National 2008 Q2 Foreclosure Filings
July 29, 2008
“RealtyTrac , the leading online marketplace for foreclosure properties, today released its Q2 2008 U.S. Foreclosure Market Report™, which shows foreclosure filings were reported on 739,714 U.S. properties during the second quarter, a nearly 14 percent increase from the previous quarter and a 121 percent increase from the second quarter of 2007. The report also shows that one in every 171 U.S. households received a foreclosure filing during the quarter.”
“RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.”
“Although much of the fallout from foreclosures is being driven by rampant activity in a few states, such as Nevada, California, Florida, Ohio, Arizona and Michigan, most areas of the country are seeing at least some increase in foreclosure activity,” said James J. Saccacio, chief executive officer of RealtyTrac. “Forty-eight of 50 states and 95 out of the nation’s 100 largest metro areas experienced year-over-year increases in foreclosure activity in the second quarter.
“Bank repossessions, or REOs, accounted for 30 percent of total foreclosure activity in the second quarter, up from 24 percent of the total in the first quarter,” Saccacio continued. “This shift in the distribution of activity indicates that there is a progression toward purging the problem loans out of the system — at which point the housing market can regain some sense of normalcy. Of course if another surge in defaults occurs, which could well happen later this year, it would refill the foreclosure pipeline and prolong the recovery.”
Housing Rescue Bill Passed By Senate
July 27, 2008
This pass Saturday, the Senate approved the US Housing Bill designed to help struggling homeowners avoid foreclosure and provide assistance to our nations largest lenders Fannie Mae and Freddie Mac. The legislation will help homeowners who are facing foreclosure refinance into a more affordable mortgage guaranteed by the Federal Housing Administration.
The bill is a great start to trying to resolve the US housing crisis, however most of these cash strapped homeowners facing foreclosure wont qualify for these loans. The government still needs to take this legislation one step further by implementing special lending guidelines to those affected by foreclosure, and educate homeowners with other options that are available to them (if they don’t qualify for a new mortgage), such as a “short sale” or a deed in lieu of foreclosure.
Foreclosure Sends Women to Kill Herself
July 24, 2008
Foreclosure is devastating but it doesn’t have to mean death, there are alternatives. The latest victim in our foreclosure crisis was a wife and mother, Carlene Baleramma who was 53, shot herself to death Tuesday after faxing her mortgage company a note implying suicide hours before her home was to be auctioned off. The note read, “By the time you foreclose on my house, I’ll be dead,’ ” Its a tragedy that victims of foreclosure are unaware of the tools available to find alternatives to foreclosure. Our deepest sympathies go out to the family for their loss.
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US Government Intervenes
July 15, 2008
The US government has intervened on behalf of Fannie Mae and Freddie Mac from insolvency by issuing a larger credit line over the next two years. They hold more then 50% of US mortgages. This is more than $US5 trillion in mortgages, or about five times the size of Australia’s economy.
Freddie and Fannie, both listed on the stock exchange, can borrow money on the bond market more cheaply than any other mortgage originator. They then make the funds available to mortgage brokers and other retail banks — which find the customers and sign them to loans. Freddie and Fannie then package the mortgages into securities, which are sold to superannuation funds and other investors. Hence keeping interest rates low for the consumer.
If the government did not step, the housing market would see a hike in interest rates, so the bail-out is two fold. Correct housing problem, now, however it means that US taxpayers have, overnight, accepted an as yet another unquantified liability.
Animals Affected By Foreclosure
July 15, 2008
Humans are not the only ones affected by foreclosure, animals are finding themselves without homes as well. Many pets are part of a growing number of animals surrendered or abandoned because of foreclosures and other financial problems across the nation. Pets that don’t end up in shelters are often left to fend for themselves at foreclosed homes, parks or street corners after their owners move away. Some shelters have reported, that adoptions are on the decline as well which is most likely due ot our declining economy.
Stop Foreclosure Remedies
July 7, 2008
In today’s volatile foreclosure environment, homeowners are unaware of the options that are available to them to avoid foreclosure. The more educated the homeowner, the better chance they will have for finding a solution. Below you will find the options that are available to you, depending on your lender and if you qualify.
1) Reinstatement
2) Forbearance
3) Repayment Plan
4) Mortgage Modification
5) Deed in Lieu of Foreclosure
6) Short Sale
Best alternative is not to take the ostrich approach, by putting your head in the sand and hoping it will all go away. Contact your lender today to find out which option is the best remedy for you. Or you can contact a third party, such as Capital Financial Group at info@capitalending.com, who can mitigate your mortgage with your lender on your behalf.
Foreclosures Double in Miami-Dade County
July 4, 2008
In Miami-Dade County, foreclosures have doubled and the number has climbed to 2,677 from 1,282.
The percentage of U.S. homes in foreclosure more than doubled since December 2006 to about 2.5 percent this March, according to the Washington-based Mortgage Bankers Association. Defaults among subprime borrowers with poor or limited credit histories are driving the increase, along with the rising number of people unable to make payments on adjustable-rate mortgages that started out with low “teaser” interest rates that increase after two or three years.
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