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

Negative Home Equity Strengthens

By Mike Colpitts Homes in negative equity or with mortgages that are higher than the property’s current market value declined in the first quarter of 2011, according to a leading real estate research firm. Residential properties were down slightly from 11.1 million homes or more than 23% of properties in the prior quarter. The drop… Continue reading Negative Home Equity Strengthens

Paying Homeowners Money to Stay Works

By Mike Colpitts A former Wall Street banker, who started a company to save homeowners with mortgages from foreclosure has enrolled just short of 10,000 borrowers in its RH Reward program that is paying cash rewards to hurting homeowners. The plan works with banks and other financial institutions, including hedge funds to work with upside… Continue reading Paying Homeowners Money to Stay Works

Many of 18.8 Million Vacant Homes May be Bulldozed

There were 18.8 million vacant U.S. homes at the end of the third quarter, according to the U.S. Census Bureau. But the only way to slash their ranks effectively may be to bulldoze millions of homes that make up blighted neighborhoods. Entire districts of homes, including more than 10,000 in one neighborhood in Detroit, Michigan… Continue reading Many of 18.8 Million Vacant Homes May be Bulldozed

Crash in Housing Relief Program

The Michigan housing relief program is battling technological failures to help homeowners. The first day unemployed homeowners could apply for relief to pay their home mortgages, the telephone lines and computer systems were so over-loaded they crashed. Housing Finance Agencies in five states are getting $1.5-billion in relief from the Hardest Hit Fund program started… Continue reading Crash in Housing Relief Program

White House Considers Free Money

By Mike Colpitts Weighing its political options, the Obama administration is carefully considering recommendations of Housing Finance Agencies in four states to reduce mortgage principal of homeowners at risk of foreclosure. The proposals made to the White House could act as a magic bullet to aid in the recovery of the nation’s housing markets, giving… Continue reading White House Considers Free Money

2010 Michigan Housing Market

Driven by the lowest home prices in decades, the Michigan housing market has little chance of ever catching up with home prices that residences were once selling for but markets have made compelling improvements over their disastrous fall-outs. The “Big 3” auto companies re-hiring of thousands of workers should eventually help the state recover. As… Continue reading 2010 Michigan Housing Market