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Faith-based effort to avert foreclosures 2008-10-28 03:03:48 About 500 congregants and clergy from Bay Area churches packed into Holy Rosary Parish hall in Antioch on Monday night for a spirited town hall meeting to demand a broad-based approach to helping people avoid foreclosure. "Our purpose is to stand up for real change," said Raul DeAnda, a church member addressing the packed room of men, women and children, many waving colorful flags with slogans in Read more:Faith
Buy a house, get a luxury car for free 2008-10-28 03:00:50 NEW DELHI: Your "dream house" now comes with a free Mercedes or BMW, or at least a few gold coins. In some cases, even a small flat is being thrown into the deal for those eying premium segment bungalows. As a slowdown in the realty sector stares developers in the face, these are some of the innovations they are coming up with to keep buyers interested.
G’ Falls subprime mortgage brokerage shuts down 2008-10-28 02:59:22 A Glens Falls
-based subprime mortgage brokerage has shut down and filed for bankruptcy protection in the wake of the ongoing mortgage troubles rippling through the nation. MEM Financial Solutions LLC filed for Chapter 7 bankruptcy late last week. MEM listed $3,050 in assets and $848,000 in debts. The firm, founded in 1999, used more than 120 mortgage lenders to offer subprime mortgages in resident
HUD wants its houses to be homes 2008-10-28 02:55:15 Donna Walker is middle-aged but never has owned a home. She wants
to change that. “A home is a good investment,” the Emory University human resources assistant said. “It’s something I can leave for my daughter and her daughters.” So Walker, and a few other prospective buyers, braved a chilly evening recently to attend “How to Buy a HUD Home in Georgia” at the Georgia International Co Read more:houses
Mortgages Down 30% in St. Petersburg 2008-10-28 02:53:00 The slump in the global real estate market is now being felt in St. Petersburg
, where mortgages have decreased since June. The number and volume of mortgages issued in St. Petersburg fell by almost 30 percent during the third quarter of this year. From June to September, 3,901 mortgages were taken out in St. Petersburg, totaling 10,739.2 million rubles ($408 million). Until now, the mortgage marke
Feds to help mortgages as foreclosures soar 2008-10-28 02:46:43 The federal government intends to get a program to help struggling homeowners revise mortgages running soon, a senior Treasury official told Congress on Thursday.Neel Kashkari, who is heading the government's $700 billion financial rescue effort, said the Treasury is working hard on the plan. It could include setting standards for changing mortgages to make them more affordable and giving loan gua
Monday's Events: U.S. New Home Sales, Bond Auctions, ECB's Trichet 2008-10-28 02:44:54 U.S. new home sales and a series of bond auctions are the highlights of Monday
's economic events along with comments from European Central Bank President Jean-Claude Trichet speaking in Madrid. At 9:55 a.m. EDT, European Central Bank President Jean-Claude Trichet will speak at an event organized by KPMG in Madrid. At 10 a.m. EDT, the U.S. Census Bureau will release new home sales for September. Read more:New Home
, New Home Sales
, Sales
212,000 borrowers avoid foreclosure in Sept. 2008-10-28 02:42:03 Mortgage lenders have helped nearly 2.5 million troubled homeowners avoid foreclosure since the mortgage meltdown began in the summer of 2007. That's according to the latest report from Hope Now, the coalition of banks, mortgage-securities investors and housing counselors formed by the Bush administration to stem the foreclosure crisis. Hope Now members helped 212,000 borrowers stay in their homes
Prices Fall, Sales Agreed Rise 2008-10-28 02:40:54 Are we reaching a tipping point in the relationship between falling prices and increased market activity? The latest report from Hometrack suggests that we’re getting there. House prices fell by -1.3 per cent in October, putting the annual slide at -7.3 per cent. Prices
were down in nearly three quarters of the country, with the biggest annual declines recorded in London (-8.6 per cent) and Sout Read more:Sales
Houses in Teras Evler go on sale 2008-10-28 02:38:10 Teknik Yapı has put up for sale the houses in Teras Evler, the third stage of its Uprise Elit project, in Istanbul's Kartal district on the Asian side of the city. Teras Evler is comprised of 27 houses with 3+1 plans and 11 houses with 5+1 plans. There are four different types of houses with 3+1 plans in the project, while their sizes range from 160 to 175 square meters. The price of the houses w
New Home Sales Rise 2.7% in September 2008-10-28 02:35:27 New home sales in the U.S. rose slightly more than anticipated, moving up 2.7% in September
to an annual pace of 464k, yet the previous month's tumble was revised downward to a 12.6% decrease, according to a report from the Commerce Department on Monday. Economists were expecting September data to fall 2.2% to 450k, from the originally reported August figure of 460k, which got revised down to 452k Read more:New Home
, New Home Sales
, Sales
Buyers beware as housing market stalls 2008-10-28 02:31:40 CLEARANCE rates again crashed to record lows over the weekend, with the lure of the increased first-home owners grant failing to offset buyers' concerns about the global financial crisis. In Sydney, the auction clearance rate plummeted to 39.6 per cent, 10 points lower than the figure recorded last weekend and 24 per cent lower than the figure recorded for the same weekend last year. Read more:Buyers
, housing market
Buy-to-let investors turning to higher yield properties 2008-10-28 02:28:10 Buy-to-let investors are re-evaluating their portfolios in light of the current market conditions and introducing high income, cash positive property, according to Assetz. Many investors have recently found themselves struggling with cash negative buy-to-let property, as costly mortgages start to impact on returns, regardless of rental growth. Read more:turning
New home sales tick up 2.7% 2008-10-28 02:25:58 Sales of newly constructed homes rose in September, according to the monthly report from the U.S. Census Bureau, inching up 2.7% from August to an annualized rate of 464,000. The reading was above the consensus forecast of 450,000, according to economists surveyed by Briefing.com, and up slightly from the 17-year low in August, which saw 452,000 new home sales.
Times Online Persimmon in U-turn over housing recovery 2008-10-28 02:23:33 Persimmon, one of Britain's leading housebuilders, is writing off £600 million, or 19 per cent, of the value of its land as it gave warning that the housing market deterioration was accelerating. It said that its profit margins were being further pressured as it has had to increase marketing and incentives to achieve sales.In a rapid turnaround from its predictions only two months ago that the ho Read more:Times
Zombie Mansions: Pricey Homes That Don’t Sell 2008-11-14 05:18:31 A new index that tracks sales of luxury homes shows that more and more mansions are languishing on the market.The Institute for Luxury Home Marketing’s newly launched Luxury Housing Report, a kind of Case-Schiller index for rich zip codes–shows that homes at the top of the housing market have been sitting for sale for an average of 145 days. That is up from about 130 in September and from abou Read more:Homes
Luxury homes plan at golf site 2008-11-14 05:16:47 AN exclusive millionaires’ row could be created at the heart of the North-East under credit crunch-busting plans unveiled yesterday. In return for at least £1m each, 12 super-rich individuals would get the chance to design their own ultra-modern home on what is currently the Mount Oswald Golf Course, minutes from Durham city centre. Each would be built by Huf Haus, a German company best known f Read more:Luxury
New plan aims to assist with mortgages 2008-11-14 05:15:08 The Bush administration unveiled another plan Tuesday to modify what it thinks will be hundreds of thousands of distressed mortgages held or backed by mortgage giants Fannie Mae and Freddie Mac. More than 15 months into a deep, nationwide housing slump, several federal agencies, along with Fannie and Freddie, unveiled what they called a streamlining of modification procedures for delinquent loans.
When refinancing mortgage makes sense 2008-11-14 05:13:45 Many Americans affected by the economic crisis want their unaffordable mortgages reworked through special programs for people facing foreclosure. But you don't have to be in financial trouble to benefit from mortgage refinance, real estate experts say. "At this point, there are thousands of good reasons to refinance into a better mortgage –– especially if you have one of those adjustable-rate Read more:makes
The Danger With Interest-Only Mortgages 2008-11-14 05:12:42 Your mortgage is probably your biggest monthly bill. So when finances become stretched it seems an obvious answer to cut back your mortgage costs as much as possible. You may be tempted to ask your lender if you can temporarily switch to interest-only repayments while putting your capital repayments on hold. Sure, it will trim your mortgage outlay for a while. But the trouble is, tinkering with yo Read more:Danger
, Interest
Moving forward on reverse mortgages 2008-11-14 05:06:46 At 82, Katherine Schumert has lived in the same home in the western suburbs for half her life, sharing it first with her husband and children and now as a widow, with her children, grandchildren and great-grandchildren, who come to visit. She owns it free and clear and definitely plans to stay put. But her fixed income didn't cover the cost of some badly needed repairs, including the cost of a new Read more:Moving
85,000 homes lost in October 2008-11-14 05:03:34 As government and industry scrambled to stem the housing crisis, another 84,868 homes were lost to foreclosure in October
, according to a report released Thursday. Last month 279,561 struggling borrowers received foreclosure filings, including default notices, notices of auction sales and bank repossessions, according to RealtyTrac, an online marketplace for foreclosures. That's a 5% increase from
Accidental Landlords Having Second Thoughts 2008-11-14 05:00:52 The term 'accidental landlords' refers to homeowners who turned to letting because they couldn't sell their properties - or didn't want to accept reduced offers - in the subdued housing market. But, according to a report from Cluttons, the trend looks as if it could be drawing to a close, with many of these owners now prepared to price their properties more realistically in order to achieve a sale Read more:Accidental
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Rates Pause in Roller-Coaster Ride 2008-11-14 04:57:03 Mortgage interest rates declined for the second week in a row according to the Primary Mortgage Market Survey released Thursday morning by Freddie Mac. This was a change in the recent up-one-week, down-the-next behavior exhibited by rates since early October. During that period rates reversed direction every week, fluctuating as much as 52 basis points from week to week. Read more:Coaster
, Pause
, Rates
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Trade body calls for sale and rent back action 2008-11-14 04:53:52 Safe Home Income Plans (SHIP) has called on Trading Standards to take action against sale and rent back companies who are misleading consumers with their websites or advertising. The trade body, which represents 90% of regulated UK equity release providers, is concerned that many websites are misleading because they fail to inform consumers upfront of the risks associated with entering into a sale Read more:calls
, Trade
Who benefits from the new Fannie-Freddie plan 2008-11-14 04:51:49 Mortgage giants Fannie Mae or Freddie
Mac may back 30 million mortgages. But that doesn't mean that the new foreclosure prevention program announced this week by the Bush administration will rescue every troubled borrower on their books. The Federal Housing Finance Agency (FHFA), which took control of Fannie (FNM, Fortune 500) and Freddie (FRE, Fortune 500) in September, together with Hope Now, th
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