foreclosures

Not The Kind Of Double Dip That You Want

August 17, 2010

Not like a double dip ice cream cone on a hot summer day, no the kind of double dip that some economists say is on the horizon is much more ominous. Some economists are now predicting a double dip recession, meaning that just when you thought it was getting better, it is going to get [...]

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Underwater But Not Late?

August 16, 2010

FHA is launching a new refinance program next month that will target homeowners who are “underwater” on their mortgages (meaning they owe more than the house is worth on the open market) but have yet to miss a monthly payment. Dubbed the Federal Housing Authority Short Refinance option the program is aimed at helping out [...]

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Tougher Mortgages Here To Stay?

July 29, 2010

The recent housing bubble and real estate slump that came along with the worst recession since the Great Depression has resulted in a tightening up of mortgage standards and it looks like it may be here to stay, maybe forever or at least for a while. The CEO for Fannie Mae, Michael J. Williams said [...]

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America Underwater

July 23, 2010

The psychics predicted it. They predicted that a large portion of the United States would end up “underwater”. But I think we all expected something different than this. Up to 32.2% of all US mortgages are underwater. Meaning that they owe more than their home is worth and they cannot sell the home for enough [...]

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Real Estate On Sale

July 20, 2010

In the first 3 months of 2010, nearly 1/3 of all Real Estate Sales were foreclosures and these homes were sold at nearly 30% discount over the non-distressed properties according to a new report from RealtyTrac. All distressed properties were accounted for including foreclosures, short sales and REO’s but it did not include the transfers [...]

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Higher Credit Scores For FHA

July 20, 2010

FHA, once the bastion of easier home loans for people with lower down payments and/or lower credit scores has announced a proposal to require borrowers to have a credit score of at least 500 to qualify for FHA insured mortgages. FHA has never before had a minimum credit score and has typically left the decision [...]

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Homeownership Myths For 2010

July 19, 2010

Times have changed on the homeowner’s front. The myths of homeownership that were probably always around to at least an extent are now something you should really take into consideration. Myth #1-A home will always appreciate. “Buy land. They ain’t making any more of the stuff” Will Rogers Can’t argue with Will’s logic there but [...]

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Catch 22-Who Are They Going To Lend to?

July 19, 2010

Credit scores are sinking to new lows. Really new lows. As is 25.5 percent, or nearly 43.4 million people, now have a credit score of 599 or below. And at the same time, lenders are tightening their standards, so more and more people are now out of the loop and cannot get financing. But it [...]

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No End In Sight To The Housing Meltdown

July 13, 2010

The Rich are walking away from their mortgages in record numbers. More than 1 in 7 homeowners with a mortgage of over $1,000,000.00 are seriously delinquent, while the numbers of delinquencies on mortgages under $1,000,000.00 is just 1 in 12. 1 in 7? 1 in 12? And there seems to be no end in sight [...]

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Mortgage Woes After The Mortgage Crisis

July 12, 2010

We are all experiencing the worst recession since the great depression. It is said that as many as 1 in 12 mortgages are delinquent more than 90 days and there are more foreclosures all of the time. And much of it is blamed on the lax lending standards of the past. But has the pendulum [...]

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