Such programs allow the homeowners who have been harshly struck by the current financial crisis to keep their homes, continue paying their mortgage loans and keep providing for their families in such a way that they will not have to burden the state with additional assistance.

For many, such programs are only intended to “help recover” the real estate market, but the advantages spread far beyond outside this sphere. Naturally, the first benefits to be seen are indeed inside the real estate markets where, for instance, neighbors to the families that would otherwise be vacated and the property foreclosed and sold at a price that is lower than its commercial value can now forget about all of that.

Meaning that their homes and real estate properties will maintain and keep their value and, if they so need or decide to, they can sell the properties and make a profit out of their investment instead of trying to sell and wish for the best. A terrible thing to experience, but one that has been a part of the real estate market and something that has been causing that people stop investing their money on real things instead of taking the riskier approach and end up being victimized in ponzy scams.

So even in terms of adequate investment, the programs that the Obama administration has launched to protect homeowners who are in need and want to keep their homes as well as honor and keep their mortgage payments benefit more people than just the lending companies and the borrowers.

So, when you see that the foreclosing actins in the state of California have descended 7.64% in comparison to the numbers before the government mortgage assistance programs were launched, it is not shocking to see that the price of the property has increased 0.83% in the same comparison.

So, with these numbers, purchasing a real estate property in California is indeed a good opportunity to start an investment portfolio.

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These programs will provide them with the help that they desperately need so they can keep being able to pay for their mortgage loans and keep their homes.

One of the biggest and most notorious things that these mortgage assistance programs have had in the past and recent months is that they have allowed people to prevail and keep their homes by reducing their mortgage payments though it is true that the period that constitutes and creates the mortgage loan will also expand. Overall, the Obama administration has allowed the US citizens to defend their homes and reach an understanding when it comes to what it is that they can and will expect in a situation such as the one that the country is going through with the current financial crisis.

So it is understandable that the foreclosure actions that the state of Florida is currently having after a few months of such assistance programs being installed has lowered 6.86% to the numbers that the state had been showing prior to the institution and implementation of such programs.

Such decrease on the foreclosure activities that are being carried out all over the state has also been reflected in the price of the real estate property; these prices are going up since the foreclosures are going down.  While for many this is puzzling, it actually is not considering that foreclosed properties by law have to be sold again at a lower price than the average market price.  Therefore, for real estate owners that are near the foreclosed homes this was a nuisance because their own properties’ values depreciated.

The increase of the value of the properties even to the small current 0.35% is a good and bright news for these homeowners and the promise of a brighter future where their properties will become the type of investment that they were looking for.

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Till date lenders have modified approx 235,000 mortgages during the administration of Obama. Despite this, till date, the first few months of 2009 witnessed 1.8 million foreclosures. Due to the rising rate of unemployment, more homeowners are rendered jobless and that is impeding their attempts of loan repayments. The Obama government, against this issue revealed on 4th August the plan stating the initiatives to stem foreclosures.

The Mortgage companies have agreed to alter at least 406,500 loans and above according to the Making Home Affordable program. They have actually altered 235,000 loans and above. As per the observations of Jaret Seiberg, who is a policy analyst with Concept Capital’s Washington Research Group, “This is a classic instance where reality and perception collide in Washington and disappoint everyone.” Though there has been faster progress in the range of mortgage modifications are stemmed by 1.8 million foreclosed houses have already been calculated during the initial months of this year as per the assumptions of Equifax (EFX) and Moody’s Economy.com.

This program is expected to sort out at least 3 million to 4 million foreclosures within the next two years. According to John Taylor who is head of the network of housing counseling groups, National Community Reinvestment Coalition, this is a welcome note but he does not expect much changes to come up in the economy. He emphasized that, “To the extent that people are hoping it will eradicate contributions to the recession [from foreclosures], we’ve got to see more significant numbers.” The figures feature that, at least half a dozen officials have by now modified at least 19% and 25% of the mortgages. On the other hand, few others have altered almost less than 6% loans.

According to Paul Leonard who is an official for the Housing Policy Council, inclusive of being a lobbyist for the Financial Services Round table representing few of the popular financial firms, “It’s probably too early to say who are the good guys and who are the bad guys.” This is mainly because with the new program by the Administration, the officials needed to hire fresh staff for handling various alterations.

Andrew Jakabovics, the associate director for housing and economics at the Center for American Progress observed that, “You’re looking at large institutions that don’t turn on a dime.” However, the industrial critics have very little patience for this kind of thinking. In excess to forcing court modifications, the supporters assess that the judicial modification threat has forced the mortgage companies for making more alterations to loans. According to Representative Barney Frank, “the argument for revising the bankruptcy option will be extremely strong, and I think there is a substantial chance that the outcome will be different.”

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Minnesota, during the early 2009 witnessed a major fall as the data of HousingLink displayed a drop by 19.5% in the first few months of 2009 as compared to 2008.

This reduction may have occurred due to the suspensions of the lenders regarding fresh foreclosures in order to help the borrowers to resolve the issues of defaulting regarding the loans. According to some observers, this declining number may again start increasing once the foreclosures are resumed.

On the contrary, some experts contradict this view as they focus mainly on the Hennepin County report about the foreclosures for the months of April and May these records indicate towards a continuation in this falling trend. The foreclosures in the Hennepin County showed a 32% decline for the initial 5 months.

Hennepin County mostly leads the state regarding the foreclosures. Specifically, the northern region of Minneapolis is about to be the worst hit area.

As per the analysts, there are primarily three aspects, which will determine if the present trend of declining foreclosures will continue or not. Firstly, the speed of the economic recovery, secondly, the results of negotiations among the lenders and the borrowers in order to change the terms of the loans. Thirdly, the affect of the sudden hikes in the rate of interest on few mortgages.

According to a professor in the University of Minnesota, Prentiss Cox, “A lot of people are going to hang on for a while and hope things get better. There’s a lot of question marks about where the foreclosure numbers are going to go.”

As observed by Ed Nelson who is the representative for the Home Ownership Center taking care of the foreclosure counseling agencies in Minnesota, the various borrowers affected due to recession are now being hit by foreclosures due to sub prime loans decided on certain adverse terms.

The rate of foreclosures will be greatly affected by the recent developments of negotiations about loans between the lenders and the borrowers. The borrower proposals are already increasing in the servicing companies for loans as noticed by Alexa Milton, the supervisor of negotiation teams for loans for ACORN Housing Corp.

The changes in the adjustable-rate mortgages on the present borrowers also play a role in determining the condition of the foreclosures. The possibilities of success of the scheme to some extend depends on the Obama administration’s program that has rendered above $50 billion as motivation amount for the lenders as this will help them by altering the terms of the loans.

The seven-county metro region recorded a drop of approx 23% and contrarily the remaining 80 counties of the state featured a drop of 12.5%. In Dakota County the foreclosures fell by 41%, Hennepin experienced 26% fall while in Ramsey, Washington, Carver and Anoka the fall was by 21%, 16%, 5% and 2% respectively.

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Foreclosures of residential areas have started since quite a long time ever since the availability of easy money became a trend and most people didn’t have to bother much for taking a loan. Almost more than half of the mortgages of sub-prime in nature and these have all the more led to foreclosures inclusive of this the foreclosures of the Alt-A nature was becoming a major botheration. The foreclosures against loans of fixed rates feature that they led to an increasing number of foreclosures claiming a major share among the same. This record is provided by the Mortgage Bankers Association.

Presently almost 6% of mortgages have to be sent for the process of foreclosures at some point of the time and this rate has markedly increased compared to the last year’s records. One notices a particular trend of growing number of foreclosures specifically in 4 states namely California, Arizona, Florida and Nevada. Other than these one comes across numerous other homes and properties that are being in mortgaged and foreclosed in various parts in the country. Unfortunately this is the result of unemployment that’s gripping on the states by the days.

As observed by the U.S. Department of Labor the number of unemployed people came down to approx a number of 623,000 which amounted to almost 13,000 less than the number of unemployed people in the last week. This seemed more like a “less bad than expected” in terms of a recent development. Despite this people benefiting from remunerations of unemployment has increased to almost 6.7 million and this is a major development compared to previous years.

The banking and financial organizations sustaining the specially designed ‘stress test’, according to a Federal Reserve economist is all set to encounter the fresh group of borrowers who would highly and surely fail to pay back their debts and end up being categorical defaulters. Til Schuermann, the vice president of risk management team for the Federal Reserve Bank of New York commented at one of the Congressional Oversight Panel hearing, “comfortable that the size and portion of commercial real estate exposure was taken into account in the stress test.”

In fact, the essence of the stress test lies entirely in the fact that it was specifically designed to evaluate the endurance ability of the 19 most gigantic banks of the country. But to look at this from an economic point of view, these organizations where not the only ones affected by the set backs in the field of property and real estate dealings commercially.

This recessionary situation adding to the increasing number of unemployed defaulters in commercial real estate field has equally affected the medium and small time lenders. Will the Fed’s Term Asset-Backed Securities Loan Facility (TALF) aided in the restructuring of the possibility of regular and constant usability of finances in terms of loaning in the real estate field to help the lenders.

Mike Bernstein one of the partner in Grant Thornton’s Financial Services observed that, “Financial services firms who partake stand to benefit from relatively inexpensive financing, as well as contribute to the economy’s recovery”. He also noted that the concern of the governmental alterations in program still remains and, “compliance will be an ongoing responsibility and challenge as the TALF program continues to evolve–financial services firms must decide if the opportunity is worth it.” The Wall Street reflects a meandering strategy regarding economic developments. The Dow Jones Industrial Average displayed a rise by 1.25% or 103.78 points and S&P profited by 1.54% or 500% while Nasdaq displayed a rise by 1.2%.

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The latest report from the banking industry says that a large number of more homeowners in Tennessee have become defaulters of real estate mortgage. However the rate of foreclosure homes in Tennessee has a bit edged-up. The number of mortgage defaulters that dipped down in winter rose in the second quarter by about 10 percent. The Mortgage Bankers Association based in Washington, D.C. has reported that although several people have tried to keep up with their payments, the rate of foreclosures in Tennessee rose up by only a percent.

Compared to the nation, which saw a rise of about 11 percent, the rate of foreclosures in Tennessee is quite low. By June-end, the mortgages that were in foreclosure throughout the nation stood at 2.75 percent. The growth was mainly driven by the increases in Florida and California. The condition in Middle Tennessee is slightly better according to banking analyst Jeff Davis. Speaking about the better condition of Middle Tennessee, he said, “Not dramatically. Just a little bit better.”

Jay Brinkmann, chief economist of the Mortgage Bankers Association has said:

“Because of the sheer size of California and Florida, an improvement in the national numbers … is unlikely until we see some turnaround in those two states”

History tells that Tennessee had once the highest rate of foreclosures in the country. It owns a 32nd position in foreclosures now. The foreclosure rate in Tennessee is far behind that of the states in the Midwest and Northeast and also a few neighboring states like Mississippi, Georgia, and Kentucky.

There has been a rise of two-hundredths of a percentage point to 1.52 percent in Tennessee’s rate of foreclosure. President of the Tennessee Mortgage Bankers Association Scott Ractliffe has said, “While the numbers have increased, it’s not anything that’s alarming,” Although the rate of foreclosure is low in the state, but the homeowners are finding it difficult to make their mortgage payments. The worst are the condition of the borrowers of subprime mortgages who got loans despite having low incomes and weak credit structure. They bought their homes during the up market condition in the real estate. Now, the situation has become tough for them.

Jeff Davis has said

“There were individuals who got access to credit who should never have gotten access to credit. The neighbor with a 30-year mortgage, they’re not at risk if he or she has a job.”

The percentage of borrowers that were behind on their payment by a month increased to almost 7.7 percent. This is more than the national average that stood at 6.2 percent at the close of the quarter.

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The problem of foreclosed homes although has hit terribly the real estate in the second half, but there is also an improvement that is being noticed in the number of borrowers who were falling badly in their mortgage payments. It has been seen that there has been a decrease in their numbers for the first time over the last two years or so. The default rates for the subprime loans have decreased according to the Mortgage Bankers Association. However, the number of prime loans defaulters is still on rise. The prime loans were those which were granted without looking into the credit history of the borrower.

At the end of the month of June, nearly 1.75 million mortgages or 2.75 percent of the home loans were in a state of foreclosure. This is an increase of 2.47 percent from March. This happens to be the highest foreclosure rate since the year of 1979. The real estate market is envisioned by the experts to face a further downward movement due to the increasing rate of unemployment resulting out of foreclosures. The rate of foreclosed homes was the highest in Michigan, California, Ohio, Florida, and Nevada. The total number of loans that were due by less than 3 months dropped from 4.72 percent to 4.58 percent.

The rate of unemployment has soared from 5.7 percent in July to 6.1 percent in August according to the report of the Labor Department. The job scenario seems to be at real stake. Several families were able to pay off their bills due to the $100 billion in federal tax rebates. Some others were able to deal with their loans due to the modifications made on it. Celia Chen, a real estate expert has said:

“The data over all still suggests that mortgage quality is weak, and I would expect that there will be further weakening and foreclosures that occur before the housing market improves”

About 5.35 percent of prime loans at June end were past due, which shows an increase of 4.93 percent from March. On the other hand, about 30.48 percent of subprime loans were past due, which indicates an increase of 29.53 percent. There is a huge concern with the defaulters of prime loans. The number of defaulters on this loan is expected to go further high by the real estate experts. This is because several borrowers with various creative loans like interest-only loans might fail to make interest payments as and when their favorable introductory terms come to an end.

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In Indianapolis real estate, about 40 percent of mortgage brokerages have lost their licenses. These mortgage brokerages have failed to comply with a newly introduced law that has been aimed at elevating the industry standards in Indianapolis having one of the highest foreclosure rates in the nation. This is a 2007 industry-backed law that states that each of the brokerage has to name a principal broker who has been through a state exam besides 3 years of experience. This principal broker is also required to look after the business matters of his company.

But about 361 of the 950 mortgage brokerages in Indianapolis have flunked to go by this law. About half of the 950 brokerages in Indianapolis who has been licensed by the state July 1 have been able to stay in the business. They are out of the new law till January 1, 2009.

As said by Todd Rokita, Indiana Secretary of State, nearly about 143 mortgage brokerages have given up their licenses on their own. Some have declined to open up their mouth when they were contacted over the phone. Many have even disconnected their telephone lines. This 2007 industry-backed law besides requiring the background checks on brokers has also increased their annual fees from $400 from $100.

Jim Gavin, a spokesman for Todd Rokita has said that there can be a change in the number of revocations and license forfeitures in the near future. Todd Rokita has said that the real estate brokers play the role of third parties between the borrower and lender. He has even stated, “Some businesses said, ‘I don’t even want to invest another $300 in this enterprise,”.

According to President Mike Monaco of Merrillville, The Indiana Association of Mortgage Brokers along with the lawmakers and help from Todd Rokita has drafted the new law. The state Securities Division’s investigators have been trying to find out whether there were any more unlicensed loan brokers in the state or not. Rokita has said that an unlicensed loan brokers can face civil penalties or can be charged with a criminal offence even.

He has even called up the mortgage lenders to provide secret information to the investigators if they knew any of the unlicensed loan brokers still running their business.

According to President Mike Monaco, the low standards are undoubtedly one of the reasons behind Indianapolis being arrested with one of the highest foreclosure rates in the nation.

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It is unclear on how many homeowners would ultimately end up losing their homes. Many are resettling with their lenders, though this may not get reflected in the foreclosure rate, at least not until people have reached the middle of 2009.

According to Faith Schwartz, the head of the Hope Now agency, there has been a massive-sized increase in subprime ARM’s where on a mortgage of about $200,000, it could translate into as much as $70 every month. When the reset does take place, this is what is expected, according to the American Securitization Forum, a financial industry group. Many analysts and housing counselors have noticed that as long as interest rates keep on declining there have been many borrowers who are being helped.

Others face shock when they realize that they have artificially lowered the introductory rate which is also known as a teaser rate. Some homeowners would expect about 8 to 10% of increase in their total payments, according to the report by Bruce Marks, who is the director of the Neighborhood Assistance Corporation of America. Resets continue to drive the rate of what people cannot afford into an increasingly uncomfortable situation.

Having reached a peak in the summer, the total number of subprime mortgage loans continue to face an adjustable rate, with the numbers expected to drop off significantly once again by early next year. CoreLogic’s figures state that by January next year, about 4.8% of the subprime loans would be facing resets as compared to a 7.61.% in the month of April 2008. By May 2008, there seem to be a fall of 1.94%. The decline also reflects that lenders and borrowers have turned away from the home loans that were in working condition about two years back. By the end of 2008, around 75% of the outstanding subprime loans will have been adjusted and reset.

Both 2005 and 2006 saw the start of the shutting down of many of the lines of different types of loan products. Borrowers may have witnessed the challenge of a significant problem with the ARM loans which allow incomplete payments to be done. The president of the National Community Reinvestment Coalition, John Taylor has said that there are no classified subprime loans available while the borrowers will begin to watch their payments rise up in the next few years. This way they would even be forced to start repaying the principle of their loans along with the interest. Taylor feels that this wave is the next big calamity after the Tsunami.

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Usually, when distressed homeowners abandon a property when they are unable to keep up with mortgage payments, the lender takes over possession. The home is then rapidly disposed of through foreclosure auctions so that the losses are minimised and unpaid dues recovered.

Recently however, more and more abandoned houses are being shunned by the lenders too and foreclosure on them is being deliberately delayed. Experts are intrigued by this situation and are trying to find plausible explanations for it.

While city officials feel that lenders are avoiding taxes and upkeep, legal aid lawyers are of the view that this may be a way of hiding steep losses. The real estate industry puts it down to lenders being overwhelmed by the sheer numbers of foreclosures.

Experts however are narrowing down the cause to complex mortgages taken out during the housing boom a few years ago. Many loans taken at that time were broken down and repackaged into securities. These were then sold to investors both within the country and internationally. Quite often the investors would have little knowledge about the house itself, preferring to treat it as just one more figure.

Several large banks too invested in these securities and took on the role of trustees with no legal title of ownership.

In Kansas City, the European Deutche Bank is recorded as the lender in over 360 properties that have undergone foreclosure. John Gallagher, spokesperson for the bank, points out that it is not the responsibility of the bank to foreclose and subsequently dispose of the properties. Instead, this duty lies with the initial lender or a service company which has been hired for the purpose.

The complexity of the situation has made it very difficult to determine which party is responsible for what as regards the foreclosed property. Experts estimate that sometimes it can take several months to figure out who the real lender is …and that name may not even feature in the official court or county records!

Kim Tucker, president of the Mid-America Association of Real Estate Investors, illustrates this point saying, “Sometimes there are so many layers to go through, the house gets lost….I bought a house last summer. There was a foreclosure, and it took six months to find the owner.”

On a national level this trend of home ownership lying in limbo is not a cause for undue worry. But in regions where this is actually taking place, financial observers are concerned. They see the trend slowly spreading and fear that this will lead to official foreclosure figures not really reflecting the situation on the ground.

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Michael Ryder, who is a middle-aged information technology business analyst, has claimed to have slept on the floor of his unheated Winston-Salem home in North Carolina before getting evicted last December. Just like several other homeowners, Ryder had felt flush with equity during the housing boom. At that time, he had impulsively taken a $30,000 loan to build a pool and a deck for his new home. The property itself was bought in 1998 when he even bought a fixer-upper country home where he had in fact decided to reside. However, as Ryder’s marriage collapsed, his wife won the ownership of the county house leaving him with the other property.

As the real estate market softened over the years, he still could not sell off the remaining portion of his house for enough money to offset the rising mortgage bills. He could not even work out a deal in his favor that would have allowed him to stop paying the regular monthly mortgage installment, and therefore, the inevitable followed. As he stopped paying off his mortgage, he soon ended up with his property being foreclosed. So, after foreclosure, now he has nothing left to choose from other than living in a two-bedroom flat that seems a trifle cramped when his son and daughter pay him a visit.

Not only does he miss the pride of owning his own garden home that he can decorate and fix up at his own style, he now has to look forward to paying up and sorting out credits, in the hope of finding another garden house. The mere simplicity in fixing up the lawn of his own garden and painting his own fences gives such owners the pleasure that can never be replaced with owning a flat. He also wishes to leave something behind for the sake of his children.

This rush of accidental rent has seen a rise right after the foreclosure crisis, of which once-property owners like Ryder played a major part. However, this has also come as a boon to the multi-family apartment style housing system. They had previously been undergoing a drop with high rising condo buying. The chief executive of Lane Co. in Atlanta, Bill Donges, reports that his company owns or manages more than 26,000 units across 10 states. In 2006, about half of their units were rental apartments while the remaining half consisted mainly of condos. Now just 95% of rent is for apartments while the condos get a meager 5% of total rent.

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Some homeowners like to play it really savvy with the bank. This helps them gain time as well as defer the payment and avoid foreclosure. They can be both brash and uncouth, and even end up into all sorts of trouble in the long run.

A man from Discovery Bay, who was asked to point out the “upside down” situation of his house said that he was in fact bemoaning the plans to capitalize on it, as he was behind around $260,000 in due payments for his mortgage. This tacky situation got him after quite some endeavor itself. He had pulled out $100,000 and used it to revamp the house. He has a gorgeous pool in his already magnificent property, which is continuously reducing in value over the last few months. So, he has decided to build and add equity to it for over the next four to five years rather than paying the mortgage. In this way, he has not made a single mortgage payment for nearly five months in a row.

The man has no wish to regret and make the payments. Instead, he enjoys playing the exact ‘tough’ game that the banks have played with the public for so long. He claims that he has decided to refrain from making any further payments because he knows that he cannot sustain them for too long, which will eventually end up starting foreclosure proceedings. He has made a formal agreement that he will be making up the unpaid credits by the end of the loan period, but what he is really working on doing is to play it tough with the bank so that the bank finally agrees to settle on a lower rate of mortgage by the end of the mortgage tenure. This plan, however, does not come with sufficient legal backing or even practical and sound logic.

All the lender who provided the property mortgage could do is to sue the person for capitalizing on the property without paying off due debts on it. The market value of his property was way higher than expected at the time of signing the mortgage deal, and the owner hopes that it will eventually lope down to something agreeable. Now, what if the reverse action takes place? Though it has been over optimistically estimated that it would come down to $450,000 instead of the astronomical $710,000, it is possible that the reverse could happen.

The owner says that if the bank doesn’t concede then he will simply walk away from the whole situation, regardless of foreclosure.

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The latest disturbance in the political set up of U.S., that has made the road split into two for each of the two political parties, is caused by the role of the government in foreclosures related to real estate. The home mortgage issue has disabled the most prospective voters to pay for the mortgages, hence creating a mess at the time of the presidential elections approaching near.

The most significant question posed here is that, whether the government should leave the real estate based foreclosures on the forces of the market? Or should it play a role to help the fair number of Americans in facing the circumstances.

Democrats are backing up the government efforts to help the house owners, while the Republicans have shown their disagreement on the idea. The one who is found to be the sufferer, is the Bush government that employed the tactics to persuade the real estate mortgage lenders to introduce the five-year moratorium on the mortgages with high interest rates.

The consequences, however, will be faced by the homeowners in the next year, as they will experience an hike in the mortgage rates. The Mortgage Bankers Association has already issued the report stating the unbelievable rise in the number of foreclosures cases. The decline in the housing prices has been experienced in the states like Ohio and Michigan, the reason being the high rates of foreclosures that has not spared the fixed rate mortgages even.

The most prospective democratic candidate for the position of President, Sen. Clinton, suggested the strategy to face the issue of real estate foreclosures. The major feature of the strategy is the hold on the sub-prime foreclosures that may last for 90 days and also, the hold on the mortgage rates for five years.

Sen. Edwards has come up with a different law that suggests the intervention of the bankruptcy courts to help the homeowners to get rid of mortgage payments to some extent. At the same time, Sen. Dodd suggests the lenders to frame up some strict rules for the new mortgages.

The proposal to amend the bankruptcy laws has been put forward by Sen. Obama that includes the introduction of fund to assist the homeowners to keep themselves safe from real estate based foreclosures.

In the words of the famous economist, Kevin Hassett, the policies enacted by the government should be favorable for the low-salaried people, so that they are not denied from a home in the coming years.

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It is to be seen whether the interest rate freeze idea on subprime mortgages will help the people in general or create a liquidity crunch.

In New Jersey, Lord Abbett & Co.’s senior economist and market strategist, Milton Ezrati said “When the government comes in and says you have contracted to have this arrangement and you can no longer have it, I think it opens the door for lawsuits”.

President Bush, along with Treasury Secretary Henry Paulson made an announcement that they had reached an agreement with lenders to freeze interest rates on a few mortgages for a period of five years. According to them, this deal will come as big help to people who may fall behind on their mortgage payments when interest rates reset and become higher all the way till July 2010. Investors who have invested in home-loan bonds, which is a $6.3 trillion market made up largely of loan pools which remit regular interest payments to its bond holders, may revisit their rationale for investing in these bonds due to the proposed freeze being talked about. This could possibly further result in a serious liquidity crunch situation.

People in the U.S. bond industry have not taken too kindly to this new proposal, and over U.S. President George W. Bush’s attempts at freezing interest rates of house mortgages to stop the flow of foreclosures. Analysts say that there will be hardly any positive impact of this move towards stemming the level of foreclosures.

At RBS Greenwich Capital Markets managing director of fixed- income strategy Kenneth Hackel said that “It could end up there’s less confidence in the viability in the bond markets and the mortgage markets going forward and it could lead to higher interest rates and higher mortgage rates for everybody”. He also added that he had been getting many calls from clients who were “pounding the tables and beating the drums”.

Lord Abbett’s Mr. Ezrati, with over 36 years of experience in finance, said “I’ve never seen anything such as they’re suggesting here in my career”.

There have been losses of over $66 billion due to foreclosures and mortgage based securities along with leveraged loans by global banks. It was estimated by Goldman Sachs Group Inc. last month that there may be losses of up to $726 billion in global credit markets.

Analyst’s have added that President Bush’s proposed plan could also shake people’s confidence in the real estate market while being little help to borrowers.

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There are about 4210 families staying in the country-club community area, and the ratio of foreclosure is approximately 1 for every 41 households since the last seven months. Real estate agents are acquiring foreclosure properties from everywhere i.e. Victor Valley, Mountain resort communities and so on. The number is increasing irrespective of the value of the house.

The crisis in the sub-prime market is making lenders cautious about making any such deals again in the future. Now lenders are finding very difficult to trust anyone with such heavy debt amounts. Besides, it can cause great psychological trauma to the house owners. Those who cannot afford to pay the money vacate the house, and this leads to a deep pervading sense of loss and helplessness. It has a great devastating effect on the neighborhood as well. People don’t like to leave in an ambience which is surrounded by empty houses with a big “resale” sign in front of them. Plus the effect on the cleanliness of the area is an added pressure. Real estate agents are paying Homeowner’s Association (HOA) in Spring Valley Lake to keep the surroundings of the empty houses clean so that it does not have a negative effect on the property values.

The board of directors of the HOA has put the responsibility of cleaning the neighborhood either on the banks or on the real estate agents. And therefore, they are paying for the staff’s wages to the HOA. The amount budgeted for this by HOA is around $15,100. This also includes fees paid to court for allowing them to enter the premises of these homes. $40100 is budgeted for any losses incurred due to unpaid wages. These efforts have been taken up by the HOA to demonstrate to the residing people their concerns about the impact on property values.

There are many cases in the Spring Valley where the owners have bought the house thinking that they can pay the mortgage from their annual income, but unfortunately, the reality turns out to be something else and their properties are foreclosed.

Property agents believe that the situation in the market will continue like this for two to three years more in the Spring valley Lake area. The piled up stock of real estate inventory has become so high that property dealers will take almost three years to square it off. This is possible only if they do not include any more foreclosed homes in the list, which continues to grow with each passing month.

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Apart from sub-prime lenders who trouble homeowners by filing foreclosure suits against them, frauds or con actors are also giving homeowners hard times.

The cases of people fooled by con actors are more common in Arizona. As mentioned in the report of Better Business Bureaus released recently, there are about 1.69 million homeowners in Arizona who are on the verge of losing their dream homes in the next two years. Disheartened by this fact, home owners trust anyone who shows them some light of hope. Con actors give them assurance that they will save their property by re-negotiating the terms with the lender.

Various corrupt companies who call themselves “Mortgage Foreclosure Rescue Companies” just look for a possibility to cheat anxious people just to fill their own pockets. They approach the owners via telephones, emails, mail, or even personally, claiming that they will re-work the entire loan scheme and protect their house from foreclosure. They also take money from dejected owners promising to refund it back later. Eventually, these companies disappear with the money by doing very little or nothing at all to help the poor homeowners. Desperate house owners have even paid these con artists as much as $14,000 in some cases.

The Better Business Bureaus in Arizona have received numerous complaints about such foreclosure rescue companies from people who have been conned by them. In the past three years, there have been 112 such cases filed. Out of these, 35 cases have taken place in the last eleven months alone.

To give this matter a more serious approach, The Better Business Bureaus, with an intention to help distressed homeowners give a few suggestions:

· Be cautious of any person approaching your door with a handwritten note of help or something similar in your mailbox.

· Even if you feel like taking their help, first talk to your lender or the mortgage firm regarding re-organization of your loan scheme or any options of refinancing.

· In case you are signing any documents, then always take help from your family, your lawyer or your financial agent to access the paperwork. Never give away the ownership of the property under pressure or anxiety.

· People can locate and approach their nearest Better Business Bureau by logging on to their site http://www.arizonabbb.org/. This site provides information about the reliability of foreclosure rescue companies. People can even call them at 60226-41721. They can also confirm with the Attorney general at http://www.azag.gov/.

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Real estate has its fan following in the political segment too. Currently there was much hype about the links of Democrat John Edward, Presidential contender with links with foreclosure-filing firms. He is a topic of discussion among foreclosure critics. His associations with the sub-prime lending arms of Fortress Investment Group have provoked critics to raise their agony against him.

In May, the Federal Election Commission released their report notifying Mr. Edwards’s vocation in Fortress. Mr. Edward joined Fortress in the second half of 2005 as an employee. At that time, the firm’s own unit “Green Tree Servicing LLC” had already filed a foreclosure suit against Katrina victims. During his course of service in the firm, Fortress got hold of Nationstar Mortgage LLC. In 2006, he left the firm after receiving his due remuneration. While departing, he invested one-half of his earned amount in Fortress funds. Now, Fortress counts Mr. Edward among the top class of their political contributors. They have also deposited huge amount of money into his political campaign.

Well, this is not the first time when Mr. Edward is engaged in this discussion for his links with foreclosure filing companies .Before this, soon after Katrina hit in May, Green Tree’s letter reached an old lady asking her to either pay the mortgage amount, or else see her house getting foreclosed. This letter was sent when most of the mortgage firms in the business where opting for an alternative of a house payment holiday for the sufferers of the storm.

Mr. Edward, unhappy with what was happening, for obvious reasons, said that he was unaware about the foreclosure suits filed by Green Tree. He said he was talking to the people at Fortress, and that the matter would get sorted out soon. He also added that he had no idea about the links of Fortress with sub-prime mortgage units. He joined the private equity firm with an intention of learning finance. His profile was to supply information about the economic behavior of the U.S. and the foreign nations. He said that the diverse nature of the firm made it very difficult for him to understand their operations.

Apart from Mr. Edward, Republican Mitt Romney is also in the list of people having their links with sub-prime mortgage companies. Mitt Romney’s association with Bain Capital, a private equity firm, is also a hot topic nowadays. Bain Capital has filed many foreclosure suits and thereof forced people to leave their houses.

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An increase in the number of foreclosures and a fall in housing prices are the two major implications of the failure of the sub-prime loan market.

In Hawaii, about 1599 subprime loans were extended last year and there are chances that all of them could end up into foreclosures. With an increase in the number of empty houses, the supply is far more than what is actually required, thus reducing the demand. If this continues, the market will be left with only a few buyers. However, not all housing experts share this view.

In 2006, 78 percent or 672 houses experienced foreclosures over the preceded year as per the data released by RealtyTrac, a real estate research company.

Generally, people who do not qualify for a fixed interest rate loan scheme opt for sub-prime loans. These loans have low monthly installments in the beginning, but later on rates inflate causing problems in monthly installment payments. Interest only loans or no money down loans make up the bulk of the sub-prime loans market. An increase in the interest rates later on in the loan plus a decline in the real estate market make things very difficult for homeowners. Because low market demand of real estate cause hindrances in refinancing.

Sub-prime loans were popular when property prices were increasing briskly. Estimates state that out of the 8310 loans made available in 2006 in Hawaii, 20.1 percent loans will end up in foreclosures. This figure is double the figure seen during 1998 to 2001. The estimated countrywide delinquent loan rate of 19.4 percent is also less than that of Hawaii’s. This situation is worrying officials at the Center for Responsible Lending.

There are so many lenders who have become bankrupt, and those who have not are leaving the sub-prime loan market for good. The short selling route is frequently used by some of the lenders who thus manage to get at least a bulk of the amount if not the full amount from the borrowers. It has also affected the financial market severely which in turn is affecting the stock markets.

Due to unconstructive sub-prime loans, market investors are also washing their hands off from it. This has made the share of some of the banks like the ‘Bank of Hawaii’ and ‘American savings Bank’ low, but bankers still believe that the real state market in Hawaii is sturdy. Plus Factors like a strong economy, good employment level and fine income development will hopefully change the foreclosure crisis in Hawaii soon.

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Florida – once the hot spot of housing sector is now under the storm of foreclosures. Signs of resale can be noticed on most of the houses of Cape Coral, a beautiful place on the gulf coast of Florida. The once flourishing real estate market of Cape Coral now appears to be at its closing stages.

People have to leave their three bedroom and two bathroom luxurious apartments for a condensed asking price. The asking price of these houses is priced to match the amount owed by the homeowner. Sub-prime loans and the current credit crisis are among the few but major reasons for the current condition of the people of Cape Carol.

Increase in property taxes and also the augmenting rate of insurance, after the hurricane in 2005; have affected the lifestyle of the people here. This is also a reason why people are leaving Florida, to secure themselves from losing all their money. People leaving their houses also added to the piled stock of empty houses apart from foreclosure mortgages.

For the natives of Florida, the great depression has already come. More than 41 percent of single family owners, at a single point of time, have listed their housing at prices lower than $249,000 – the median market value, while just 17 families have priced their houses above the market value.

Builders are gradually removing their housing stock at discounted rates. But investors who are buying them will come to know the actual price of the deal only while maintaining the property. The real estate market in Cape Coral town has dried up. So builders want to shed off their liability of the piled stocks as early as possible.

Big houses are being sold off at the ground level prices. For them even a delay of one day could bring more losses. And for some, it is the transaction they were waiting for their entire life. Its like investors are getting prosperous on the ladder of someone else’s misfortune.

Builders who go by the short sell method are happier than those who don’t. This way, they at least get the bulk of their amount if not the entire amount. It also helps them in shedding off their inventory.

There are also people who buy houses from banks and lenders in Cape Carol and then sell it off at higher prices. For them, it has become a regular business. Builders ultimately find themselves a potential buyer. For the buyer it is like buying a dream home at much lower rates all thanks to the large number of foreclosures in the state.

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Today, the face of the New York Stock Exchange (NYSE) has changed. Though this might be a temporary change, but one can see the close relation of the sub-prime tension and worry to the NYSE, which hit a low of 9087.75 this Friday. Foreclosures and sub-prime data play a vital role in and give instant reactions in the U.S. stock markets.

The current foreclosure crisis has caused a major downfall in the real estate sector. Slow construction movements along with the sluggish pace of regional factories are some of the major implications of foreclosure. And its direct effect is seen in construction of new homes.

A report on regional factories by Philadelphia Federal Reserve Bank, gives an idea about the recent depression on Wall Street. The downfall in construction activities was at its highest in July 2007 in the U.S., and the slow pace in factory works was seen higher in the Mid-Atlantic region in August 2007.

In July, housing activity slowed to its worst by falling 6.09 percent. Permits to build houses, and future construction signs have also gone under the surface. In July, the fall in building permits was 2.79 percent, the lowest since October ’96. In the south, the condition was worse as construction in new housing dropped by 10.9 percent. But in the Midwest, housing starts showed some improvements. West and North-east also showed decline in housing starts. Earlier this July, house starts were down by 21 percent and new permits by 22.5 percent.

In August the business activities were worst than expected. The Index showed 0.0 whereas the expected figure was 9.0. In July, the situation was slightly better as the Index was at 9.2. Dow Jones saw a decline in its average by 2.66 percent before the day ended when this news came out.

The Labor Department data assured a steady job market in spite of the rise in the number of U.S. workers signing up for jobless benefits. Last week the number was 322100. Economist were, before the weekly report (August 11 report), actually expecting declines in the claims for jobless benefits to 312999 from the previous week i.e. 315999.

A variation in weekly data is ordinary. For economists, a weekly increase in the jobless claims is not something to be worried about. But they still believe in scrutinizing this activity closely because the four weeks moving average data can give us a true picture of the economy.

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