The country is in the grip of foreclosure crisis – the worst in 16 years. The Federal Reserve and other allied banking regulators have taken the unprecedented step of appealing to the mortgage lenders not to rush on with proceedings. The man in the street has been surprised by the move – the likes of [...]
So far the going has been good for those with poor credit to try and own a house. In the sub-prime market not many questions had been asked and loans had been easy. But with the foreclosure raging through the country mortgage lenders have been tightening their belts making it difficult for house loans to [...]
One by one the chapters of the foreclosure story are unfolding. That which began in Wall Street has spread on to Main Street. The author of the script is the ARM or Adjustable Rate Mortgage. It initially gives the borrower a teaser interest rate, which is low. Later it resets at a much higher [...]
Birmingham based Shore Mortgage watched with caution the stirring up of the mud in the sub-prime real estate market. But the young lender at the helm is ever ready to jump in and take a chance again. Brian May an office bearer of the company spoke about having helped a Romanian engineer. The latter had [...]
The economic slump is telling on slim purses. Less and less can avail of mortgage loans to buy properties. There are no units for sale than buyers. It is apprehended by National Association of Realtors that real estate market rates will fall to a five-year record low dip.
For the eighth time this year [...]
Cambridge based Real estate consultant Paul Martinez recounts the experience of his client – a novice investor. He built castles in the air around a two-family house in Somerville. The 30-year-old debutante in this field was greatly influenced by shows and advertisements about buying, renovating and converting units into condominiums that could be sold at [...]
Of all the property listings foreclosures comprise of 10%-15%. More and more bank-owned properties are crowding into the housing market. Lenders are crying themselves hoarse in praise of foreclosure deals but it is better to test the waters before wading in. The risk factor is present.
With a record number of units going [...]
