January 2011 sees new record number of cash buyers

From First Tuesday Journal Online Cash buyers made up 31% of California homebuyers in January 2011, a record high and the same as one year earlier. The proportion of cash buyers is up slightly from 29% in December 2010. For comparison, California’s historical average rate of cash purchases is 14%. The January bounce in cash…

NY guarantees legal aid to homeowners in foreclosure

From First Tuesday Journal Online New York is the first state to guarantee legal representation to homeowners in foreclosure cases. Anyone facing foreclosure that does not have a lawyer will be provided one by a legal aid or pro bono group. Since New York handles foreclosures judicially, providing a lawyer for each defendant will make…

Home prices drop, catching trade union off guard

From First Tuesday Journal Online Home prices dropped throughout the nation in December 2010 – sometimes dramatically – according to the Case-Shiller home pricing index, which reports home pricing numbers for 20 cities nationwide, including California cities San Diego, Los Angeles and San Francisco. December’s price drop eliminates most of the tentative gains in pricing…