A new homeowner advocacy group started accepting members this month, in an attempt to give a voice to the millions of Americans who own or aspire to own a home. Members of the nonpartisan America’s Homeowner Alliance may gain more than an advocate; they will have access to a rewards program with more than 1,000… Read More
While the housing recovery seen during the past year or more has brought millions of homeowners back to positive standing with their mortgages, there is still a sizable portion of the population that may be having significant difficulties coping with market conditions. Rising prices, growing demand and stabilizing construction rates have made the national real estate… Read More
While millions of Americans were affected by the robo-signing scandal that resulted in massive amounts of improper foreclosures over the last several years, it seems that a number of those victims were military members. In all, some of the nation’s largest mortgage lenders improperly foreclosed upon some 700 military members as a result of their efforts to approve as… Read More
For much of the last year, the housing market has generally been on a slow but steady path toward improvement, and that trend continued in November. A number of federal initiatives to make consumers struggling in the housing market more financially capable seem to be working, according to the latest housing scorecard from the U.S…. Read More
With the looming fiscal cliff, many of the nation’s lawmakers are debating exactly what federal programs and tax breaks to cut in an effort to reduce the national deficit. But some top officials across the country are now fighting for one such allowance. Last week, the attorneys general for 40 states plus Guam wrote a… Read More
The housing market’s downturn was so severe that it has taken years to even begin approaching pre-meltdown normalcy, but as it improves, more homeowners are finding themselves in much better financial positions. During the third quarter of the year, negative equity in the housing market took a sizable tumble, according to the latest data from… Read More
The government is helping troubled mortgage borrowers by the tens of thousands, however some analysts say that as many as 12 million borrowers are facing foreclosure over the next three years.
In news released yesterday, Treasury Department officials are having serious discussions with loan servicers – otherwise known as lenders – to ramp up loan modification activity. The goals of the drive to achieve stability in the housing market were substantial: a target of between 3 and 4 million homeowners currently at risk of foreclosure. They were supposed to be helped by the Home Affordable Modification Program.
I looked at the rate sheets today and I am almost astounded to see that 30-year fixed rate mortgages are back down to 4.5 percent. I wonder where everyone is. A 5/1 ARM is at 3.75 percent and you can even get a $1,000,000 5/1 loan for 4.75 percent. These are terrific rates, and last spring when rates were like this, we were working on Saturday to keep up with the frenzy. Where did everyone go?
One in 171 households fell into foreclosure during the second quarter of this year, 739,714 homes in all––that’s up 121% from the same period last year.