By Kevin Chiu A proposal to halt the record number of foreclosures and force lenders to work with homeowners to modify mortgages was introduced in the Senate Wednesday by Rhode Island Senator Jack Reed. Rhode Island is one of the worst 10 states to be affected by the foreclosure epidemic. The bill would establish a… Continue reading Congress Finally Proposes Homeowners Help
Category: Economic Crisis
Pilot Program Could Help Home Foreclosures
By Mike Colpitts The federal government response has been painstakingly slow to the foreclosure epidemic. But one city councilman is proposing a pilot program that could give mortgage holders of distressed homes a chance to stay in their residences amid the worst economic downturn in a generation. The program, already approved by the Los Angeles… Continue reading Pilot Program Could Help Home Foreclosures
House Poor Growing
By Mike Colipitts Fewer people are going to the movies. Fewer yet are buying goods in stores. Major grocery chains are seeing a rise in what were second rate brand food products selling at a discount. The savings rate has risen and may hit a new high. America is on a budget squeeze, and a… Continue reading House Poor Growing
Comparing Today’s Financial Crisis to Great Depression
By Chris Tyler Comparisons between the current financial crisis and the Great Depression are becoming less common these days as the economy seemingly makes strides towards recovery. However, with growing unemployment, rising business failures, climbing bankruptcies and a growing epidemic of foreclosures progress is difficult to gauge. Most economists say the nation has moved into… Continue reading Comparing Today’s Financial Crisis to Great Depression
Housing Czar Wanted
from Google Maps By Mike Colpitts The classified advertisement reads: “Immediate opening for an expert negotiator with serious finance credentials. Master’s degree in economics or related field required. Real Estate background a must, especially in residential area. Scope of experience should include working with and understanding bankers.” Apply to: President Barack Obama, The White House… Continue reading Housing Czar Wanted
Foreclosures Set New Records
Foreclosures reached the highest level on record in June as foreclosure filings rose for the fourth month in a row, according to the latest RealtyTrac foreclosure report. Notices of default, auction sale notices and bank repossessions were reported on more than 1.5-million properties in the first half of the year. Some 1,528,364 properties received notices… Continue reading Foreclosures Set New Records
Housing Market Conditions Improving
Housing Market Conditions Improving Housing indicators are showing that markets are making slow strides towards improving conditions. Boosted by the first time buyers’ $8,000 federal tax credit and other incentives, home sales are up in many of the hardest hit urban markets, including Los Angeles, Las Vegas and Phoenix. Additionally, government insured mortgage applications hit… Continue reading Housing Market Conditions Improving
Money Trail of Housing Bust Leads to Congress
By Mike Colpitts The repeal of the law that produced the current housing depression was made by Congress in 1999, and it took just eight years before it would nearly destroy the U.S. economy. At the peak of the real estate bubble lobbyists gave more than $350-million to members of Congress. Lawmakers passed laws that… Continue reading Money Trail of Housing Bust Leads to Congress
Graveyards of the Housing Bust are Zombie Developments
Graveyards of the Housing Bust By Mike Colpitts They are littered from coast to coast and do not discriminate. Zombie subdivisions and housing developments are scattered across the nation like nothing since the Great Depression. They are the wreckage of failed developments and urban sprawl gone mad during the real estate boom, left to rot… Continue reading Graveyards of the Housing Bust are Zombie Developments
Forecasting the Bottom of the Housing Market
As the U.S. government attempts to repair the broken capitalistic system and come up with a full housing rescue plan, hopes rise that the troubled market will recover from the worst economic housing depression in history. The bottom of housing market price deflation is now forecast by Housing Predictor to develop in the final quarter… Continue reading Forecasting the Bottom of the Housing Market