From the monthly archives:
Highlighting the low demand and sluggish market that have been plaguing Michigan for most of the past few years and contributing to its sinking property values, the amount of property sales in the Kalamazoo area fell again in April for the fourth consecutive month. However, the rate at which homes sales are declining is slowing, which may signal the beginning of a turnaround in the market.
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With the occurrences of foreclosure scams on the rise in the wake of the rising number of homeowners in distress, federal authorities are vowing to crack down hard on those who would attempt to profit on the misfortune of others. When homeowners are in danger of facing foreclosure, many of them become desperate to try anything to avoid the outcome of a foreclosure sale, and as a result, scam artists are popping up all over offering to provide help and then only taking the homeowners for all that they can and leaving them worse off than when they started.
The typical scam begins when a homeowner is in danger of foreclosure. Posing as a foreclosure consultant or under company names such as “Home Savers”, foreclosure scam artists will approach homeowners and offer to help them save their property through any number of false means, such as providing a new loan. The homeowner will then be tricked into signing paperwork which in effect signs away their rights to their property.
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For the CEO of Fannie Mae, the housing crisis is only halfway through. In fact, in a meeting with shareholders, President Daniel Mudd stated that home prices are likely to decline further, by as much as 25 percent.
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It can not be denied that today’s market favors buyers over sellers. In fact, home inventories are quite large, especially if you consider the millions of homes that entered some stage of foreclosure in the last couple of years.
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For the month of April, Florida grabbed the fourth spot among the states with the highest foreclosures rate. It recorded a total of 35,264 foreclosure filings – a 146 percent increase from last year.
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The latest victim in the foreclosure crisis proves that it isn’t just lower income families or subprime mortgage borrowers losing their homes to foreclosure. Jose Canseco, the former baseball superstar turned scandal-maker for his exposure of sterois use in major league baseball, announced Thursday that he had given up his 7,500 square foot Los Angeles mansion to bank debt seekers due to foreclosure.
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During the first quarter of 2008, the Riverside-San Bernardino area of California experienced the second highest foreclosure rate of any other metropolitan region in the country, according to reports. The area has long been a leader in the foreclosure rate category, but new statistics show that the first part of the year vaulted the local foreclosure inventory to new heights.
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In a research poll conducted by CNN, it was revealed that the American public is split on whether troubled homeowners deserve special treatment. About 1,008 adults were interviewed via the telephone from the period of April 28 to 30.
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Results of the economic crisis in the country, foreclosed homes have become the casualties forcing millions of people to abandon their homes and seek shelter somewhere else. Some experts believe that repo homes are a direct outcome of the action taken by financial institutions to recover their loaned amount to their customers.
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Miami, Florida is a city of amazing weather, gorgeous beaches and thriving economy. Although the state has one of the highest foreclosures rate in the nation, it is still not surprising that many people are interested in owning Miami real estate. Real estate properties in this city are considered to be worthwhile investments and you will never regret your decision to buy one.
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