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Will the Federal Reserve’s rate cut revive the housing market and stem foreclosures? Don’t count on it. The Fed’s interest rate cut is largely symbolic. It makes more funds available to depository institutions — old-fashioned banks — but old-fashioned banks aren’t where the crisis is centered. The Fed’s move will do little for what . . . → Read More: Lower Mortgage Rates Won’t Stem Foreclosures Arguably the most influential television news magazine, 60 Minutes, last night spent more than 15 minutes — an eternity in television — focusing on the so-called Subprime Meltdown. The town they chose to use as a backdrop not surprisingly was Stockton, Calif., which ranked No. 1 in terms of nationwide metro foreclosure rates in . . . → Read More: Stockton Foreclosures in National Spotlight In what may end up being a precedent-setting test case, the Star Tribune is reporting that a northern Minneapolis neighborhood is suing CitiMortgage over a foreclosed property that has remained vacant, alleging that the deteriorating state of the property is bringing down their property values….(read more) More: continued here . . . → Read More: Angry Neighbors Take Lender to Court More than 2.2 million foreclosure filings on nearly 1.3 million properties. A 75 percent increase in foreclosure activity from 2006. Those are the headlines from RealtyTrac’s 2007 year-end foreclosure report. But there’s more to the story. …(read more) More: continued here California Governor Arnold Schwarzenegger reveals plan for state assistance to stop foreclosures The Governor announced a public awareness campaign aimed at California homeowners who may be staring down the barrel of foreclosure. According to the Governor’s website, he stated,
This 1.2 million dollar campaign is designed to educate California homeowners how and where to seek assistance with their mortgage to avoid foreclosure. California is one of the top 10 states with the highest foreclosure of homes. Check out the Governor’s video below on his stop foreclosure plan. Continue reading California Governor Offers Plans to Stop Foreclosures  California cities are exploding to the top of the foreclosure list. Three cities with the highest foreclosure rates in the nation are Stockton,Ca., Detroit, Michigan, and Riverside-San Bernardino, Ca. Two (three, if you separate Riverside and San Bernardino), in California are at the top of the list. According to RealtyTrac.com, these cities had the highest foreclosure rates among the nation’s 100 largest metropolitan areas during the third quarter in their 2007 “Metropolitan Foreclosure Market Report”. California had seven cities in the top 25 metro foreclosure rates. James J. Saccacio, chief executive officer of RealtyTrac stated,
The breakdown of mortgage foreclosures Not really, unless you call bailing out non defaulted loans stopping foreclosure. Some say it shows that at least the White House is paying a little attention to the growing problems of the housing market.Bush’s proposal seems to only provide relief for borrowers whose adjustable rate loans are not in default and are facing or have faced higher monthly payments due to an upward adjustable rate reset. These borrowers will be able to have their loans refinanced with resources and funds from the Federal Housing Administration. Continue reading Bush Plan To Stop Foreclosures Foreclosures Since July, 2006, the number of foreclosures in the United States have increased by 93 percent, according to RealtyTrac’s July 2007 U.S. Foreclosure Market Report.
This is just the beginning of the number of foreclosures to come, according to analysts and forecasters. The sizable numbers of foreclosures seem to indicate that the housing boom of the last four or five years was built on subprime loans. Everyone is pointing the finger at the borrower who received a subprime loan for a home that was later foreclosed on, and saying things like, “they should not have been given a loan in the first place, because they could not afford it!. Continue reading Foreclosures up 93 percent The FBI recently came out with its 2006 Mortgage Fraud Report, which somewhat anticlimactically concludes that there is “a strong correlation between mortgage fraud and loans which result in default or foreclosure. (read more) More: continued here California, Florida, Michigan, Ohio and Georgia together accounted for 55 percent of all U.S. foreclosure filings in July, according to the RealtyTrac U.S. Foreclosure Market Report released today. The foreclosure filings tracked in the report are default notices, auction notices and bank repossessions….(read more) More: continued here . . . → Read More: 5 States = 55% of July Foreclosure Pie |
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