Archives for January 2010

Best Housing Market in America

There's simply no doubt about it. Burlington, Vermont and neighboring South Burlington are the best housing market in America rated by the lowest number of foreclosures in the nation, and there's not any doubt why. All bottom seven communities on the 2009 Realty Trac foreclosure list are college towns, where local economies have been boosted by the rush to higher education. Burlington only saw 45 residential properties tagged with … [Read more...]

Homeowners Get Little Hope in Obama Speech

By Mike Colpitts Facing stiff political opposition, rising protests over government bail-outs and growing anger President Barack Obama delivered his first State of the Union Address without mentioning the foreclosure crisis. But he spent plenty of time addressing the financial crisis, reining in excessive risk taking on Wall Street and lots of other topics. His Democratic predecessor in the Oval Office, President Bill Clinton says each … [Read more...]

Cold Chills Strike from New Deal Era

HYDE PARK, New York – Step into the library of President Franklin Delano Roosevelt's after paying the admission and the first thing you see is a corner dedicated to the Great Depression, America's last big battle with the U.S. economy. For any mortal in touch with reality these days a cold chill reverberates down your spine. The nation was in chaos when Roosevelt was first inaugurated on March 4, 1933. Paralyzed by fear and banking … [Read more...]

Mellowing in the Muck of Miami

By Mark Collingsworth Miami – Bright lights burst with radiance from Miami Beach condo balconies in the night's darkness. Towers of high-rise condos that stood without signs of life just a few months ago are lighting up, indicating that more residents are moving into the half empty buildings. Mired in the muck of one of the nation's worst housing crashes, Miami Beach and neighboring Miami are seeing legal disputes between developers and … [Read more...]

Mortgage Modifications Lag

Bureaucratic stumbling blocks and red tape have hampered the government's mortgage modification plan, helping only a small number of Americans stay in their homes, Treasury Department officials acknowledged. The Obama Administration's Home Affordable Modification Program (HAMP) has permanently modified only 66,000 homeowner mortgages from more than 4-million that may be eligible for the plan. Another 46,000 modifications in the works are … [Read more...]

Slow Ride to New Paradigm in 2010

Slow Ride to New Paradigm in 2010 By Kevin Chiu Mortgage rates are creeping upward. The sale of foreclosed properties is slowing as bankers catch up with the record volume of homes in default. Money markets remain tight, and the volume of home sales has slowed as a result of government incentives that were expected to expire as America shifts into a new paradigm in 2010. The federal government extended and expanded the tax credit for buying … [Read more...]

Answer: Saving the Real Estate Market

There are no perfect choices as President Barack Obama sits down with his financial advisors to talk over just what they'll do next in the housing mess. Some choices are just better than others. Wall Street greed and bankers blunders got us to this point with the economy, and straightening out the mess is like cleaning up a kitchen after a bunch of short order cooks have thrown hundreds of sloppy dinners at the wall. Until the number of … [Read more...]

Huge Rise in Walkaways

A growing number of homeowners are doing what was once unthinkable – strategically walking away from mortgages, and the trend is showing huge signs of increasing with the approval of academia. A consulting company working for financial institutions, Oliver Wyman estimates that 16% of current foreclosures are of mortgage borrowers intentionally walking away, choosing to pay other debts first and stick it to the bank. Other financial firms … [Read more...]

Short Sale Madness

Distressed home sales in which the lender cooperates to cut the amount of principal owed are likely to increase in 2010, but the number of “short sales” is unlikely to have any real impact on the housing market, according to a new Housing Predictor study. The small number of short sales that are actually approved by banks represent less than 1% of all homes at risk of foreclosure. Data from the Office of the Comptroller of Currency shows that … [Read more...]