Archives for October 2009

Investors to the Rescue of Troubled Homeowners

By Mike Colpitts A Cincinnati, Ohio company has launched a program, coming to the rescue of homeowners at risk of foreclosure. American Homeowner Preservation is the first private company to offer troubled homeowners and renters a way to stay in their homes without being foreclosed. The program is being called, "Cash for Clunker Mortgages" but it isn't related to the federal government bail-out program, only getting its name from the former … [Read more...]

Biggest Buyers Market Forecast in 2010

The New Year will bring discounted values in real estate for average Mom and Pop home buyers and investors as the fallout from the worst housing crash since at least the Great Depression pulls prices down, and forces mortgage lenders to drop asking prices. The inventory of delayed foreclosures and short sales will allow home buyers and purchasers of other properties to buy primary residences and investment properties like it's a blue light … [Read more...]

White House Plan to Expand Mortgage Lending

A new program announced by the White House for state and local finance agencies is intended to keep mortgage rates low and expand mortgage lending. The program is part of the Obama administration's plan to stabilize the housing market. The program would expand lending for low and middle income borrowers through local Housing Finance Agencies (HFAs), making it more affordable for those who want to buy a home, refinance or rent. The initiative … [Read more...]

Alternatives to Conventional Mortgages

By Kevin Chiu Everybody needs a rich uncle when it comes to buying a home. The problem is most of us simply aren't related to the kind of money needed to buy a home so getting a mortgage is the answer. However, in the credit crunch it's gotten harder for many people to find financing. Conventional mortgages with a 20% down payment and high FICO scores don't work for everyone. The real estate boom was caused at least in part by new creative … [Read more...]

Housing Deflation Easing

By Mike Colpitts The rapid decline of housing prices is easing in many of the worst hit markets with slower housing deflation, according to a study of the most severely affected markets by Housing Predictor. The impact may lead to improving conditions and could soon signal a bottom to the market in some areas of the country. But there are a bevy of mixed signals. Only six states account for the largest majority of foreclosure notices, … [Read more...]

Foreclosures Rise in Third Quarter

Foreclosure notices were reported on nearly 1-million U.S. residential properties in the third quarter, marking a five percent increase from the second quarter, according to RealtyTrac. One in every 136 residential properties received a foreclosure notice in the last three months. Some 937,840 properties had foreclosure notice filings. However, notices dropped four percent in September from numbers in August. Ten-million foreclosures are … [Read more...]

Foreclosures Could Hit 25 Million

By Mike Colpitts The huge number of homeowners who say they will walk away from mortgages if housing prices keep falling could have long lasting repercussions for the U.S. economy that would take years to emerge from. According to a new survey conducted by Housing Predictor, as many as 25-million homeowners may walk away from their mortgages as a result of declining home prices and doubts about prices rising in the foreseeable future. The … [Read more...]

Finding Your Housing Value System

By Lois A. Vitt Are you stuck trying to make a housing decision? Small wonder. Your housing decisions are about everything in your life, not just the design and location of your home. They involve your inner motivations, desires, and well-being as surely as the objective circumstances of managing your housing-related finances or the logistics of a prospective move. As Congress proposes new laws to force bankers to modify mortgages, and help … [Read more...]

Investors Slammed by Housing Crash

By Mike Colpitts Homeowners are facing an economic crunch from the housing crash, but investors often face even more severe repercussions. More than 1 in 3 foreclosures are of investment owned properties, and should the foreclosure epidemic worsen as forecast that number is expected to rise as more investors walk away from mortgages. During the real estate boom investors and speculators bought homes, fixed them up and many sold within … [Read more...]

Congress Finally Proposes Homeowners Help

By Kevin Chiu A proposal to halt the record number of foreclosures and force lenders to work with homeowners to modify mortgages was introduced in the Senate Wednesday by Rhode Island Senator Jack Reed. Rhode Island is one of the worst 10 states to be affected by the foreclosure epidemic. The bill would establish a new mortgage payment assistance program to aid families under the threat of foreclosure. The legislation is sponsored by three … [Read more...]