Foreclosures: No End in Sight
Foreclosures: No End in Sight
New York Times
A continuing steep drop in home prices combined with rising unemployment is powering a new wave of foreclosures. Unfortunately, there’s little evidence, so far, that the Obama administration’s anti-foreclosure plan will be able to stop it.
Pending-Home Sales Post Increase
Wall Street Journal
Home sales will likely keep rising, a report suggested Tuesday, as buyers seize on foreclosure-cheapened property, low interest rates and a tax credit. The National Association of Realtors' index for pending sales of previously owned homes increased a third month in a row, rising 6.7% in April to 90.3 from 84.6 in March, the industry group said Tuesday.
Year-over-year, the index was 3.2% above the level of 87.5 in April 2008.
Home Loan Advisers to Register with State
San Diego Union-Tribune
In an effort to slow a surge in lending scams, state Attorney General Jerry Brown yesterday issued a directive requiring foreclosure consultants to register with the state and post a $100,000 bond by July 1. As the recession continues and unemployment remains high, state agencies are seeing a rise in the number of complaints from homeowners who say they paid for foreclosure consulting services but received no assistance.