Foreclosure
Rampant Mortgage Delinquencies Splashing Cold Water On Housing Rescue Efforts
More U.S. mortgages are becoming delinquent than are being fixed, still, according to latest January data from Lender Processing Services.
Nearly 7.5 million home loans are either delinquent or in foreclosure and despite the approximately 2 million loan modifications in the U.S. from January 2009 to January 2010, the number of new delinquencies across the period […]
Report: One in Five U.S. homeowners underwater
NEW YORK - One of every five U.S. homeowners owed more on their mortgage than their home was worth in the fourth quarter, a trend that poses a serious threat to the U.S. housing market’s recovery, real estate Web site Zillow.com said on Wednesday.
Homeowners with “underwater” mortgages are more prone to defaults and foreclosures. They […]
U.S. Foreclosure Filings Surpass 300,000 for 11th Month in Row
What a bunch of YAHOO’S in Washington DC. Government and Banks can jump into bed and be IMMORAL and skrew the American People time and time again, however, the American people are expected to continue to do the honorable thing and keep putting good money after bad so to speak with their home values plummeting.
AMERICAN […]
Barney Frank: The Poor Should Rent, Not Own (Liberal admits disastrous mistake)
Barney Frank: The Poor Should Rent, Not Own
In its final installment of the Big Think’s “Went Went Wrong” Series on the financial crisis, they interviewed Financial Services Committee Chairman Barney Frank (D-MA). Much of the interview was predictable: Frank mostly explained what anyone closely following the financial regulation push in Congress already knew. But there […]
December home sales down nearly 17%; Largest monthly drop in more than 40 years
Sales of previously occupied homes took the largest monthly drop in more than 40 years last month, sinking more dramatically than expected after lawmakers gave buyers additional time to use a tax credit.The report reflects a sharp drop in demand after buyers stopped scrambling to qualify for a tax credit of up to $8,000 for […]
Foreclosures: ‘Worst three months of all time’
Despite signs of broader economic recovery, number of foreclosure filings hit a record high in the third quarter - a sign the plague is still spreading.
Despite concerted government-led and lender-supported efforts to prevent foreclosures, the number of filings hit a record high in the third quarter, according to a report issued Thursday.
“They were the worst […]
US Foreclosures Continued to Rise in Third Quarter
The number of Americans receiving a foreclosure notice in the third quarter continued to grow, according to a new report, despite government programs intended to attack the problem.
(Excerpt) Read more at cnbc.com …
WSJ: Delayed Foreclosures and “Shadow” Inventory
From Ruth Simon and James Hagerty at the WSJ: Delayed Foreclosures Stalk Market
… Legal snarls, bureaucracy and well-meaning efforts to keep families in their homes are slowing the flow of properties headed toward foreclosure sales, even when borrowers are in deep distress. … some analysts believe the delays are … creating a growing “shadow” inventory […]
We Were Warned:U.S. “option” mortgages to explode, officials warn
The federal government and states are girding themselves for the next foreclosure crisis in the country’s housing downturn: payment option adjustable rate mortgages that are beginning to reset.
“Payment option ARMs are about to explode,” Iowa Attorney General Tom Miller said after a Thursday meeting with members of President Barack Obama’s administration to discuss ways to […]
Treasury Says Millions More Foreclosures Coming (All for Hope and Change)
Only 12 percent of U.S. homeowners eligible for loan modifications under the Obama administration’s housing rescue plan have had their mortgages reworked, and millions more foreclosures are coming, the Treasury Department said on Wednesday.
A Treasury report showed 360,165 people had their monthly payments reduced through August, up from 235,247 through July, but a senior Treasury […]