Archive for January, 2009

As the housing market continues to fall due to falling home prices and home sales, and the flood of foreclosures, the government continues to come up of ways to address these problems.

The building of affordable housing for people with low income in San Diego County are affected by the increase in California foreclosures and lack of tax credit investments.

With the continuous flooding of foreclosures in the housing market, the need for government assistance is undeniable.

Efforts to add a stipulation in the economic stimulus bill supported by congressional Democrats that would permit bankruptcy judges to minimize mortgages as a possible solution to the foreclosure problem is being resisted by President-elect Obama and his advisers.

Preventing foreclosure may be one of President-elect Barack Obama's top domestic priorities, but he also has other housing-related concerns on his agenda too. Alleviating homeowner's taxes and acceding to the change of the mortgage-closing procedure are also in Obama's to do list.

A year of extra attention and effort failed the Congress in resolving the foreclosure crisis.

A U.S. House bill that would authorize bankruptcy judges to modify mortgage terms is not a good solution to the foreclosure problem, according to Glenn Boyd, top securities strategist of New York City-based Barclays Capital.

Barack Obama, who is just a few days away from being inaugurated as the 44th and the first African-American U.S. president, is facing his first big test in the Senate. Democratic and Republican senators have been debating whether to give him the second $350 billion of the Troubled Asset Relief Program fund for his own foreclosure prevention program.

Congress has been readying two foreclosure prevention bills to be presented to Barack Obama during his first working days as president in January.

The Congress is left with merely less than two weeks to decide on whether the second half of the $700 billion bailout fund would be released or not. Supposedly, the fund is to be used to address the persisting foreclosure crisis in the country.

As President-elect Barack Obama waits for the response of Congress to his request for the release of the remaining $350 billion of the Troubled Asset Relief Program fund approved in 2008, he reaffirmed his election campaign promise of using a big portion of the fund to help homeowners avoid foreclosure and help small business owners save their operations.

Just minutes after President Bush said at a news conference that President-elect Barack Obama just had to "ask" if he needed the remaining $350 Billion bailout funds allocated for foreclosure prevention, Obama did just that. Now Congress has to vote within a 15-day period whether to approve the request.

At least two groups are presently pushing for new foreclosure prevention plans when Barrack Obama steps into office.

New York City had several factors in its favor that protected it from the foreclosure wave that hit hard many other cities in 2008, such as those in California and other Sunbelt States. New York City no longer has areas as large as in other cities for housing development, naturally protecting the city from overdevelopment. It also hosts more people per area than any other place in the country, preventing bloated housing inventories.

The year 2008 was full of distressing events for Americans and for most other people in the world. Record numbers of homeowners across the country were forced out into the cold after their homes were put into foreclosure.