Despite the emergence of signs that the worst economic crisis since the Great Depression has started abating, the number of mortgages that have gone delinquent or that have ended in foreclosure is rising. The current level of delinquencies and foreclosures marks the worst situation in at least forty years, even as the government continues to extend help to borrowers.
 
While the original problem facing borrowers originated from risky subprime loans, the same culprit for starting the economic crisis, the Mortgage Bankers Association has now stated that more borrowers are being driven into delinquency by rising unemployment of unemployment. The economy will …read more

A few months ago, the United States seemed to be on the brink of having a full-blown housing crisis. Now, things have started to look better for the nation’s housing market, according to the latest numbers by the National Association of Realtors.
For three straight months, houses that were previously occupied showed an improvement in sales. The number of houses on the market and sales of houses in foreclosure are both in decline — which is definitely good news.
Despite the good news, there’s also a few pessimistic experts. How will the United States housing market be affected when the $8,000 tax …read more

While the going is certainly not easy for Home Depot, especially in the wake of the sagging house market and the consequential lack of demand for home-related goods, the situation may not be as bleak as it once looked for the company. According to Home Depot, the worst part of it has come and gone, but the company also predicts rough sailing for the rest of the year.
 
Home Depot has closely monitored foreclosure rates and has expressed its frustration about the fact that 26 percent of its store base is located in the seven states in which foreclosure rates actually …read more

Unfortunately, reaching highs is not necessarily a good thing. The Mortgage Bankers Association has released data that shows a staggering number of delinquencies and foreclosures in the first quarter. This data has been attributed to record unemployment numbers, as well as to other damaging side effects of the financial crisis.
 
The survey revealed that around 12.07 percent of mortgage loans were affected by delinquency or foreclosure, which is the largest number that the survey has recorded since it began in 1972. It also marks a rise of 8 percent since a year ago. 
Although the government has taken steps to reduce foreclosure …read more

The government interested in propping up the housing market.

Banks are walking away from foreclosures.

In these tough times scammers will make money by preying on those who can least afford to be scammed.

One of the ways that some mortgage lenders are trying to comply with the president’s foreclosure prevention plan is by offering no appraisal refinancing.

Contrary to popular belief, the President’s foreclosure prevention plan isn’t just designed to help “losers.” Indeed, in addition to loan modification for those who had an affordable mortgage to begin with, there is help in there for those of use who have stood helplessly by while home values dropped. In order to take advantage of some of the amazing refinancing rates available right now, under the new plan, here is what is required:

Less than 20% equity in your home.
Owe no more than 5% of what your home is worth.
Be making your mortgage payments on time.
Have good credit.
Have a loan serviced …read more

The National Association of Realtors (NAR) is looking forward to a new administration, hopeful that some housing strategies can be put in place that will benefit the housing market as a whole and help lead the country out of economic turmoil.  NAR is hopeful that future measures can focus on restoring consumer confidence when it comes to real estate.
In a recent article by Mary Trupo, NAR President Charles McMillan said, “The housing sector is at the core of the current economic crisis.  A renewed, revitalized and robust housing market is essential to generating commerce and helping families build wealth and …read more