More than a record 7.5 million residential mortgages are delinquent or in foreclosure, and one million other properties are either banked owned or are waiting to be resold, according to Lender Processing Services, Inc. the nation’s largest provider of mortgage data. The February report shows historic numbers, but also indicates that the pace of deterioration… Continue reading Record 7.5 Million Homes in Default
Housing Relief Gaining Momentum with Expansion of Efforts
Acknowledging that its housing relief rescue mission has been slow to respond to the foreclosure crisis, the government is expanding its efforts “to more effectively combat the ongoing effects of the housing crisis.” A new initiative announced by Housing and Urban Development (HUD) Secretary Shaun Donovan seeks to find more ways that help local communities… Continue reading Housing Relief Gaining Momentum with Expansion of Efforts
Worst is Over as Housing Deflation Peaks
Despite an on-coming wave of foreclosures, the worst is behind the majority of U.S. housing markets, according to a new assessment by Housing Predictor. Real estate deflation has been the worst in three states, topping 75% in the hardest hit markets of the country. But it has begun to slow as a result of a… Continue reading Worst is Over as Housing Deflation Peaks
New Rules of Real Estate
Manufactured by a combination of Wall Street financial manipulation, overly creative banking practices, greed and plenty of fraud the real estate crash over the last three years has developed a whole new rule book for buying and selling property. Here are the 10 best new rules to keep in mind before you venture out into… Continue reading New Rules of Real Estate
Dirty Money Sealed Dodd’s Fate
By Kevin Chiu Embattled U.S. Senator Chris Dodd, the chairman of the senate banking committee, released his financial reform package at a press conference and it appears it will be one of the last significant actions the Congressmen will be making in Washington, D.C. Dodd, who announced late last year he will not be seeking… Continue reading Dirty Money Sealed Dodd’s Fate
Negotiating a Short Sale with Success
Negotiating a successful short sale with a bank on a home or other real estate may be a grueling task that could take months to achieve. But as foreclosures increase bankers seem more willing to negotiate to make a deal work – in some cases. There are a series of pitfalls along the way that… Continue reading Negotiating a Short Sale with Success
Mortgage Modifications Improve
Mortgage modifications have resulted in more than one million mortgage borrowers receiving a median savings of $500 a month, according to the Treasury Department. The improvement represents a 36% savings in mortgage costs to home borrowers. The temporary modifications are part of the government’s Home Affordable Modification Program (HAMP), which has been troubled by a… Continue reading Mortgage Modifications Improve
Underwater Between a Rock and a Hard Place
Owning a home with negative equity and a higher mortgage payment than is affordable is like living between the proverbial rock and a hard place. Yet for hundreds of thousands of homeowners that’s the way things are these days. Staggering job losses, growing under employment and record bankruptcies throwing many business owners out of work… Continue reading Underwater Between a Rock and a Hard Place
Foreclosures Keep Pace
For fifty consecutive months foreclosure notices filed against U.S. homes have risen on a year over year basis, according to the latest Realty Trac monthly report. Notices of foreclosure activity were filed against 308,524 properties in February. Foreclosure auctions, including notices of Trustee’s Sales and Notices of Sheriff’s Sales, the last steps in the foreclosure… Continue reading Foreclosures Keep Pace
Buying Ugly Houses
“We Buy Ugly Houses” has become the slogan of a franchise company that buys homes in distress. For more than 20 years Home Vestors has been getting homeowners out of trouble on their homes, buying more than 40,000 houses through its network of franchises. But the company best known for its’ television advertising campaigns reaching… Continue reading Buying Ugly Houses