Despite an IRS ruling that is removing the type of assistance programs that provide for at least one in three FHA mortgages, HUD is trying to help more needy families be able to own homes through underwriting and sponsoring loans themlselves.
A recent increase in the number of default notices filed in the San Diego area may be a sign that some homeowners are struggling to pay the adjustable-rate mortgages that now dominate lending in San Diego County’s residential real estate market.
While the spike doesn’t threaten most homeowners, many of whom have little or no mortgage debt, default activity has captured the attention of economists and researchers who view the San Diego region as a smaller example of national housing trends. Those at greatest risk of default are recent buyers who used adjustable-rate mortgage products to buy properties that otherwise would have been beyond their financial means.
Notices of default “the first step toward mortgage foreclosure” jumped 60 percent in the San Diego region in the first three months of this year, compared with the first quarter of last year.
The 1,533 notices issued during the first quarter of 2006 are below the quarterly average of 2,149 over the past 14 years and account for only a fraction of the region’s homes. Typically, about 5 percent of those who receive default notices end up losing their dwellings.
Millions of households across the country are at risk of
Housing and Urban Development Secretary Alphonso Jackson announced that Idaho will receive $16,749,676 from HUD. The money will be used to
Continue reading: HUD Provides Major Funding for Idaho Community Development
Homeowners in Northern California’s San Francisco Bay Area fell behind in their mortgage payments in the first three months of 2006, and statewide the number of homeowners in default rose to its highest level in more than two years.
The increase in defaults — the first step in the foreclosure process — signals that slower home [...]
Continue reading: Northern California Foreclosure Update
Increasing foreclosure activity in California may be a sign of worse to come, but for now remains well below historic norms.
There were 18,668 notices of default sent out to state homeowners from January to March, up 23.4 percent from the fourth quarter and 28.7 percent from the same period last year.
“It seems like a high [...]
Continue reading: California Foreclosures on Rise, But Still Below Average
Last month, Texas, Ohio, Michigan, Georgia and Indiana led the nation in foreclosed homes. This shows a growth trend in residential foreclosures currently happening across the United States.
In addition to having the largest number of foreclosed homes in the nation, these five states also experienced some of the fastest growth from month to month in [...]
Continue reading: Top Five Foreclosure States
As home-price appreciation has tapered off and mortgage rates have risen, foreclosures have started to pick up.
A high rate of foreclosure has long been regarded by analysts and real estate investors as a signal of market distress.
In the past several years, foreclosures across the United States have been hovering around historically low levels, as home [...]
Continue reading: General Trend of Foreclosure in the United States
Foreclosure rates in Clark County Nevada, the county seat of which is Las Vegas, have increased significantly in 2006 from 2005, up 36%. Many attribute this to rising interest rates in the area, as well as slow-downs in the rate of value appreciation in homes across the region. This could lead to even more foreclosures [...]
Continue reading: Foreclosure Rates Rise in Las Vegas Area
