By Kevin Chiu The $1.5-billion government bail-out plan targeted to save homeowners from foreclosure in the worst impacted states will be handled by local housing finance agencies working in conjunction with the Treasury Department. A formula will be designed to allocate funding in each of the state’s most harshly affected areas, according to a White… Continue reading Homeowner Bail-Out Moves Forward
Category: Sales
Housing Bail-Out to Help Limited Number
By Mike Colpitts The White House $1.5-billion bail-out of troubled homeowners will help only a small fraction of those in need of aid, administration officials acknowledge. The foreclosure crisis, first forecasted by Housing Predictor nearly three years ago has claimed an estimated 4.5 to 5-million homes since it began. The crisis has become so massive… Continue reading Housing Bail-Out to Help Limited Number
Obama Pledges $1.5-Billion in Housing Aid
On a visit near Las Vegas, Nevada, the worst affected city in foreclosures in the country President Barack Obama pledged $1.5-billion in federal aid to help the five states most heavily impacted by the real estate crash. Nevada, California, Florida, Michigan and Arizona will get federal aid under the program. In each state the average… Continue reading Obama Pledges $1.5-Billion in Housing Aid
Home Prices Forecast to Deflate More
Anchored by severe headwinds, including high unemployment, lack of equity in real estate, rising foreclosures, a tight mortgage market and the expiration of government programs home prices in the majority of U.S. markets will deflate more in 2010, according to the latest national forecast by Housing Predictor. The average price of a home is now… Continue reading Home Prices Forecast to Deflate More
Foreclosure Numbers Decline
Foreclosure notices declined in January, but still remain at record high levels for the year, according to the latest Realty Trac monthly report. Some 315,716 properties were tagged with notices during the month nationwide. The decline in notices marked a 10% drop from December numbers, but shows that one in every 409 housing units is… Continue reading Foreclosure Numbers Decline
Fueling the Fire of Second Housing Bubble
By Kevin Chiu Government efforts to stabilize the financial system have kept interest rates low, and bought up more than $1.4-trillion in mostly failed mortgage-backed securities. But widespread fraud and other government efforts may already be driving the development of another housing bubble. The FBI says mortgage fraud is still at epidemic levels, which may… Continue reading Fueling the Fire of Second Housing Bubble
Losing Money on House Hard to Handle
By Mike Colpitts Nobody wants to think about it and nobody wants it to happen to them. Losing money is an awful thing to go through. But millions of Americans have seen their stock market portfolios blow-up and their home values erode. Losing money is a hard thing to do. The run up of America’s… Continue reading Losing Money on House Hard to Handle
2010 Mississippi Housing Market
Tough economic conditions are making life rough in Mississippi. State tax collections have been declining for more than a year amid one of the worst economic downturns in the state’s history. The state budget, already in the red, is expected to get much worse before things get better. Still, there are bright spots in the… Continue reading 2010 Mississippi Housing Market
2010 Washington Housing Market
Markets are beginning to rebound in terms of the downturn in housing in Washington, but the major bounce back that many have optimistically hoped for doesn’t seem to have much of a chance of materializing in the near future. Pushed by the federal tax credit, home sales experienced a strong rebound only to fizzle once… Continue reading 2010 Washington Housing Market
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