Lawmaker Urges Halt of Home Demolitions

By Mike Colpitts An Ohio lawmaker is pushing fellow members of Congress to pass a proposal aimed at revitalizing neighborhoods hit by the foreclosure crisis instead of demolishing the homes as planned. U.S. Senator Sherrod Brown (D-OH) is urging fellow members of Congress to pass Project Rebuild as a record number of foreclosed and abandoned homes are scheduled for demolition in his home Congressional district. “Toledo has been hit hard … [Read more...]

Homeownership Drops by Largest Amount Since Great Depression

By Jeanne Roberts It’s probably no surprise that the number of individuals owning homes has experienced its biggest drop since the Great Depression, an epoch usually defined as the decade between 1929 and 1939. The figures are from the U.S. Census Bureau, and show that the rate of homeownership fell to 65.1% in April 2010, or 1.1% lower than it was a decade earlier. This is compared to ownership levels of around 70% in 2005, which means a … [Read more...]

Foreclosures Forecast to Hit 15 Million Homeowners

By Kevin Chiu The foreclosure crisis has produced an overpowering series of affects across the U.S., destroying businesses, taking away livelihoods, tossing millions of homeowners out of their homes and pressuring home prices in the over-whelming majority of neighborhoods lower. The crisis, first forecast by Housing Predictor almost five years ago as the first real estate research firm to forecast the mess, has had a devastating impact on … [Read more...]

Real Estate Insurance Debuts Against Falling Prices

By Mike Colpitts An insurance policy that protects homeowners against loss in their home's value debuts in one of the hardest hit real estate states this week as a hedge against falling prices. The first home insurance policies are being written in Ohio for owner occupied homeowners as Home Value Insurance Company launches its program, which it hopes to take national, despite major declines in housing prices in most of the U.S. The … [Read more...]

Congresswoman Calls On Obama To Fight Bankers

California Democratic Congresswoman Maxine Waters is calling on President Barack Obama to use his speech before the joint session of Congress Thursday night to offer "bold" solutions on the jobs crisis and foreclosures. Waters says the president should call bankers into his office and demand they modify mortgages to “keep people in their homes.” The incumbent Congresswoman, who has served as a representative of her Southern California … [Read more...]

Home Builder Sentenced to 22 Years in Prison

By Mike Colpitts A home builder has been sentenced to serve 22 years in federal prison for his part in a conspiracy to defraud bankers out of millions of dollars in mortgages and commit tax fraud and money laundering against the IRS. The sentenced was imposed against Ohio home builder Thomas E. Parenteau of Hilliard, Ohio in a conspiracy federal investigators say involved his wife, mistress and accountant. In addition to the prison … [Read more...]

Home Buying Affordability Hovers at Best Level

By Mike Colpitts Home buying affordability hovered near its best level in more than 20 years in the second quarter of the year, according to the National Association of Home Builders-Wells Fargo housing index. The measure indicates that 72.6% of new and existing homes sold during the quarter were affordable for families earning the national median income of $64,200. The home buying affordability level dipped slightly from the record high … [Read more...]

Foreclosure Freeze Loses Steam

By Mike Colpitts A proposal by an Ohio Congresswoman to enact a temporary freeze on foreclosures has lost steam to reach a vote in Congress. The proposal, offered by Rep. Marcy Kaptur (D-OH) was made more than a month ago but has failed to gain interest to be brought to a vote in the House of Representatives. It’s the first time since the Great Depression that a lawmaker has offered such a measure after more than 7-million homeowners have … [Read more...]

Banks Demolish Thousands of Homes

By Mike Colpitts Swamped by foreclosures banks and mortgage lenders are demolishing homes in some of the hardest hit real estate markets in the U.S. after they foreclose on them in order to free up capital and get a tax write-off on the properties. JP Morgan Chase donated 1,900 homes since 2008 to be demolished in areas of the country where neighborhoods are blighted. Wells Fargo donated another 800 homes to be demolished in 2009, while … [Read more...]

Majority Affected by Foreclosures

The crisis is hitting home. An overwhelming majority of respondents to a new Housing Predictor poll say they are directly affected by the foreclosure crisis in their own neighborhood. The survey found that 74% of all those who took part in the online survey from all 50 U.S. states said they think the foreclosure crisis is affecting their own neighborhood. The remaining 26% said it was not affecting them, but many of those may not be aware of … [Read more...]