June 16th, 2009 by admin
Mortgage Bankers Association today released a report that revealed 12 percent of borrowers with home loans are behind on their payments or in foreclosure, setting a record that is a 36 basis point increase from just one year ago.
In fact, it’s the highest seasonally adjusted rate since the MBA National Delinquency Survey began tracking defaults in 1972.
Here’s a snip from Jay Brinkmann, MBA chief economist, on the sobering findings:
“The increase in the foreclosure number is sobering but not unexpected. The rate of foreclosure starts remained essentially flat for the last three quarters of 2008 and we suspected that the numbers were artificially low due to various state and local moratoria, the Fannie Mae and Freddie Mac halt on foreclosures, and various company-level moratoria. Now that the guidelines of the administration’s loan modification programs are known, combined with the large number of vacant homes with past due mortgages, the pace of foreclosures has stepped up considerably.”
The report confirms that adjustable rate mortgages (ARM) that have re-set to higher interest rates and rising unemployment figures are likely the two key contributing factors behind the spike. And it’s being felt the most in Arizona, California, Florida and Nevada, which remain the hardest hit states in the nation, accounting for nearly half (46 percent) of all new foreclosure filings.
For information on foreclosure assistance remember that professional consultants can be reached right here. It’s free help. To check out the latest on the “Making Home Affordable” program and see if it will work for you go here.
June 16th, 2009 by admin
Foreclosure filings were reported on 342,038 U.S. properties during April, an increase of less than 1 percent from the previous month and an increase of 32 percent from April 2008.
June 16th, 2009 by admin
A $789 billion economic stimulus bill signed into law by President Obama on Tuesday, Feb. 17, 2009, included a generous tax break for first-time homebuyers.
June 16th, 2009 by admin
News on the employment front is grim and getting grimmer. It’s being widely reported that job losses are the highest they’ve been in 50 years. Actually though, that’s not quite the whole story.
June 16th, 2009 by admin
Foreclosure filings were reported on 321,480 U.S. properties during the month, a decrease of 6 percent from the previous month but an increase of nearly 18 percent from May 2008.
June 16th, 2009 by admin
RealtyTrac and Primedia Inc. announced a partnership that allows users of several Primedia websites to search foreclosure properties nationwide.
June 15th, 2009 by admin
Foreclosures are largely responsible for the economic downturn and this is causing many to give away pets as they cannot cope with their own lives. It is often a heart rending decision.
One of the animal victims is Julie a pit bullterrier. She had to be removed to a home in Orange County because her owner could not look after her anymore when indifferent health and huge medical bills ripped apart life. The pit bull had to go on languishing for months in the kennel as the breed has a certain stigma attached to it.
The same story with variations is being enacted all over the country. Financial downturn is forcing many to part with beloved pets and this is leaving a psychological mark on children.
Experts advise that one should think in terms of the long term welfare of the pets. As soon as one begins to get signals about financial troubles it is better to hunt for a good home while there is time. There are many other reasons that may cause this decision to be taken – allergies, illnesses in the family or any other personal trauma.
The first thing is to look around in the extended family and among known friends someone who will keep the pet. The Society for the Prevention of Cruelty estimates that about 1 million dogs and cats are facing potential danger of becoming homeless. If the animals are given away well ahead then the children will not go on suffering about what happened to the beloved pet. This unknown factor can be especially agonizing. But if the new home is known then the pain can be eased maybe with some occasional visits. That would be the ideal solution.
Riverside County is one of the worst affected regions. The Riverside County Department is fervently requesting evicted foreclosure victims either to somehow keep their pets or to find someone who will house them for the time being at least. More than cats it is the dogs that pose greater problems. The shelter has made a list of all the apartment units where dogs will not be refused. So long as the dog can be taken for a walk lack of garden or yard space is no problem.
Alan Entin formerly of American Psychological Association said, “Giving up a pet may be the worst thing. They really help reduce stress," he says. Losing a pet when life is already stressful may just make things worse.”