Category: Foreclosure

Foreclosures Eclipse Record in 2009

A record 2.8–million U.S. properties had foreclosure filings filed against them in 2009, representing a 21% increase in the number over the previous year and 120% above 2007, according to RealtyTrac’s annual year-end report. The history breaking numbers closely match the Housing Predictor foreclosure forecast, which calls for a total of 17-million foreclosures in the… Continue reading Foreclosures Eclipse Record in 2009

Buying a Home after Foreclosure

By Lindsey Hadwin Of the millions of Americans who have lost their homes in the foreclosure crisis, many dream of buying a home again. As a result of more than 19.2-million vacant homes nationally, securing a mortgage in the future is possible in less time than ever before. Re-establishing creditworthiness can provide a key to… Continue reading Buying a Home after Foreclosure

BP Oil Spill Devastation Grows in Gulf of Mexico, Relocations Expected

By Kevin Chiu and Mike Colpitts Destin, Florida – The devastation that the BP oil spill is producing to the Gulf of Mexico is at least the size of all five Great Lakes as America’s greatest environmental disaster. It is likely to force hundreds of thousands of residents to relocate their homes to other areas… Continue reading BP Oil Spill Devastation Grows in Gulf of Mexico, Relocations Expected

Future Foreclosure Notices Drop, While Final Foreclosures Rise

By Kevin Chiu An increase in home refinancing, mortgage modifications and bank work-outs led to a possible drop in future foreclosures with a decline in formal notices of default in May. The decrease marked a seven percent decline for the month and accounts for a 22% drop from year ago levels. But bank repossessions for… Continue reading Future Foreclosure Notices Drop, While Final Foreclosures Rise

Countrywide Settlement in Homeowners Overcharging Scam

By Cheryl Reams Failed mortgage lender Countrywide Mortgage, once the nation’s largest home lender, has agreed to pay $108-million in fines to the Federal Trade Commission for scamming homeowners in foreclosure out of excessive fees. The Countrywide settlement comes more than two years after the FTC charged the failed lender with collecting excessive fees from… Continue reading Countrywide Settlement in Homeowners Overcharging Scam

Credit Unions Gain Mortgage Business

By Kevin Chiu Credit unions are attracting more business from conventional banks and mortgage lenders in the wake of the financial crisis, as bankers lose customers as a result of loose lending practices and distrust with the foreclosure of millions of homes. Risky mortgage lending practices, in which many banks turned a blind eye to… Continue reading Credit Unions Gain Mortgage Business

BP Oil Spill May Miss Florida Panhandle

Destin, Florida — While thick oil piles up in the marshes along the Louisiana coastline from the BP oil spill, beaches along the Florida panhandle remain clear of the sledge with the exception of a few tar balls floating ashore in spotty areas. Growing indications show that the massive oil slick may miss the Florida… Continue reading BP Oil Spill May Miss Florida Panhandle

2010 Nevada Housing Market

High unemployment in construction, gaming and retail sales is contributing to the epidemic of foreclosures in Nevada, which has slowed as bankers hold back on foreclosing properties in an attempt to raise housing prices. An assortment of new casino projects under construction has been stopped in their tracks, victims of the global financial meltdown. Unemployment… Continue reading 2010 Nevada Housing Market

Very Low Confidence in Housing Market

Very Low Confidence in Housing Market Consumer confidence in the housing market is near a modern all-time low, according to a new Housing Predictor opinion poll. The survey found that a huge majority of those polled feel the housing market is not improving, despite a series of government programs and other efforts to re-energize the… Continue reading Very Low Confidence in Housing Market