A survey from the NFCC shows that only 23 percent of Americans consider strategic default to be acceptable when underwater on a mortgage. Startingtoday, Real Estate Disposition is auctioning more than 350 bank-owned foreclosures in California. According to IAS, national home prices were up 0.9% in April from March. An executive from RealtyTrac believes U.S. foreclosure activity will not stabilize until late 2011.
First American Financial
The California Senate passed a new bill requiring mortgage servicers to notify borrowers of a right to seek options that would avoid foreclosure. Freddie Mac reports the average interest rate for 30-year FRMs increased by 0.01 percent from last week.Total U.S. non-farm payrolls grew by 431,000 in May. According to SNL Financial, the total value of foreclosed properties held by US banks reached $41.5bn in Q110.