White House To Buy At-Risk Loans To Stop Foreclosures

February 16, 2009
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Is the White House’s decision to buy at risk loans, especially homes, and refinance them to prevent occurrence of a great wave of foreclosures that might sent millions of Americans homeless a wise move?

Some sectors believe it is good that the federal government has taken a bolder step forward to save homes instead of just pressing lending industry to grant homeowners more affordable payment terms.

But how would this be implemented? With the $50 billion already approved for the foreclosure bailout, the government will buy mortgaged houses at a discounted price.  Homeowners would no longer have to leave their houses they have known to be their homes, because the government will come up with a…

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Filed Under: Economy Crisis, Foreclosures, Real Estate Crisis

Rise In Foreclosure Lead To Rise In Squatters

February 16, 2009
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The homeless have found a comfortable place to stay in, away from the structured shelters—the foreclosed homes. That’s an inevitable consequence triggered by real property meltdown which, we all know, have thrown out homeowners from their homes.

This situation is most obviously seen in Cleveland where foreclosed houses outnumbered the homeless. Brian Davis, board member of the National Coalition for the Homeless bared the latest census of homeless saying there are 4,000 homeless in Cleveland who could be seen on streets at any given night while there are about 15,000 foreclosed homes in the area.

This makes one wonder if number of homeless people would eventually drop with the rise of vacant houses which have become very inviting…

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Filed Under: Economy Crisis, Foreclosures

Communities Fazed by “Horror” Vacant Houses Due To Foreclosure

February 16, 2009
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Foreclosed homes are indeed a bane to the society not only because the abandoned homes can literally turn into a ghost town. But more than that, drug addicts and other criminal elements loitering and occupying the vacant units in the neighborhood are more horrific in addition to gigantic rodents feasting on mounting garbage dumped on unattended lots.

What Syracuse United Neighbors in Syracuse, NY is doing is worth emulating.  What they are doing is a big sacrifice but concerned members consider it well worth it considering there able to cleansed the neighborhood of threats to their lives, health and properties

SUN members and officials have obtained permission to demolish empty houses and as…

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Filed Under: Foreclosures

Jamaican Real Estate Becoming A Showcase For High-End Living

February 13, 2009
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Majority of the world’s real estate destinations maybe experiencing a downturn but Jamaica is definitely on a roll. This exotic country is your typical developing country with glimpse of poverty on the side and luxurious golf courses and resorts on the side.  However, beyond the usual scenery lies the beginning of a property boom characterized by the Palmyra Resort which has been transplanted straight from far away Miami. With 11 villas and 277 apartments to cater to tourists and real estate investors at a price of up to $3.5 million for beachfront villas, Jamaica is fast becoming a showcase for high-end living.

The government has recently announced the construction of an…

Real Estate Brokerage Firm Included In List Of 15 Firms To Go Bankrupt In 2009

February 13, 2009
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The country’s biggest real estate brokerage firm is included in the list of 15 firms projected to quote Chapter 11 and declare bankruptcy by 2009.  Realogy Corporation, which is a privately-owned company employing about 13,000 workers, include the Sotheby, ERA and Coldwell franchises. It is a prime mover in the relocation and real estate services. The trouble in Realogy started as early as 2007 when it was purchased by the Apollo Group.  The high debt load of the company started at almost the same the housing market took a nosedive. What made the problem worse was Realogy’s attempt to refinance most of its debt which yielded several lawsuits.

Realogy’s reach is…

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Filed Under: Economy Crisis, Real Estate Crisis

Fannie Mae Relaxes Rules On Home Loan Refinancing

February 13, 2009
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When the going gets tough, the rules get going. This seems to be the case with the loosening of standards by Fannie Mae to remedy the housing and real estate crisis the country is experiencing today. Other sectors however disagree saying it was Fannie Mae’s loose standards that caused the housing crisis in the first place. Doomsayers say the housing problem is getting worse while positive thinkers would like to believe that that the sector is on recovery. No matter what you believe, Fannie Mae decided to relax their rules to give more leeway to homeowners to avail of refinancing. This strategy is expected to counter a total meltdown of…

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Filed Under: Lenders, Mortgages

Obama’s Team Ups Demand For DC Condos

February 12, 2009
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Capitol Hills’s condominium market is experiencing a surge thanks to President Barack Obama, specifically to his team who are starting to migrate to the country’s capital city. The increasing demand for abode and condominium units has somehow created an excitement among Capitol Hill’s real estate sector which has also been feeling the economic slump. Condominium sellers in the area have started to spruce up their units with a view of having them rented or sold to the administration’s staff and team.

Almost half of the city’s condominium inventory is located in Washington, D.C. and this is where Obama’s people are headed now that he has started his first weeks in office.…

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Filed Under: Luxury Real Estate, Real Estate Investment

Mortgage Rates Up

February 12, 2009
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Mortgage rates are up as seen from the Primary Mortgage Market Survey or PMMS recently released by Freddie Mac. The survey shows an average 5.25% for the 30-year fixed rate mortgage with 0.8 point for the week of February 5 compared to the 5.10% average rate prior to that week. The survey also shows an increase in the 15-year fixed mortgage rate from 4.80% the previous week to 4.92% for the week ending February 5.

Freddie Mac vice president Frank Nothaft said the positive economic reports resulted to an increase in the fixed-rate mortgage interest rates. This can be good news or bad news depending on which side of the fence…

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Filed Under: Mortgages

Banks, Lenders Oppose Bankruptcy Legislation

February 12, 2009
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The cramdown legislation being fasttracked in Congress may cut back on the number of foreclosures in the country but the controversial proposal is already being opposed by bankers and lenders.  The bill allows bankruptcy courts to dictate the lender as to the total amount owed by the homeowner to the lender to prevent a foreclosure.  For example, you owe your lender $300,000 but the bank can tell your lender that since the property is only worth P$150,000 then that’s all you owe and need to pay to avoid foreclosure.

Once it becomes a law, the cramdown legislation will empower the courts to cram down or cut the interest rates as well…

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Filed Under: Economy Crisis, Foreclosures
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