The foreclosure crisis leveled off in May as the number of people facing foreclosure was nearly flat from a year ago, according to RealtyTrac, a private foreclosure listing service.
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From the category archives:
News
There is an recent article I found in the New York times, “Program Will Pay Homeowners to Sell at a Loss.” In an effort to end the foreclosure crisis, the Obama administration has been trying to keep defaulting owners in their homes. Now it will take a new approach: paying some of them to leave.
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The U.S. government is taking action to speed the resale of foreclosed properties by temporarily expanding access to Federal Housing Administration mortgage insurance, U.S. housing officials said.
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Existing-home sales climbed 9.4 percent in September to their highest level in more than two years, fueled by demand for cheap properties and an $8,000 tax credit for first-time buyers, according to industry data released Friday.
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Offering the lure of cheap government-guaranteed financing, the Federal Deposit Insurance Corporation moved to push its efforts to have private investors buy distressed mortgages from troubled banks. Agency officials announced that they had reached a deal to sell $1.3 billion in mortgages from Franklin Bank, a Houston-based lender that failed last November and was taken over by the F.D.I.C.
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These days, it seems the discount pricing is simply unbelievable. It’s mind boggling that houses are available for under $10,000. With any buy, comes risk and you know the old saying, “cheap can be expensive.” The experienced buyers know exactly what they are buying and what they plan on doing with them after acquisition. Simply put, you need to know what your exit strategy well be before you stroke that check.
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As the housing bubble inflated, the math increasingly favored renting. House prices went up and up while rents stayed relatively flat, meaning you could get a lot more bang for your buck by choosing a lease over a deed. Now, with the housing market in a pulp, the tables are turning.
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Ever since the 1920s Florida has been cast as the place people go to escape contemplation, not to indulge in it. But in the past year, from Pensacola to Miami Beach, Floridians have been soul searching. And for good reason. The state’s decades-long binge on real estate has given way to empty homes in rich and poor neighborhoods alike. And yet if the Sunshine State is a larger-than-life reflection of where the country is heading, then the nation is still stuck, scared and uncertain of how far it wants to stray from the status quo.
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With a 4.1% increase, Cleveland posts strongest monthly performance among indexs 20 cities.
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