Banks and other lenders across the US have been tightening their credit standards and not just on mortgage loans.
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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 the Standard & Poor’s Case-Shiller national home price index, that was released today, the annual decline in the 10 largest cities was the sharpest since 1991.
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Brian Jurvis of Hazel Park wasn’t surprised when he was laid off late last week from Countrywide Financial Corp.’s subprime lending division.
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More than 7,000 Oakland County homeowners could lose their homes to foreclosure by the end of the year, the highest level ever, while housing values on average are flat to falling because of it.
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Danielle Merriweather added up all the numbers and they didn’t look good: The Michigan mortgage was $1,162 a month. The winter gas bills ran $500 a month. There were four children to care for.
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Michigan mortgage problems are widespread.
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Another Michigan home loan scam has been uncovered.
The number of Michigan mortgage foreclosures processed by Ottawa County in 2006 is more than double the number foreclosed three years ago, and more than 12 times the number of foreclosure filings in the county 10 years ago.
If you have real estate on the Michgian housing market you have been unable to sell, consider Walter Hutchinson. He isn’t selling just one home in a static real estate market, he has 15 houses listed for sale in the Cadillac, Manton and Lake City areas.