Articles about Foreclosure Crisis
Foreclosures are nothing new to the mortgage world of lending and borrowing. The country has been in the past familiar with foreclosure crisis also but what is new about the foreclosure crisis raging across America today is its astronomical tsunami proportions. In previous years during the last century the real estate market did not tumble and people were able to save themselves by selling off the houses and starting life anew. Then also in yester years the economy was there to sustain the losses allowing individuals and the nation to see another dawn. But the foreclosure crisis of today has broken all past records in its intensity and its negative effects have spilled over to engulf many countries of the world.
The foreclosure crisis being experienced today is just the symptom of a deeper malaise. Experts generally blame the sub-prime mortgage crisis for the present foreclosure crisis. Regulations were lowered and sub-prime mortgages were peddled to all and sundry who could not qualify for prime mortgages. In sub-prime lending there were no conditions – no income levels or proof of earning. Even credit history was not checked and sometimes down payments were waived. The initial interest was very low exclusive of principal and the gullible borrowers were made to believe that the floating rates would never go up. Money began to flow into the market and there was frenetic housing activity.
The mortgages were parceled, sliced and sold to outside investors using new types of financial tools. With property prices going up the general belief was that this trend would continue. But when interest rates increased thousands – nay millions – fell into delinquency triggering off a foreclosure crisis of unprecedented proportions.
Archive for the ‘Foreclosure Crisis’ Category
Thursday, November 5th, 2009
John T. Adams, the developer Crabapple Mercantile Exchange in Milton and Ellard Village in Alpharetta, the twin suburban retail centers in Atlanta‚ paid deep attention to the minute facts like wooden overhangs, historic-looking brick facades and wrought-iron fences. Recently, however both the projects went into repossession by Flagstar of Troy, Mich, his bank.
However, the conditions [...]
Tags: Foreclosures, Mortgage
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Wednesday, October 21st, 2009
Currently there has been a substantial amount of debate on the fact that foreclosures, currently are affecting the up-market, as they no longer remain a problem only for the sub-prime of mortgage segment. This indicates the prevalence of foreclosures among the mid- to high-end market segments. This assumption is true to some extent, as during [...]
Tags: Foreclosures
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Friday, September 25th, 2009
The Bell and Coryell county homes are supposed to receive aid from the combined contract of the ‘Fort Hood Area Habitat for Humanity’ with the state through a contract worth $1.75 million. According to this contract the Habitat will rehabilitate the various properties and make them affordable for the families with lower incomes.
The tabs on [...]
Tags: Foreclosures
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Thursday, September 24th, 2009
In the last few months more home buyers are backing out from the excess flood of distressed properties whose lower prices increased their sales figure greatly. There has been a 7.2% hike since in June the 1999 records were broken. At least one third of the 5.24 million properties that were [...]
Tags: las vegas, phoenix
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Tuesday, September 22nd, 2009
The prime loans mortgages are regarded as less hazardous to the subprime loans that are considered to be responsible for majority of people going homeless as they failed to repay their debts and unemployment added to their miseries. Richard K. Green, the ‘director of the University of Southern California Lusk Center for Real Estate’ observed [...]
Tags: Mortgage
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Monday, September 21st, 2009
Presently the filings of foreclosures in the U.S. have crossed approximately 300,000 for the 6th month at a stretch. This is primarily the result of the increasing rate of unemployment that has prevented the homeowners from paying their debts. The number of properties receiving an auction notice figured to at least 358,471.
Compared to last year’s [...]
Tags: auction, Foreclosures
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Thursday, September 10th, 2009
The region of Avondale experienced a home sale at $165,000 while the original price of the house was $416,000. The reason behind such a drastic fall in the prices is the aspect of fixture theft in the various regions as the thieves are making a profit out of it.
John Lincoln, the real-estate agent selling such [...]
Tags: Foreclosures
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Friday, May 15th, 2009
The two reports that published last week smother a sobering image for the land and local economies as associated to redundancy and property foreclosures.
According to RealtyTrac, The figure of foreclosures on the Alabama possessions in the month of March was high 217 percent from the month earlier, which pointed out that there were 2,260 foreclosures [...]
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Thursday, November 6th, 2008
After the sweeping victory of Barack Obama in the US presidential election, people are expecting a positive change in the real estate. The problem of US home foreclosure has left a devastating mark in the real estate market. The homeowners are at a real stake. President Obama has several plans to get done with this [...]
Tags: Foreclosures
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Wednesday, August 27th, 2008
Roger Pollock, the owner of the Buena Vista Custom Homes, Inc. based in Lake Oswego has reported that the Sterling Savings Bank has issued foreclosure notice on 15 of his properties. Pollock happens to be one of the well-known and largest builders of Poland. He owns the credit of constructing a large number of homes [...]
Tags: Lake Oswego Foreclosures, Oregon Foreclosures, Portland Foreclosures
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