Real Estate News Blog March Archive

Western Slope spared from rising tide of foreclosures

By Art C Ryter at 03/17/07 19:04

Good news for the rich people in Telluride, Colorado—there are few foreclosures as compared to the rest of the state and the nation. People looking for asset security should look into buying in San Miguel County.

Original source: Telluride Daily Planet. [404 Check: was link to http:/ / www. telluridenews. com/ articles/ 2007/ 03/ 16/ news/ news03. txt, anchor: Western Slope spared from rising tide of foreclosuresskyrocket]

Foreclosures skyrocket

States that foreclosures are increasing in Monterey, California, in line with the national trend. Prices are declining and sellers are offering many incentives, such as paying closing costs, to entice prospective buyers. Foreclosures help, though, is not as readily available as the foreclosure market is booming.

Original source: The Salinas Californian. [404 Check: was link to http:/ / www. californianonline. com/ apps/ pbcs. dll/ article?AID=/ 20070315/ NEWS01/ 70315003, anchor: Foreclosures skyrocket]

Dealing With Mortgage Payment Woes

Offers help and suggestions to avoid foreclosure in the wake of the subprime mortgage meltdown. Options for potential foreclosure candidates are: pick a payment that fits your budget but pays down your debt; start talking with your lender before you miss a payment; refinance to a fixed rate to limit your exposure; refinance using alternative methods, possibly with your own mortgage company; and cancel any unnecessary fees for services you no longer need. These steps should provide great foreclosure help and avoid bankruptcy.

Original source: CBS News. Dealing With Mortgage Payment Woes

Primer on subprime loans, troubles in the mortgage industry

A good question and answer session on subprime loans and their impact on foreclosures and the mortgage industry. Those who seek foreclosure help through bankruptcy may have a more difficult time filing for Chapter 7, which would fully discharge their loan, and will be put into the Chapter 13 placing a greater financial burden on people affected by forclosure.

Original source: San Francisco Chronicle. Primer on subprime loans, troubles in the mortgage industry

Government moving toward actions against some subprime lenders

Government moving toward actions against some subprime lenders

Suggests that government will do what it can to help new homeowners with subprime loans avoid foreclosure. The article also points out that the U.S. federal government is investigating whether minorities and the elderly were unduly targeted for subprime mortgages.

Original source: Sign On San Diego. [404 Check: was link to http:/ / www. signonsandiego. com/ news/ business/ 20070314 -1815 -subprimelending. html, anchor: Government moving toward actions against some subprime lenders]

The market is working

Argues that the market is working by forcing unscrupulous mortgage lenders to close their doors and changes in lending policies for those that want to stay in business. No one profits from forclosures making it imperative for lenders and borrowers to work out the numbers. The author also notes that 85% of people with subprime mortgages are paying on time and can eventually improve their credit, increase their wealth, and graduate to prime borrowing status.

Original source: Yahoo!. [404 Check: was link to http:/ / news. yahoo. com/ s/ usatoday/ 20070315/ cm_ usatoday/ themarketisworking;_ ylt=AoXpC2FGBl0DEFr_ ywULbSTMWM0F, anchor: The market is working]

Mortgage lenders can't claim that no one told them so

Argues that little can be done to stop foreclosures from subprime mortgages that have already been issued. Many subprime lenders offered credit to homebuyers with poor or little financial experience in the drive for large profits. Government should take steps to help borrowers avoid foreclosure, but should also regulate lending more strictly to avoid a future housing and economic meltdown.

Original source: Yahoo!. [404 Check: was link to http:/ / news. yahoo. com/ s/ usatoday/ 20070315/ cm_ usatoday/ mortgagelenderscantclaimthatnoonetoldthemso;_ ylt=Aqun80a0DqFxCq1cOezdoorMWM0F, anchor: Mortgage lenders can't claim that no one told them so]

Home-loan trouble spurs fears of US 'credit crunch'

Posits that the overall U.S. economy may falter as interest rates and foreclosures rise and personal, mortgage and business credit tighten. Some hope that instead of raising interest rates to stop inflation, rates will be lowered to prime the economy. Subprime mortgages have been the hardest hit with rising interest rates. Congress is working on bills to halt predatory lending and regulate lending practices in an effort to stop forclosures.

Original source: Christian Science Monitor. Home-loan trouble spurs fears of US 'credit crunch'

Bulletproofing Your Mortgage

Identifies types of loans that will be affected by rising interest rates with the potential to cause foreclosures. Helpful hints are to refinance before foreclosure at a fixed interest rate that is manageable, i.e. within 30% of your gross monthly income; talk your mortgage situation over with someone, your spouse, to know your risk tolerance, and keep your eye on your credit score as a higher score will enable you get more forclosure help.

Original source: Yahoo! And the Wall Street Journal. Bulletproofing Your Mortgage

Homeowners at Risk

States that many homeowners, potentially 1.7 million, are in risk of foreclosure due to subprime mortgages, though all real estate mortgages are being hit. Forclosures are at a 37 year high. The author suggests that the U.S. Congress help stop foreclosures by making the crisis a federal issue and offering to bolster more state and local governments to help refinance and by offering counseling.

Original source: The New York Times. Homeowners at Risk