Real Estate News Blog April Archive

Subprime crisis offers a chance to step up

By Art C Ryter at 04/30/07 23:42

Suggests that state legislatures and law enforcement should step up to the foreclosure challenge posed by the subprime mortgage lending fiasco. Californians, among other homeowners in other states, don’t have much direct financial help from state governments, but could have help avoid foreclosure by suing their mortgage brokers and lenders if they can present a reasonable case of fraud in offering the loan. Once lawsuits are filled and some won, state agencies may be more forth coming in providing protection against foreclosure by forcing borrowers and lenders to set new terms.

Original source: . Subprime crisis offers a chance to step up

Property taxes up as house prices fall

Details how property taxes are rising despite the current decline in home values. Real estate taxes rise very slowly over time, but are usually reset after a sale or new purchase. Some counties are taking action to prevent over taxation on home values, partly to avoid foreclosures because of tax burden.

Original source: . Property taxes up as house prices fall

U.S. housing slump hits home

Suggests the global impact of the U.S. housing market. As residential construction jobs are few and far between these days, day laborers—many of them immigrants—are not sending money to their families in foreign countries. Foreclosures lead to higher real estate inventories and do not help those looking for construction jobs or related work.

Original source: . U.S. housing slump hits home

Subprime home loans: don't panic

Argues that there is little rational need to panic because of the rising foreclosures started by the subprime mortgage lending failure. The author suggests that current levels of delinquency are not any higher than they were in 2000, 1998, 1997 or earlier. He also suggests that most mortgages do not enter foreclosure because lenders are loath to lose money and are willing to work with borrowers to keep homeowners in the house while making payments of some sort. So don’t worry, be happy that avoiding foreclosure or at least getting help is easier than you think.

Original source: . Subprime home loans: don't panic

Lenders act to limit US foreclosures

Details how lenders are acting to limit the number of subprime and other mortgage loan delinquencies from becoming foreclosures. The mortgage bankers association in conjunction with non-profit groups is trying to create programs that will help people avoid foreclosure. Non-traditional, but valid ways of avoiding foreclosure could be to ask your lender about giving you a forebearance or a loan modification if you can’t refinance it at the present.

Original source: . Lenders act to limit US foreclosures

Home prices firm up as buyers emerge

Home prices in Massachusetts are holding steady as people are buying homes helping others avoid foreclosure by getting out of high mortgage payments. The tick upwards was 0.1 percent, which is really nothing, but it’s hope to some looking to sell their homes at cost or without loss.

Original source: . Home prices firm up as buyers emerge

Five Steps To Prevent Big Mortgage Trouble

This is really a no-brainer in terms of preventing mortgage delinquencies, or worse yet, foreclosures, but the five steps are: make your payments on time to avoid foreclosure proceedings; focus on your monthly budget to squeeze money to make your subprime mortgage payment; talk to your lender to avoid foreclosure and get the safest advice (especially because fraudsters like to prey on people who have missed payments); ask about alternatives to foreclosure, such as a forebearance; and finally find out how your credit score would be affected, because you may want to be able to buy another house some day.

Original source: . Five Steps To Prevent Big Mortgage Trouble

The Real-Estate Blame Game

Suggests that foreclosures and the implosion of the subprime market bubble has had an impact on other areas of the economy not directly associated with housing, such as the railroads, boat sales, and much of Latin America. If people can avoid foreclosure, or should market prices continue to rise, albeit slowly, there may be some help for those facing foreclosure through refinancing.

Original source: . The Real-Estate Blame Game