As an added response to Obama's plan to address housing foreclosures, California is now coming into play.
From our perspective as multi-family brokers we see this as a quagmire that will continue to stall the housing problem. As a result it can only bode well for tightening the rental housing market.
The on-going process of over 13 months of negotiations and "working for a resolution that brings real relief to the hardest-hit homeowners" has struck a key goal. "The biggest remaining holdout, California, has returned to the negotiating table after a four-month absence, a change of heart that could increase the pot for mortgage relief nationwide to $25 billion from $19 billion" said California’s attorney general, Kamala Harris. This settlement would require banks to provide billions in aid to homeowners who lost homes to foreclosures and those still at risk. Since 2007, over four million families have lost their homes in the housing crisis.
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