The crisis is hitting home. An overwhelming majority of respondents to a new Housing Predictor poll say they are directly affected by the foreclosure crisis in their own neighborhood. The survey found that 74% of all those who took part in the online survey from all 50 U.S. states said they think the foreclosure crisis… Continue reading Majority Affected by Foreclosures
Category: Foreclosure
Shadow Inventory Halts Economic Recovery
By Kevin Chiu The shadow inventory of homes and other real estate is holding an economic recovery back from fully developing, according to a study by credit firm Equifax. As many as six million residential properties make up the inventory of homes not yet officially foreclosed by lenders, but left in limbo to rot in… Continue reading Shadow Inventory Halts Economic Recovery
Homeowners Crisis Builds New Wave
By Matt Weidner I’m a soldier, a street fighter, an attorney battling foreclosures on behalf of homeowners at the ground level, in the trenches, in courtrooms all across Florida. Let me save you the suspense and get right to the point. Things are worse than they’ve ever been and they are only going to get… Continue reading Homeowners Crisis Builds New Wave
Foreclosure Freeze Proposed
By Mike Colpitts An Ohio member of Congress has proposed a resolution that would enact a temporary freeze on foreclosures across the U.S. similar to the Great Depression. The proposal would enact a moratorium on all residential foreclosures. Rep. Marcy Kaptur (D-OH) offered the resolution before the House Financial Services Committee. The proposal asks President… Continue reading Foreclosure Freeze Proposed
Mortgage Modifications Fail to Deliver Recovery
By Mike Colpitts The Obama administration’s program to modify homeowner’s mortgages at risk of foreclosure is being criticized for being the worst failure since the administration faced the financial crisis. Only 730,000 mortgage holders have received permanent modifications, less than a quarter the president had promised. President Barack Obama launched the program in March 2009… Continue reading Mortgage Modifications Fail to Deliver Recovery
Foreclosure Victims Offered New Credit
By Mike Colpitts Former homeowners who have defaulted on their home mortgages and suffered through foreclosure are increasingly receiving offers of credit to obtain credit cards, auto loans and all sorts of other loans. However, the offers of new credit to the foreclosure victims come with a high price. The offers arrive in the mail… Continue reading Foreclosure Victims Offered New Credit
Illegally Foreclosed Should Be Compensated
Homeowners caught up in the banks robo-signing scandal that have illegally been foreclosed should be compensated financially by the banks that foreclosed on their homes to settle differences, according to an over whelming majority of respondents in a new Housing Predictor opinion poll. The survey shows that despite the blame Americans place on some homeowners… Continue reading Illegally Foreclosed Should Be Compensated
Investor Purchases Rack Up
By Mike Colpitts Investors shopping for a deal are purchasing more than one-in-five residential properties in the U.S. and make up the second largest share of home purchasers right behind first time buyers. The rise in investor purchases has been developing over the last year as home values and the prices on all sorts of… Continue reading Investor Purchases Rack Up
Manic Positive Side of Housing Mess
By Kevin Chiu In what seems like the manic side of the housing mess, young couples are sometimes finding themselves as the lucky beneficiaries of the foreclosure crisis. Take Adam and Lindsey Blackmon of Newport News, Virginia for example. The couple wasn’t even shopping for a home when they couldn’t help but notice a two-year… Continue reading Manic Positive Side of Housing Mess
Foreclosures Drop, Despite Turmoil
By Mike Colpitts Foreclosure filings dropped 2% in May as banks and mortgage servicing companies experienced turmoil as a result of legal problems dealing with foreclosures. Filings fell a third from a year ago. Formal foreclosure auctions, the last step in the painful foreclosure process, however, were scheduled against 89,251 U.S. residential properties during the… Continue reading Foreclosures Drop, Despite Turmoil