According to an article in the Dallas Morning News, home price declines may be here to stay for at least the next two years. And in certain areas of the country the possibility of long-term housing price declines is astronomically high. The article said: ""Increasing unemployment and foreclosure rates - coupled with continued high excess [...]
According to an article in Reuters, there's a successful foreclosure prevention program that has saved almost 60 percent of its participants from losing their homes to foreclosure. The article said: "Philadelphia's Mortgage Foreclosure Diversion Pilot Program, seen as a national model to stem the foreclosure crisis, resulted in 2,776 properties permanently or temporarily saved from [...]
According to an article in the Dallas Morning News, the Obama administration is expanding the foreclosure prevention program to include borrowers who owe more than their homes are worth. The article said: "Housing secretary Shaun Donovan says borrowers who owe up 25 percent more than their home's market value will qualify for government help refinancing [...]
The government has already "invested" over $75 billion to prevent a millions of foreclosures. But has that plan actually reduced the amount of foreclosures? The short answer is no. The long answer is a little more complicated. Originally, the government's foreclosure program was supposed to save over a million American homeowners from foreclosure; but so [...]
According to an article in the Dallas Morning News, Dallas-Fort Worth area apartment rents are seeing declines by as much as 8 percent in some Dallas-Fort Worth neighborhoods. Also, Dallas-Fort Worth apartment vacancy rates are at 10 percent, despite the rise in foreclosures throughout the community. The article said: "So far this year, North Texas [...]
According to an article in the Star-Telegram, Americans' with good credit scores are facing foreclosure as their finances take a beating. The article said: "Americans carry $2.56 trillion in consumer debt, up 22 percent just since 2000, according to the Federal Reserve. The average household's credit card debt is $8,565, up almost 15 percent from [...]
We've heard a lot about how homeowners are affected by foreclosure; but much less about the renters who also fall victim to foreclosure. There are 95 million renters in America and every last one of them is vulnerable to eviction because of the current foreclosure crisis. Many renters are just as financially vulnerable when facing [...]
According to an article in the Star-Telegram, the financial industry is gearing up to fight proposed regulations aimed to prevent a future foreclosure crisis and curb abuse of credit consumers. The article said: "Republicans and industry groups are railing against much of his proposal. They say there already are enough regulators policing the market and [...]
If you're in financial limbo because of a pending foreclosure that never comes, you're not alone. According to an article in the Washington Post, about 1 million borrowers are waiting in the shadows of pending foreclosures that never happen. This is a dangerous situation because many homeowners facing foreclosure can't pay their mortgage yet the [...]
According to an article in the Star-Telegram, President Obama wants to create a package of government approved loans that will present less risk and confusion for borrowers and possibly prevent another foreclosure crisis. The article said: "If the Obama plan for simplifying the mortgage process is approved, here's how it might work: The government would give [...]