By Kevin Chiu Baby boomers searching for a new home are going through increasing difficulty finding the right home for what they can afford, and many are finding they don’t have the equity they thought they had in order to move into another home in the first place. Some 77-million Americans are classified as baby… Continue reading Baby Boomers Caught in Real Estate Bust
Category: Georgia
Georgia housing market
Mortgage Defaults Edge Up in August
Mortgage defaults were filed for the first time against the largest number of homeowners in more than four years in August as foreclosures surged higher for the month, according to RealtyTrac. Foreclosure auctions and formal lender repossessions were filed against 228,098 homes during the month. The figure represented a 7% surge in lender takeovers for… Continue reading Mortgage Defaults Edge Up in August
Hurricane Irene Flooding Leaves Homeowners Out of Luck
By Kevin Chiu As Hurricane Irene moved over the border into Canada, after having unleashed its mighty torrent on the Atlantic coast over a dozen states, flooding became its dominant issue as forecasters predicted. Torrential rains in more than a half a dozen states are expected to bring upwards of a million home insurance claims.… Continue reading Hurricane Irene Flooding Leaves Homeowners Out of Luck
Housing Recovery Delayed as Foreclosures Stall
By Kevin Chiu As many as 1-million homes that should have been foreclosed in 2011 will be delayed until 2012 stalling a housing recovery in the U.S. as lenders work through problems with foreclosure procedures, lawsuits and other legal problems, according to RealtyTrac. The foreclosure tracking firm reported that a total of 1,170,402 residential properties… Continue reading Housing Recovery Delayed as Foreclosures Stall
Majority Affected by Foreclosures
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
Huge Downgrade in US Housing Market
By Mike Colpitts Buffeted by high unemployment and weak consumer sentiment, housing markets are encountering sluggish home sales in the midst of what is typically the busiest home buying season of the year. Home sales should see an improvement towards the end of summer, but the average US home is projected to decline 7.1% in… Continue reading Huge Downgrade in US Housing Market
Mortgage Company Executives Sentenced to Prison
By Kevin Chiu Two former mortgage company executives have been sentenced to federal prison for their roles in a fraud scheme involving more than $2.9 billion that contributed to the failures of their company and Colonial Bank. Desiree Brown, the former treasurer of Taylor, Bean and Whitaker was sentenced to six years in prison for… Continue reading Mortgage Company Executives Sentenced to Prison
Disaster Housing Relief Provided in 8 States
By Mike Colpitts As anxieties rise with the floodwaters along the mighty Mississippi River and residents flee for higher ground, the U.S. government is gearing up for the largest disaster aid commitment it has ever made. The Federal Emergency Management Agency has already dedicated funds to help disaster victims in eight states, including immediate foreclosure… Continue reading Disaster Housing Relief Provided in 8 States
Chinese Drywall Second Housing Crisis
By Kevin Chiu A second housing crisis is slowly working its way through 20 states as more victims fall ill from poisonous fumes emitting from their very residences. From the Gulf Coast of Louisiana, where workers are replacing toxic Chinese drywall in new homes built for victims of Hurricane Katrina across the country it’s being… Continue reading Chinese Drywall Second Housing Crisis
State Foreclosure Settlements Seem Doubtful
By Mike Colpitts A settlement between bankers, mortgage servicing companies and the 50 state Attorney Generals investigating robo signing foreclosures seems more doubtful of achieving by the day as bankers delay talks to stem off billions of dollars in settlements they would have to pay to reach such an agreement, estimated as high as $25-billion.… Continue reading State Foreclosure Settlements Seem Doubtful