U.S. Foreclosure Activity Spreads Beyond Hard-hit Metro Areas
U.S. Foreclosure Activity Spreads Beyond Hard-hit Metro Areas
January 28, 2010, NewJersey.com
Cities in the so-called Sand States dominated the foreclosure rankings in 2009, with the 20 worst-hit metro areas residing in Nevada, Florida, California and Arizona.
Las Vegas had the largest number of foreclosure filings of any city last year, with 12% of its households receiving at least one during the year, according to RealtyTrac, the online marketer of foreclosed homes. That was more than five times the national average.
Obama Housing Rescue Threatened by Foreclosures, Unemployment
January 29, 2010, Bloomberg News
President Barack Obama’s efforts to bolster the U.S. housing market, the trigger of the worst recession since the 1930s, may be undone by record unemployment and repossessions by lenders. Foreclosures probably will reach 3 million this year, surpassing the record of 2.82 million in 2009, according to Irvine, California-based RealtyTrac Inc. That would more than offset an estimated 448,000-unit rise in home sales, based on the average forecast of the National Association of Realtors, the Mortgage Bankers Association and Fannie Mae.
Obama's Falling Down on the Job
January 29, 2010, New York Daily-News (OPINION)
It is just over a year since President Obama took office. He inherited the worst economic mess the world has seen since 1929, and his team managed to pull us back from the brink. But the economy is still in sad shape and is not likely to get better anytime soon. The proposals in this week's State of the Union speech, including plans to cut taxes for businesses, help middle-class families and rein in spending, may not go far enough to really make a difference. And in the case of a domestic spending freeze, they may make things worse.
Senate Reappoints Bernanke
January 28, 2010, Wall Street Journal
The Senate voted 70-30 to reappoint Ben Bernanke for a second four-year term as chairman of the Federal Reserve. Earlier, senators voted 77-23 to end debate, clearing the way for a final vote. During more than two hours of debate on the Senate floor, Bernanke backers warned that voting him down risked sparking turmoil in U.S. and foreign markets and thwarting a budding economic recovery. They said the Fed chairman deserved an opportunity to finish what he started.
Still in the Cellar
January 22, 2010, The Economist
When American house prices finally started rising in June last year, ending a three-year decline, homeowners and economists rejoiced. The steep plunge in values — about 33 percent nationally from peak to trough — caused widespread damage in the American economy and abroad. The stabilization of prices turned out to be a precursor to broader economic recovery.
New York Law Offers Homeowners a Welcome Reprieve
January 22, 2010, The Buffalo News
Our State Legislature and governor recently passed the nation’s most progressive foreclosure prevention legislation. It expands previous protections to include all mortgage foreclosures instead of only subprime mortgages. Among other things, the Comprehensive Foreclosure Legislation provides these three protections: (1) Provides 90 days to resolve a mortgage default before foreclosure can begin. (2) Gives all borrowers the right to a settlement conference in court to prevent the foreclosure. (3) Creates a legal duty on the banks to maintain foreclosed properties to prevent neighborhood blight.