Foreclosure Crisis

Home prices and sales in Wisconsin continued to drop in the first six months of this year, more effects of the foreclosure crisis and stricter lending practices.

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Nearly 25 percent of all homeowners with home loans in the U.S. had negative home equity in the second quarter, according to Seattle-based economist Stan Humphries. He added that job losses and more foreclosed for sale properties will push up the number of underwater borrowers to about 30 percent by the middle of 2010.

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Commercial property prices are dropping unceremoniously due to the economic downturn and the collapse of the securitized mortgage market. So far, $2.2 trillion commercial properties that have been purchased and refinanced in the United States since 2004 are worth below their original prices. This trend is putting more commercial properties at risk of foreclosures.

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Even before the Government Accountability Office released a report indicating that the Obama administration may have overstated its achievements in curbing foreclosure va and other foreclosures through its Home Affordable Modification Program, several senators have already introduced new proposals to help step up the loan modification program and to help American homeowners keep their homes.

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The project of Boca Developers to convert an old landfill located at North Miami, Florida into a residential and commercial development is facing the risk of being placed on bank foreclosure listing as Wells Fargo Bank plans its foreclosure proceeding against the property.

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Last March, the Obama Administration, in its effort to provide relief to troubled homeowners and reduce the number of homes in foreclosed homes listings, launched a housing program that targets as many as 4 million of these distressed borrowers. The said program involved as much as $50 billion in funds, given to mortgage lenders as financial incentives to encourage them to modify the loans of struggling borrowers.

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National Economic Council Director Lawrence Summers admonished banks that received federal aid for failing to do their best to contain the number of properties on foreclosure list. He said that financial institutions should know that the revenues they are earning are part of the Obama Administration’s commitment to help the country’s financial system.

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Home affordability remains unprecedented in the Greater Cincinnati area and in Northern Kentucky because of continued declines in foreclosure home prices and other pre-owned home prices, according to real estate analysts in Cincinnati.

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The worsening level of joblessness across the country is driving the rise in number of foreclosed new homes. In June, the nationwide unemployment was 9.5 percent, and with the current economic difficulties, analysts are expecting the jobless rate to surpass the 10-percent level in 2010.

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