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New Century Faces More Credit Crisis 2008-03-18 08:04:07 As one of the largest subprime mortgage lenders in the nation, New Century
escaped its credit troubles a decade ago when US Bancorp decided to give the company fresh capital. Unfortunately, their run recently ran out as brokerage firms and Wall Street banks have decided to take back the billion dollar credit line it gave a couple of months ago. Read more:Crisis
, New Century
Legislators to Close FHA Reform Deal 2008-03-13 08:19:56 Struggling to reduce the negative impact of the present mortgage crisis, Congress finally feels confident that a bill providing safe alternatives to subprime housing loans will soon be sent to the President for signature. Read more:Close
, Legislators
, Reform
The Best Time to Buy is NOW! 2008-03-11 08:56:34 After surveying over 330 housing markets; the National City Corp and Global Insight discovered that over 88 percent of these markets showed a decline in home prices. Such decline surprisingly improved home affordability, creating the perfect opportunity for buying.
According to the same report, the housing market may soon become broadly-over valued since home prices are expected to decline further in the coming years. With interest rates remaining steady, buyers will surely enjoy additional advantages. The large inventory of foreclosure properties is also seen as a contributing factor to the plummeting home prices.
Bush Administration to Veto Bill Addressing Foreclosure Crisis 2008-03-02 14:06:59 The US housing market has been under a lot of stress lately especially with the growing inventory of foreclosed properties. These foreclosure homes are homes that have been repossessed because the owners failed to pay their mortgage dues. Because of this, lenders have no choice but to recover their losses via foreclosure. As of 2007, the number of homes that entered some foreclosure stage has reached millions – causing much distress on the national housing market. Read more:Addressing
, Administration
, Bush Administration
, Crisis
, Foreclosure
Mortgage Applications Plunge 2008-03-24 10:13:02 At the end of the second week in March (March 14), the volume of mortgage applications plunged by almost 3 percent. This is according to a survey conducted on weekly applications by the Mortgage
Bankers Association. The index fell from 671.7 to 652 that same week. Read more:Applications
Presidential Hopeful Dismisses “Politics” in Housing Crisis 2008-03-28 07:25:06 With election fever hitting the country, many citizens are wondering how these Presidential
candidates will address the crisis in the real estate market. Republican nominee John McCain stated Tuesday that the national government should not focus on rewarding or saving borrowers and lenders caught in this fiasco. Instead, he would like to consider proposals based on benefits and costs. Read more:Crisis
, Hopeful
, Housing
Builders: Demand for Homes Recovering by 2010 2008-04-16 06:40:05 Considering the present crisis in the housing market, it is not surprising that the National Association of Home Builders
projects that the normal demand for newly-built homes may only return by 2010.
During the previous housing recessions, the market recovered quickly but this time it is taking longer. Sustainable and long-term stability in the housing market [...] Read more:Homes
Three Ways to Fix Subprime Crisis 2008-04-18 07:14:46 With the subprime industry suffering from a serious meltdown, experts including consumer advocates and presidential candidates offer some suggestions on how to fix this continuing crisis that resulted to millions of foreclosure homes for sale.
Bankruptcy Code
According to Senators Christopher Dodd (Connecticut) and Richard Durbin (Illinois), the damages caused by the present mortgage and credit crisis [...] Read more:Crisis
, Subprime
, Three
Poll Results: Number of People Not Buying Homes Growing 2008-04-23 07:42:00 According to a poll conducted by the Associated Press-AOL Money and Finance, there is an overwhelming 60 percent increase in the number of people who are not entertaining the idea of buying a house anytime soon; up from 53 percent in September 2006. This is perhaps the latest sign that the housing crisis is yet [...] Read more:Buying
, Growing
, Homes
, Number
Foreclosures Invade the Wealthy 2008-04-30 07:35:33 What was once considered a poor man's disease, foreclosures have hit the wealthy also. The New York Times reports that the stereotype of only the poor, the subprime borrowers, the irresponsible feel the affect of repo homes and foreclosed properties has now been proven to be false. Greenwich Connecticut, with its 7 figure properties is feeling the pain also. Read more:Foreclosures
, Invade
, Wealthy
People are forced to leave their houses, and many, their pets also 2008-05-05 08:33:35 Saint was only six months old when his family’s home was repossessed due to foreclosure. Saint found himself at an Animal facility, frightened, confused and terrified.
When Pamela Hawes learned of Saint’s plight, she immediately adopted him. Saint cried all the way to his new home.
“He was like, where am I going?” Hawes, 45, recalled.
Animals like [...] Read more:forced
, houses
$15 B Housing Bill Approved by House Panel 2008-05-07 07:21:23 Despite objections from the Republicans, the Democrats managed to push a housing bill that is worth $15 billion. The opposition considered the bill to be a government giveaway or bailout.
If passed, the housing bill will mean that counties and cities suffering from the worst of the foreclosure crisis will receive federal grants and loans for [...] Read more:House
, Housing
, Panel
A 112% Spike in Foreclosures: Is This the Beginning? 2008-05-09 10:49:24 What a year 2007 was! But what a year 2008 is going to be as far as foreclosed homes are concerned is yet to be seen. According to the last report, almost 155,000 families had lost their homes through foreclosure proceedings, which is a rate of one per 194 homes in the US. The worst fear for the government is how many more foreclosed properties will they get to see this year? Will the number of repo properties increase? Will there be more delinquencies? What is the proposed solution for fighting or stopping foreclosure? These are just some of the questions that seem to haunt the government, lenders and housing authorities like HUD. Read more:Foreclosures
, Spike
Mortgage Lenders Eyed by Lawmakers 2008-05-13 06:37:34 Allegations that mortgage brokers and lenders are abusing the bankruptcy code were being considered by the Senate Judiciary Subcommittee on Administrative and Oversight and the Courts.
It seems that many troubled homeowners who are being pressured to pay their mortgage debt plus certain fees, if they do not want to lose their home to foreclosure. Sadly, [...] Read more:Lenders
, Mortgage
, Mortgage Lenders
Home Prices Still Declining 2008-05-19 10:42:16 During the first quarter of 2008, home prices suffered a decline averaging 7.7 percent compared to that of 2007. This is probably the greatest decline since 1982 when the National Realtors Association began gathering data. Average median sale price nationwide also dropped by 4.8 percent to $196,300 for the same period.
According to NAR, the steep [...] Read more:Home Prices
, Prices
Home Loan Applications Plummet 2008-05-27 11:18:10 According to the Mortgage Bankers Association, the volume of mortgage applications for the week that ended May 16 fell by 7.8 percent to 621.6. The week before, volume was pegged at 674.4.
Breaking down the report; the refinance volume dropped by 8.7 percent for the week. Meanwhile, mortgage application for new purchases declined by 6.9 percent. [...] Read more:Applications
Foreclosure Buyer’s Guide 2008-06-20 04:25:37 Deciding to buy foreclosed properties is indeed a smart choice considering that these homes offer so much more return potential than other properties. But making the decision to buy is the easy part. The actual purchase will involve some hard work and patience. Read more:Buyer
, Foreclosure
, Guide
Surging West Nile Virus Infection Linked to Foreclosure Crisis 2008-09-19 08:26:03 Officials and health experts in Nassau County are considering a possible relationship between the increase in West Nile virus infections and the foreclosure crisis.
The probable link between these two has been based on the fact that mosquitoes carry the virus and it would seem that these mosquitoes have been living in the stagnant water found [...] Read more:Crisis
, Foreclosure
Los Angeles City Renters Victimized by the Foreclosure Crisis 2008-10-01 21:12:32 In Los Angeles
, the number of apartment units entering some stage of foreclosure has been increasing dramatically in the last 18 months. Although the owners and landlords will suffer much loss, the tenants can also be considered to be victims of the enduring foreclosure crisis.
Based on the data obtained from Los Angeles
’ Housing Department, there [...] Read more:Crisis
, Foreclosure
3 Other Factors Contributing to the Foreclosure Crisis 2008-10-22 03:52:22 Although the media have been doing their job in letting the consumers know about the current condition of the housing industry, there are still some individuals who are still quite unsure how the nation ended up in the middle of a foreclosure crisis. Read more:Crisis
, Foreclosure
$153 Million Aid for Georgia’s Foreclosed Properties 2008-11-14 02:11:26 The U.S. Department of Housing and Urban Development's (HUD) Neighborhood Stabilization Program (NSP) will provide Georgia
with $153 million funds to purchase foreclosed homes, repair and then sell or rent them. The amount is part of the U.S. government’s $700 billion financial bailout for the banking industry. Read more:Properties
$22 Million Aid for Washington Region’s Foreclosed Properties 2008-11-13 04:33:12 In July 2008, the U.S. Congress passed a housing bill that would provide $3.92 billion to help rehabilitate foreclosed and vacant properties. Included in the bill are $22 million grants for Maryland, Virginia and Washington
, D.C. and counties of Prince George’s and Prince William. Read more:Properties
$47 Million From Federal Foreclosure Funds for Nine Detroit Neighborhoods 2008-11-12 00:54:04 Detroit Mayor Ken Cockrel has proposed to demolish about 2,350 derelict and abandoned homes in blighted neighborhoods using about half of the $47 million provided by the U.S. federal government to tackle its foreclosure problems. An estimated $8 million will be spent to repair certain vacant houses and about $4 million will be used to build new homes. Read more:Detroit
, Federal
, Foreclosure
, Funds
Condos in Foreclosure Create Problems for the Association 2008-11-05 01:38:41 In the last couple of years, the housing industry has been in very bad shape --- thanks primarily to the growing number of foreclosed properties including condo units. For this reason, many condo associations are having problems involving fee collection. Read more:Foreclosure
Foreclosures Contribute to Highest Job Cuts in 34 Years 2008-12-15 02:10:57 As foreclosures continue to burden communities across the U.S., the nationwide unemployment rate reached its highest level of 6.7 percent in November. According to the Labor Department, there are already 10.3 million unemployed Americans, a couple of millions more than New York City's population. Read more:Foreclosures
, Years
As Vacant Foreclosed Homes Increase So Do Squatters 2008-12-12 20:00:20 In St. Paul, Minnesota, city inspectors would take a night out on the streets visiting abandoned buildings and foreclosed homes that failed the city's safety code. The growing number of Minnesota
foreclosures has also attracted squatters trying to look for places to stay. Finding these buildings and empty houses unsafe for people, inspectors have no choice but to ask these people living there to Read more:Homes
Outgoing NC Governor Put on Limelight with Talks on Foreclosures 2008-12-11 04:26:08 When Governor
-elect Beverly Perdue takes office in North Carolina, she will find the budget balanced, thanks to the efforts of outgoing Governor Mike Easley. After a year of receiving bad publicity, including overseas trips with his wife using taxpayers' money, Governor Easley is trying to regain his reputation through his proactive actions in dealing with reduced budgets and the worsening issues Read more:Foreclosures
, Limelight
Stabilization Program Readies Funds for Florida Foreclosures Rehab 2008-12-09 06:27:26 South Florida
registered 8,000 foreclosed homes during the first 10 months of 2008. To address this crisis and help local government officials deal with the problems attributed to foreclosures, the federal government has released $3.9 billion as funds for the Neighborhood StabilizationProgram
. $104 million will be allocated for South Florida’s cities and counties and will be used to purchase fo Read more:Foreclosures
, Funds
, Rehab
Sales of Foreclosed Properties Gaining Ground in the US 2008-12-09 04:22:28 While several people suffered from the adverse effect of foreclosures, others are benefitting from this situation through the fast growing sales of foreclosed homes. The properties available for sale in the market has been affected by repossessions as prices plummeted down when banks unloaded their inventories at bargain prices. A house previously worth more than $1.2 million and was reverted to b Read more:Gaining
, Properties
, Sales
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