Real Estate News Blog April Archive

An unsettling adjustment

By Art C Ryter at 04/17/07 18:58

Presents the case of San Diego residents trying to sell their home before defaulting on their mortgage or losing their home to foreclosure. Although the couple makes over $90,000, their mortgage payments are rising at astonishingly high rates. Many similar cases are happening across the nation: Homebuyers bought homes with the intent to refinance within a year in order to reduce their monthly payment instead got stiffed with a high payment, an overvalued property, and rising interest rates. The article has a section on places to get help to avoid foreclosure.

Original source: . [404 Check: was link to http:/ / www. signonsandiego. com/ news/ business/ 20070415 -9999 -lz1h15mortgag. html, anchor: An unsettling adjustment]

The foreclosure fighters

Details some measures that are attracting attention in the struggle to avoid foreclosures throughout the United States. One program is called the Mod Squad which helps forclosure prone homeowners identify steps they can take to renegotiate loan terms or rates, or perhaps refinance. With the rise in foreclosures and defaults across the nation, many lenders and government agencies are looking for options to support the real estate market.

Original source: . [404 Check: was link to http:/ / www. latimes. com/ classified/ realestate/ news/ la -re -harney15apr15,0,7636995. story?coll=la -class -realestate -news&track=crosspromo, anchor: The foreclosure fighters]

Impossible loan turns dream home into nightmare

Presents the story of a couple of first time homebuyers duped into a home priced above its assessed value and financed with a loan that was impossible to maintain on a farm laborer budget. Lenders and real estate agents in the case were potentially short of criminal in selling the house and financing to the two families involved. The article has a nice advice section which advocates seeking a lawyer to help read the financial mumbo jumbo if you are not able to do it, contact HUD for a free appraisal of the lending terms, and beware. Seek help with your loan and avoid foreclosure before it’s too late.

Original source: . Impossible loan turns dream home into nightmare

364,000 Homeowners Face Foreclosure So Far This Year

Bad news is that many homeowners face foreclosures through the first quarter of 2007. The article gives a general update of the foreclosure sector of the housing market; no real help or advice for people going through foreclosure. Top foreclosure filling locations include homes in Texas, Illinois, California, and Nevada.

Original source: . 364,000 Homeowners Face Foreclosure So Far This Year

Mortgage default notices rise in Bay Area

Foreclosures are not at record levels in the San Francisco Bay Area, California, but default notices are on the rise. The forclosure market is not quite big enough to be a drag on home prices which bodes well for people going through the initial stages of a foreclosure. They may be able to avoid foreclosure through refinance help or by an auspicious sale.

Original source: . Mortgage default notices rise in Bay Area

For Distressed Homeowners, Short Sales Stave Off Credit Ruin

Discusses short sales, selling a property for a loss rather than a profit, as a way for troubled homeowners to avoid foreclosure and ruining their future ability to buy a home. Short sales can be difficult to orchestrate to avoid foreclosure because buyers, sellers and lenders must agree on the sale price and determine who pays takes and how much is written off. People looking at the prospects of losing their home to forclosure due to upward adjusting interest rates would do well to look into short selling.

Original source: . For Distressed Homeowners, Short Sales Stave Off Credit Ruin

State mulls housing bailout

The State of Minnesota is considering options to help distressed homeowners avoid foreclosure. Some of the foreclosure help options are refinancing through state funded taxable bonds or applying tax credits to homeowners in trouble with payments. Many foreclosures are hitting the auction block changing once thriving communities into desolate deserts.

Original source: . State mulls housing bailout

Mortgage Crisis Hits Million-Dollar Homes

Highlights that million dollar homes are not necessarily foreclosure proof investments in a changing real estate market. Foreclosures on higher value properties are rising as people with decent or well-paying jobs refinanced and purchased larger, pricier homes while lending practices were lax and such upgrading was encouraged. The subprime bust is projected to affect not only people with low credit scores, but also those looking to enter into the real estate market or avoiding foreclosure through possible refinancing.

Original source: . Mortgage Crisis Hits Million-Dollar Homes

Foreclosures on the rise

Foreclosures are on the rise in the Coachella Valley, California, just as they are throughout the country. Homes are taking longer to sell and as more homeowners fall behind on payments, more foreclosures are hitting the market. Many homeowners need foreclosure help due to adjustable interest rate mortgages that are resetting at higher rates.

Original source: . [404 Check: was link to http:/ / www. thedesertsun. com/ apps/ pbcs. dll/ article?AID=/ 20070401/ BUSINESS04/ 704010304/ 1003, anchor: Foreclosures on the rise]

The Richest Zip Codes—and How They Got That Way

Presents the formation of pricey zip codes as a factor of evolution with the rich buying from the middle classes, the more rich buying in and finally the super rich buying and consolidating select housing and exclusivity. Important factors are also building restrictions, land availability, and the ability to leverage real estate into larger opportunities.

Original source: . The Richest Zip Codes—and How They Got That Way