Fewer People Falling Behind on Home Loans
February19, 2010, Los Angeles Times
The number of borrowers falling behind on their mortgage payments dropped sharply at the end of last year, a sign the foreclosure crisis is beginning to ebb. The Mortgage Bankers Association said Friday that the percentage of borrowers who missed just one payment on their home loans fell to 3.6 percent in the October to December quarter, down from 3.8 percent in the third quarter. The decline was even more remarkable because delinquencies usually rise at that time of year due to higher heating bills and holiday spending. However, more than 15 percent of homeowners with a mortgage had missed at least one payment or were in foreclosure, a record for the 10th straight quarter.
In Nevada, Obama Pushes for More U.S. Housing Help
February19, 2010, Reuters
President Barack Obama will use a campaign stop for Senate Majority Leader Harry Reid on Friday to announce a new initiative to help support homeowners in five states hit hardest by the U.S. housing crisis. A senior administration official said Obama would announce he is designating $1.5 billion from the Troubled Asset Relief Program to fund programs at local Housing Finance Agencies in California, Florida, Nevada, Arizona, and Michigan.
Double Dip In Housing Prices Seen As Risk, Seller Nightmare
February18, 2010, Investors Business Daily
Double dip is only a positive description for ice cream cones, not housing prices or the economy. Yet several housing forecasters are now predicting housing prices will slip again in 2010, after signs of revival in late 2009.A double dip threatens to make it tougher for home sellers to get the price they want, and harder to figure an ideal listing price. Many sellers have had to cut prices to draw buyers. Everyone is watching lenders' foreclosure inventory, which is growing and could pressure prices downward. And home sales could stall if a federal tax credit for home buying expires as planned at the end of April.
In D.C., Commercial Real Estate Headed for Foreclosure Crisis
February19, 2010, Washington Post
A mortgage crisis like the one that has devastated homeowners is enveloping the nation's office and retail buildings, and few places are likely to be hit as hard as Washington. The foreclosure wave is likely to swamp many smaller community banks across the country, and many well-known properties, including Washington's Mayflower Hotel and the Boulevard at the
Collateral Damage: Innocent Victims of the Mortgage Crisis
February14, 2010, WFFA.com
Someone's got to take care of foreclosed homes. Gary Lacy and dozens of other entrepreneurs stepped up to the job, but haven't been paid for their work.
State Supreme Court Makes it Tougher for Lenders to Foreclose
The Florida Supreme Court continues to make it more difficult for lenders to foreclose in the Sunshine State. The court says lenders are now required to verify they own loans before they file a foreclosure lawsuit. And, according to the court order, lenders can no longer charge the homeowner for that investigation.