Well it looks like old man winter showed up a little earlier than usual this year.  The unusually large snow was a welcome sight for the local ski areas and the school kids who got to miss a couple of days of school.  We are looking forward to a snow-packed, fun filled, water producing year.

A smaller percentage of mortgages were delinquent and the rate of those entering the foreclosure process slowed in the fourth quarter of 2009, possible signs that the foreclosure crisis that has gripped many of the nation’s housing markets is finally starting to ease, a trade group has reported.
“We are likely seeing the beginning of the end of the unprecedented wave of mortgage delinquencies and foreclosures that started with the subprime defaults in early 2007,” said Jay Brinkmann, chief economist of the Mortgage Bankers Association, in a written statement.
The delinquency rate for mortgages on one- to four-unit residential properties was a seasonally adjusted 9.47% of all mortgages outstanding in the fourth quarter, down from 9.64% in the third quarter and up from 7.88% in the fourth quarter of 2008, according to the MBA’s quarterly delinquency survey.
Delinquencies include mortgages that are at least one payment or more past due but not yet in foreclosure.
Meanwhile, 1.2% of outstanding mortgages entered the foreclosure process in the fourth quarter, down from 1.42% in the third quarter and up from 1.08% in the fourth quarter of 2008. The percentage of mortgages at some point in the foreclosure process at the end of the fourth quarter was 4.58%, up from 4.47% in the third quarter and 3.3% in the fourth quarter of 2008.
The MBA survey covers about 44.4 million loans on one- to four-unit residential properties, or about 85% of all first-lien residential mortgage loans that are outstanding in the country. No doubt, the foreclosure nightmare isn’t over yet.
The percentages of loans 90 days or more past due and loans in foreclosure process set record highs in the fourth quarter, according to the report. Many of those loans more than 90 days past due are in loan modification programs, and some of them have been seriously delinquent for months waiting for modifications to get finalized.
But the good news is there are fewer problem loans actually entering delinquency—likely a result of fewer layoffs, Brinkmann said. “We normally see a large spike in short-term mortgage delinquencies at the end of the year due to heating bills, Christmas expenditures and other seasonal factors. Not only did we not see that spike but the 30-day delinquencies actually fell by 16 basis points from 3.79% to 3.63%,” he said. He added that the non-seasonally adjusted 30-day delinquency rate has only dropped three times in the past between the third and fourth quarter—”and never by this magnitude.”
Depending on the fate of seriously delinquent mortgages—whether they are cured with modifications or ultimately enter foreclosure—the percentage of mortgages somewhere in the foreclosure process could start to see a gradual decline in the second half of the year, he said during a conference call with reporters.
If normal seasonal patterns hold, there could be a bigger drop in the 30-day delinquency rate in the first quarter of 2010, Brinkmann said. That would be a positive sign for the months and years ahead. “The continued and sizable drop in the 30-day delinquency rate is a concrete sign that the end may be in sight,” he said. “With fewer new loans going bad, the pool of seriously delinquent loans and foreclosures will eventually begin to shrink once the rate at which these problems are resolved exceeds the rate at which new problems come in. “It also gives us growing confidence that the size of the problem now is about as bad as it will get,” he said.
According to the MBA data, Florida was the most problematic state, in terms of delinquencies. Twenty-six percent of Florida mortgages were one payment or more past due at the end of the year, and 20.4% of mortgages in the state were 90 days or more past due or already in the foreclosure process.

National average mortgage rates declined from the previous week to 4.72% in the latest Primary Mortgage Market Survey released weekly by Freddie Mac on June 10th.  Rates have recorded weekly declines in seven out of the past nine weeks.  Fixed mortgage rates are now just slightly higher than the all-time low of 4.71% set in December 2009.

Jazzercise instructors and students from South Lake Tahoe will perform in a half time routine during the Sacramento Kings basketball game at the ARCO Arena on Saturday. The group of 25 women will join 100 other Jazzercise enthusiasts during the performance to benefit the Make-A-Wish Foundation.
Instructor Sherry Baiocchi said each performer was required to raise at least $100 for Make-A-Wish.
“Everyone has been working hard to get as many sponsors as possible,” Baiocchi said. “The donation from everyone participating will be substantial.”
Baiocchi said Jazzercise has been in South Lake Tahoe for more than 30 years, with classes at Kahle Community Center and the South Lake Tahoe
 

St. Theresa Catholic School is hosting its 16th annual “Claws for Cause” crab dinner and auction at 6 p.m. Friday in Grace Hall, 1041 Lyons Ave.
Proceeds from the event benefit the private school. The event is for adults 21 and over. Childcare is available for $15 per child in the social hall.
No-host cocktails begin at 6 p.m., the crab dinner is at 7 p.m., followed by the live auction at 8:30 p.m.
Every class, from preschool to eighth grade, will sponsor a gift basket for the silent auction.
Volunteers are still needed.
Tickets are $40 per person in advance, $45 at the door.
For information, visit www.stslaketahoe.org/crabdinner10.html or call (530) 544-8944.