The number of townhouses and condos for sale in South Florida has remained relatively high despite the rise in sales of homes in foreclosure listings and other residential listings in the region.
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From the monthly archives:
June 2009
Over 50 refinancing and mortgage modification companies are currently under investigation as part of Arizona Attorney General Terry Goddard office’s crackdown on fraudulent repo home listing rescue services that have been victimizing unsuspecting homeowners who are desperate to save their homes from foreclosures.
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Foreclosed home listing prices in the Midwest maintained their affordable levels last month, based on a study of residential real estate prices in the Midwest in May.
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Among the reasons given for the continued rise in number of foreclosed properties are unemployment, subprime lending, adjustable-rate lending and difficult family circumstances such as divorce or hospitalization.
Another major reason is negative equity – home value is less than loan amount. Borrowers who have negative equity, sometimes known as underwater borrowers, often decide to walk [...]
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Senators Claire McCaskill, Jack Reed, Chris Dodd, Joe Lieberman and 16 other senators wrote Treasury Secretary Timothy Geithner to urge him to look into the barriers slowing down the foreclosed housing prevention program. The senators also expressed their concern about the impending readjustment of ARMs.
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The attractive prices of repossessed houses have pushed down sales of new single-family houses in May, based on home sales data released this week by the U.S. Commerce Department.
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States and cities are just starting to spend the millions they received from the federal Neighborhood Stabilization Program to buy repossessed houses for sale, rehabilitate them and then sell them to lower-income families.
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Across the country, thousands of homeowners are trying to make ends meet, paying their bills and keeping up with their mortgages so as not to go through the trouble of foreclosure. But many are finding out that they could still lose their properties to repo list even if they pay their mortgage payments diligently.
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Kent County and the cities of Great Rapids and Wyoming in Michigan received over $11 million from the Neighborhood Stabilization Program. The funds will be utilized to buy homes in Bank Forclosure List in neighborhoods greatly affected by the foreclosure crisis.
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More middle-priced homes will be added to foreclosure listings in Pasadena and many other parts of California this 2009 and in the next couple of years, according to studies of mortgages and foreclosures in the state.
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