Archive for the 'Foreclosure Crisis' Category

It seems that the tough times in the market are still not over. If you check out the data gathered from the month of July, it shows that foreclosure filings increased by 8 percent from the previous month and 55 percent from last year of the same period. There is actually one out of 464 homes in the United States which has entered some stage of foreclosure.

As abandoned properties continue to pepper the Florida neighborhoods, communities are having difficulties dealing with the many problems that this situation has brought including increased crimes, orphaned pets and of course, declining home prices. The latest concern is the increase in the mosquito population.

Last Wednesday, a lawsuit was filed by Attorney General Richard Blumenthal against Countrywide Financial Group for alleged violations of banking laws and consumer rights. If the case prospers, hundreds of Connecticut homeowners will probably get their homes back or receive enough monetary compensation that will allow them to purchase a house again.

Many real estate experts and analysts are comparing the present housing market condition to the housing crisis experienced during the Great Depression. With the large inventory of bank foreclosure in the market, declining home price index and sluggish home sales, it is easy to conclude that the nation is in the worst crisis experienced in the housing industry.

When the controversial housing bill became a law last Wednesday, millions of troubled homeowners breathed a sigh of relief. After all, the new housing legislation contains provisions that are supposedly designed to assist homeowners by allowing them to shift to government-backed mortgages.

For the Massachusetts Alliance against Predatory Lending, the foreclosure crisis has claimed enough victims. It is definitely time to perform an emergency action that will finally address the issue and help millions of distressed homeowners nationwide.

Animal shelters have been experiencing an increase in activity these past months as numerous distressed homeowners in the brink of foreclosure decide to give up their pets. According to the American Humane Association, there is a possibility that about 1 million pets will be given by their homeowners by the end of this year considering that the foreclosure crisis could affect approximately 4 million homes.

Considering that the problem in the subprime mortgage industry has started over a year ago, there has been growing concern about the effects of the rising foreclosure rate on America's youth.

Established a year ago, HOPE NOW is an alliance comprised of mortgage lenders and private advocacy groups with a primary objective of providing assistance to troubled homeowners in order for them to avoid losing their home to foreclosure.

In metro Detroit, local residents are getting concerned about the growing number of foreclosure properties in their neighborhoods. Because of their dilapidated conditions, these foreclosed homes are becoming such eyesores, driving down market values of nearby houses.

Many troubled homeowners often end up losing their homes to foreclosure because they do not who to go to for assistance. If you are also facing the same mortgage problem, it is best that you read on to find out the people you could rely on to help you get through this desperate time.

If you are like the millions of homeowners who are having problems with their mortgage debts, then looking for a way to stop foreclosure proceedings is the only logical step to take. Your search for the best way to avoid foreclosure might be frustrating. After all, the entire nation is suffering from the current foreclosure crisis. But even if this is the case, you must never fall victim to foreclosure rescue scams.

For the last quarter of 2007, the proportion of homes that entered foreclosure increased to 0.83 percent. According to the Mortgage Bankers Association, this is a record high compared to the 0.78 percent recorded in 2006. Aside from this, home equity has also fallen from 49.6 percent to 47.9 percent and delinquency rate was up to 5.82 from 5.59 percent.

In a move aimed at fighting the rising numbers of foreclosures in his state, Ohio Attorney General Marc Dann made a move to slow the foreclosure process down, and in doing so has attracted the attention of state officials and lawmakers across the country. Citing laws that require lenders to prove that a home is in default before a foreclosure can be pursued, Dann has attempted to make it requisite for lenders to adequately prove to the court through paperwork that they have the right to foreclose on a property before doing so. While this procedure is a law, in the past many courts have overlooked it when allowing foreclosures, since the paperwork takes time to assemble and prove. But in Dann's eyes, time is just what homeowners in danger of foreclosure need, and if the law provides more of it for them than they are getting, he think that homeowners should be entitled to it.

As the crisis in the real estate and foreclosure markets deepens, it's becoming clear that both state and federal lawmakers and officials are beginning to take the problem very seriously. The slump in the housing market has been going on for roughly four years now, and as property values and sales continue to plummet, the entire economy seems to be reeling from its effects.