Today the Federal Reserve announced that they would endorse new rules that will give people taking out home mortgages protection against shady lending practices.
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Today’s foreclosure rate as published by the Mortgage Bankers Association is bad news for the housing market.
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The Organization for Economic Co-operation and Development said today that the overall losses from the mortgage crisis could rack up a bill of over 300 billion dollars.
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RealityTrac, an independent company that tracks foreclosures in 100 different major cities, released its numbers today and the outlook doesn’t look good.
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According to an independent study on foreclosures South Florida housing market is the second in the nation in foreclosures. The hardest hit of these tend to be condos & Downtown Miami area is feeling it.
Foreclosure actions were reported on more than 446,000 properties in third quarter ending in September, this is up 30 percent from the second quarter, and double last year’s third quarter.
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135 foreclosures last month may not sound like a lot, but given Hawaii’s size it’s devastating. Amounting to one filing for every 3,638 households for Hawaii.
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There’s been a lot of talking about it from lenders and government agencies, but there hasn’t been a lot of it going on.
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Foreclosure filings rose 36 percent in August from July and a staggering 115 percent from a year ago, hit by declines in once-hot housing markets such as California, Nevada and Florida.
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Investors who tried to make a quick buck on the housing market are having an outsized influence on surging mortgage defaults in former boom states such as California and Florida.
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