Housing Rescue Slows as Foreclosures Increase
- By:
- MortgageLoan.com | July 04, 2008
With lenders on the back foot following mounting criticism over their sluggish attempts to quell the rising tide of foreclosures, new figures from Hope Now, show its members helped roughly 170,000 homeowners avoid foreclosure in May. The figure however is a 7 percent drop from April's figure of 183,000.
California's Department of Corporations and the California Reinvestment Coalition, which also aim to help beleaguered homeowners, also reported a slowdown.
"The May report demonstrates that HOPE NOW is helping homeowners avoid foreclosure," said executive director Faith Schwartz in a press release. "As promised, the industry has accelerated the pace at which it is helping homeowners."
Foreclosures on the other hand have experienced a sharp upturn, according to figures from RealtyTrac. The number of homes lost to foreclosure during the April and May jumped 35 percent to 73,000, with foreclosure filings up 7 percent in the same period.
The figures from Hope Now have been criticized recently for its accuracy, with Federal Bank regulator, John Dugan calling them "aggregate, unverified results from individual firms."
Schwartz from Hope Now defended the group's numbers and said the coalition was working with bank regulators to develop a common set of standards for such reports.
Election Day May Be About Taxes
- By:
- Bill Rice - MortgageLoan.com | August 21, 2008
The election of our next President quickly approaches. The ads, debate, and polls fill every media outlet. However, a bigger theme maybe brewing on state election ballots--tax reform.
Homeowners Need Refinance Assistance More Than Ever
- By:
- Bill Rice - MortgageLoan.com | August 20, 2008
Foreclosures rates continue to rise, borrowers have found themselves trapped in loans where payments and principle balances balloon, and housing values continue to plummet. This is mixing a toxic cocktail of homeowner despair. However, the government is trying to formulate an antidote.
Government Backed Loans Surge
- By:
- Bill Rice - MortgageLoan.com | August 19, 2008
When borrowers talked about getting a mortgage you typically heard discussions of Countrywide and IndyMac--now you hear FHA. Only a few months ago you would have been hard pressed to find a lender, much less a borrower, that knew this acronym. Borrowers now ask for FHA loans, by name. Meanwhile, mortgage brokers are rushing to become approved FHA lenders.
Can a Bad Appraisal Cost You Your Home?
- By:
- Bill Rice - MortgageLoan.com | August 18, 2008
In the exuberance of the mortgage boom, it was broadly accepted that home values were moving upward quickly. Were these swiftly rising home values justified? Home owners are beginning to feel the pain of inflated appraisals. In some cases it is even costing them their homes.
Mortgage Rates Hold Steady on Mixed Bag of Economic News
- By:
- Bill Rice - MortgageLoan.com | August 15, 2008
Home Mortgage Rate hold steady for the third straight week as the mortgage market is peppered with offsetting economic and housing indicators. Although there were several deviations from analyst estimates and expectations, notably in the Consumer Price Index and existing home sales, there were equally offsetting data in declining energy prices, a strengthening dollar, and record foreclosures. This mix and confusing bag of inputs seemed to leave the market feeling safer not to tinker with the status quo.
US Foreclosures Rise 55%, Banks Seizures Climb 184%
- By:
- MortgageLoan.com | August 14, 2008
New US legislation, effective 1 October, meant to help home owners stay in their home may not be coming soon enough. Today RealtyTrac, an online marketplace for foreclosure properties, announced staggering increases in foreclosure and bank seizure rates. In their July US foreclosure data RealtyTrac reported foreclosure activity up 8% from the previous month and has risen to 55% from last years levels. Perhaps even more alarming is the steep increase of bank repossessions and REOs that surged to 184% year-over-year.
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