Foreclosure Crisis
Bank Owned Houses in New Jersey Rose As Job Loss Grew
Bank owned houses rose in number in New Jersey in December as job loss grew. Based on numbers from court records, residential foreclosure postings in December last year increased by 29 percent from the same month in 2008.
Unemployment Generate More Foreclosed House Listings
The number of foreclosed houses listings is threatening to go up further if the employment situation would not improve soon. The initial wave of the foreclosure problem was brought about by loose lending and low interest rates that encouraged many people to take out loans and buy properties that they could not afford.
Bank Owned Foreclosures Predicted to Reach 7 Million
The number of bank owned foreclosures has been predicted to reach 7 million in the coming months by Laurie Goodman and her fellow analysts at Amherst Securities Group LP.
Home Foreclosure Process Driven by Unemployment
The home foreclosure process is being driven largely by the continued rise in unemployment throughout the country, according to Equifax Inc. Unemployment has been pushing up the pace of mortgage defaults nationwide, driving more homeowners to bankruptcy and foreclosure.
Repossessed Houses Rising due to Higher Loan Payments
The number of repossessed houses will continue to rise in many areas because tens of thousands of troubled homeowners who have applied for loan modifications to reduce their monthly home loan payments have instead got new loan schedules showing much higher monthly loan payments and much higher home loan amounts.
Bank Repo Homes Growth Slows, Default Rates Remain High
The number of bank repo homes in August declined by 12.7 percent compared to the previous month, but default rates remained high, according to a real estate research firm.
Foreclosure Home Sales Affect Home Prices Differently
The impact of foreclosure home sales on house prices differs state by state, according to researchers of Lender Processing Services Applied Analytics.
Foreclosed Homes Continue to Be Part of Fannie and Freddie
Foreclosed homes continue to be part of the operations of mortgage companies Fannie Mae and Freddie Mac. While their finances are being battered by foreclosures, they play big roles in the prevention of more foreclosures.
Stop Foreclosure Process, Tax Officials Are Urged
Cities and counties are now being urged by housing advocates and homeowners to stop foreclosure process for homeowners who are delinquent in their property tax payments.
Bank Repo Homes Contributed to Problems of Taylor Bean
The servicing of 180,000 Ginnie Mae-guaranteed home loans in the loan portfolio of Florida-based mortgage servicer and broker Taylor Bean & Whitaker has been assumed by Bank of America.
