week, from the people who make the loans to the people who insure them, the news was bad -- and most of them expect it to get worse. Things have gotten so tough, title insurer Stewart Information Services Corp. said it could not cut costs fast enough in August and September to keep up with the plummeting market. The company has already made "significant reductions" in its work force in October. Its insurance reimburses a homeowner or a lender if there is an error in the deed transferring property."

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