By Mike Colpitts Catastrophic flooding along the Mississippi River and the outbreak of tornadoes in the Midwest and South are destroying thousands of homes and businesses. The series of disasters are estimated to top $260 billion in property damage, according to initial estimates gathered from federal and state authorities. A tornado believed to be just… Continue reading Tornado, Flood Damage Tops $260 Billion
Category: Economic Crisis
Stocks Plunge on Housing News
By Mike Colpitts Following disappointing news about the housing market, the Dow Jones Industrial average plunged 279.65 points Wednesday on the New York Stock Exchange on the first day of June, demonstrating investors’ worries over the stock market and the greater U.S. economy entering the customary busy summer housing season. The drop in the highly… Continue reading Stocks Plunge on Housing News
Freddie Mac Unloads Foreclosures Paying Closing Costs
By Mike Colpitts Troubled mortgage giant Freddie Mac is making a new effort to unload its bloated inventory of foreclosed homes paying home buyers closing costs. The government backed lender, which has been bailed out by tax payers at a cost of more than $148-billion with its sister lender Fannie Mae is making the offer… Continue reading Freddie Mac Unloads Foreclosures Paying Closing Costs
Home Remodeling Shows Rebound
By Mike Colpitts Home remodeling is moving into a rebound as spring flowers begin to bloom. The National Association of Home Builders Remodeling index reached 46.5 in the first quarter, marking its highest level since 2006, and the Harvard University Joint Center for Housing Studies is predicting remodeling to rebound in 2011. Retail sales at… Continue reading Home Remodeling Shows Rebound
Foreclosures Fall Seven Straight Months, But Still at Crisis Level
By Kevin Chiu Hampered by internal bank and mortgage servicing company delays, foreclosure notices fell to a 40 month low in April, declining 9% from the prior month and 34% from a year ago. The slowdown represented the seventh straight month of delays in the foreclosure crisis as a result of the moratorium put in… Continue reading Foreclosures Fall Seven Straight Months, But Still at Crisis Level
Homeowner Associations May Hit Record Lawsuit Volume
By Mike Colpitts Homeowner and condominium associations straddled with high debt in the real estate crash are resulting in at least thousands of member-owners refusing to pay monthly fees, and may reach record lawsuit volume in U.S. courtrooms. The development was determined during a routine Housing Predictor survey of markets monitored across the nation. The… Continue reading Homeowner Associations May Hit Record Lawsuit Volume
Real Estate Brokerage Helping Thousands Monthly
By Mike Colpitts A small real estate brokerage is waging a war against foreclosures, helping thousands of homeowners’ monthly by training real estate agents to coordinate short sales and get troubled homeowners out of their problem plagued mortgages. “We’ve directly assisted tens of thousands of homeowners,” said First Coast Realty Associates broker Mike Linkenauger. “We… Continue reading Real Estate Brokerage Helping Thousands Monthly
Foreclosures Pose Clear and Present Danger
By Mike Colpitts Editor A clear and present danger is challenging the U.S. and it’s not the stuff that politicians in Washington, D.C. drudge up to drive fear emotionally charging the masses to sway public opinion. It’s the reality of our times — 7 million foreclosures that have already been formally repossessed by the banks,… Continue reading Foreclosures Pose Clear and Present Danger
America’s Watchdog to Rescue Disaster Victims
By Mike Colpitts An organization that gained national fame for helping homeowners and businesses in natural disasters, including Hurricane Katrina is offering free aid to homeowners and businesses that suffered property damage or were destroyed in the series of tornadoes that tore through the south-eastern corridor of the U.S. America’s Watchdog is coming to the… Continue reading America’s Watchdog to Rescue Disaster Victims
Government Finds Foreclosure Oversight Needed
By Mike Colpitts Nearly three years after problems arose plaguing the U.S. in the foreclosure crisis, government regulators have found that federal agencies oversight of foreclosures has been limited, fragmented and needs to be corrected, according to the agency charged with investigating U.S. banks. In what has become the largest financial swindle in American history,… Continue reading Government Finds Foreclosure Oversight Needed