California won’t get much housing relief

The Obama administration’s plan to stave off foreclosures could fall flat in California, where nearly one-third of mortgage holders are underwater on their loans — many of them by amounts that would disqualify them for government-sponsored refinancing.

Earlier this week, Zillow was projecting only 9% of California mortgages met the parameters for assistance.

Hmm, maybe we should let the market naturally find the bottom. The near term will be tough but I bet we would recover faster.

LA Times Article: Obama plan won’t help many California homeowners

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