Articles about Foreclosures
Foreclosures are marching ahead creating continuous problems.
The sub-prime mortgages triggered foreclosures to unmanageable proportions. The original idea was to realize the great American dream of owning a house. This dream was beyond the hopes of many who could not qualify for prime mortgages. The latter required certain income levels and good credit score. The sub-prime mortgages with initial low interest rates seemed to be the answer to this dichotomy.
But the whole idea boomeranged because of greed and mismanagement. The borrowers were peddled loans they never had a chance to manage. Smart talking brokers fueled by heavy commissions made borrowers believe that the floating rates would never go up. In any case since the price of property was increasing by leaps and bounds there was always the hope that one could sell the unit and escape foreclosures.
But suddenly the real estate market collapsed as simultaneously thousands of borrowers failed to pay their mortgages. This kicked off foreclosures by the banks but there were so many of them choking the market that prices fell to record low levels.
Foreclosures have ruined not only the borrowers but also banks and construction section of the economy. It has had a chain reaction on other economic zones causing recession. Witt stocks falling the impact of foreclosures have been global. Politicians are a worried lot scrambling with one measure after another. The worst sufferers are the abandoned pets and the young children growing up without a safe roof above their heads.
Foreclosures are not to be blamed for this mess – it has always been a righteous tool by which unpaid dues could be collected from recalcitrant borrowers. It is the misuse of foreclosures that has led to this mayhem.
Related Articles About Foreclosures
- Everett Mall to Make Payment to Avoid Foreclosure
The Everett Mall is facing foreclosure, and if the owner of this mall fails to clear its huge debt of $8,000,000 by July 9 2012, the property will be handed over to a new owner at an auction to be held at the Snohomish County Courthouse on July 20.
- Foreclosure Numbers Hold Steady Throughout the US
According to Santa Ana based real estate research company, CoreLogic, there are nearly 1.4 million US homes holding a mortgage which are struggling in some stage of foreclosure in March. This number constitutes nearly 3.4% of the entire housing units in the country.
- Another Tragic End to a Foreclosure Victim in US
Norman Rousseau, a resident of Newbury Park, California was found dead a week ago on Sunday. He was a foreclosure victim who had been struggling with foreclosure issues with his lender Wells Fargo. He has left his wife and stepson to continue their ongoing battle against foreclosure.
- HHFRI Ready to Help More Rhode Island Homeowners
US Senators Sheldon Whitehouse and Jack Reed along with US Representatives David Cicilline and James Langevine met officials of Rhode Island Housing and announced that there have been nearly 1,475 homeowners in Rhode Island since the beginning of February, who have received approval to get assistance from Hardest Hit Fund Rhode Island (HHFRI).
- Home Ownership Rate Lowest in 15 Years as Numbers of Rented Homes Increase
According to a recent report issued by Census Bureau, the homeownership number in US has moved down to 65.4%, which is the lowest seen in past 15 years. The total number of rented homes moved up by 1,400,000 in the first three months of this year and the number of foreclosures declined by 491,000 homes.
- Foreclosures Rise in Stoughton
According to a recent report released by The Warren Group Compared to 2011, from January 2012 to till date, there has been twice the number of foreclosure notices in Stoughton while the rate of completed foreclosure cases has remained almost the same.
- Number of Foreclosure Postings Drop in Bexar County
In comparison to last year, very few properties were foreclosed by lenders in Bexar County till date this year. This is a positive sign for the foreclosure status of this county although there is another wave of foreclosures coming up for auction this May.
- Land Contract Sales Online Helps People Avoid Foreclosure
It has been announced from LandContractSalesOnline.com that if any homeowner wants to sell his or her property through a Land Contract, then the homeowner will be able to avoid the risk of foreclosure and receive a monthly income from this company throughout the contract period once a buyer has been found.
- Foreclosure Numbers Declining in Los Angeles County
According to a recent report by DataQuick, published last week, the rate of foreclosure is gradually moving down in Los Angeles County. During the first ninety days of this year, the rate of foreclosure in this county declined by 18% in comparison to the same period in 2011.
- High Foreclosure Rate May be Misleading
After a survey all across the US, a report has been released last week by Foreclosure-Response.org which reveals that among all the worst affected areas of foreclosure in US, Palm Coast occupies third position for the highest rate of foreclosure postings.