Home equity loans in California still over $600 billion. Pasadena and the mid-tier correction starting. Short sale for 50 percent off and HELOC machine being sold at auction for 70 percent below the outstanding loan debt.


California home equity hangover – $649 billion in HELOC loans nationwide with most in California. June 2005 92,000 HELOCs in California compared to only 22 in March of 2010. The evaporation of an industry and three examples of refinancing gone wrong in Culver City and Pasadena.


The Coming FHA Bailout – $360 Billion in loans insured in 2009. 30 percent of home purchases 20 percent of Refinances and 50 percent of new buyers go through FHA Loans.


Option ARMs Come Back into Center Stage: 350,000 Active Option ARMs with over 200,000 in California. 78 Percent of Option ARMs have yet to hit Recast Dates.


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