e.g. Miami or Miami-Dade or Florida or 33132
It is debatable whether foreclosure business is good or bad. There was a time when foreclosure business was good and it raked in profits for the lenders foreclosing on the delinquent borrowers. But by a strange twist of fate the irony is that since the last two years or so foreclosure business is not good – it is bad for the banks that are incurring huge losses running this foreclosure business.
When the sub-prime mortgages were peddled the lenders sat back smug – the terms and tricks were such that invariably the gullible borrowers would default and the property would come into possession of the lenders. With property prices rising pell-mell during the booming years there was no doubt that the foreclosed units would be sold for huge profits.
But suddenly the markets fell. Property prices began to crash. A prime reason for this was too many borrowers at the same time began to default. When the initial teaser rates of the sub-prime mortgages began to increase it was impossible for borrowers to survive with the basics of life and yet pay mortgages with their income levels. Thousands –in fact millions came to be foreclosed upon.
Suddenly foreclosure business became bad. The process of foreclosure is extremely costly and time consuming. Even after completing its run the foreclosed houses fails to get sold at the auctions. The banks began to repossess thousands of houses that were nothing more than white elephants. Unsold, these units began to run to seed attracting vandals, criminals, disease and the ire of communities, governments and politicians.
In a hurry to solve the problem, politicians have started giving out largesse to the banks from the taxpayer’s kitty. Once again foreclosure business has become good.
The number of houses foreclosed by lenders in Hawaii soared by 139 percent in the first eight months of this year compared to the same time last year. This increment in foreclosure is the eight largest increase percentage wise across the nation, reported Foreclosure.com
However, Hawaii stood at the bottom in the foreclosure rankings across the [...]
The median price of the houses in Metro Detroit went down to $154,919 in August 2007 from an initial price of $188,274 in August 2004, according to Realcomp Inc., the largest multiple listing service in Metro Detroit.
Housing prices in the region declined sharply by 17.4 percent compared to the value three years ago. Experts blame [...]
Helen Rice-Lyles stands outside Staten Island home she risks losing because mortgage jumped.
Two things that are creating waves in New York are foreclosure and the local polls. Since February, the foreclosure filings have gone up by 81%, thereby forcing the stock markets to correct drastically. Shaken by this fact, political contenders are now assuring homeowners [...]
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