At the core of the Great Recession is the foreclosure crisis. The usual line of thinking is to blame the banks for giving the nod to risky loans and for the borrowers who overreached themselves and started living in houses they could ill afford from the very beginning. An article in Vanity Fair refers to [...]
The recession, triggered by the foreclosure crisis has hit the Afro-Americans worst. Unprecedented unemployment has totally erased the wealth of an entire generation of the Black middle-class.
The vigorous job market during the 90’s had made life somewhat easy for thousands and thousands of Afro-Americans who had moved up to join the ranks of the middle [...]
There are indications that home sales are picking up together with prices but the foreclosure numbers continue to march apace. Rick Sharga of RealtyTrac that tracks foreclosures was interviewed by Barbara Kiviat of Times regarding the future of residential foreclosures.
Taking an analogy from baseball Sharga opined that right now the foreclosure situation in the country [...]
The auction of foreclosed units appeared to present an even grimmer scenario than initially noted. In Wayne County 9,000 REOs were put up for auction recently. 80% of these failed to attract any bidder although the minimum bid was allowed to be $500.
It is nothing new that Detroit and Cleveland are cursed for some time [...]
The staggering number of foreclosures has led to a virtual paralysis of the judicial system. Florida is one of the worst affected areas and the courts here are choked with foreclosure cases. This prompted Miami University’s Michael Froomkin to craft The Foreclosure Defense Program. It helps to engage young attorneys with the backlog of foreclosure [...]
Florida courts are drowning in foreclosure cases causing a massive backlog. A task force was set up to recommend suggestions for improving the system and adding more speed to it.
The most attention is likely to be given to compulsory mediation for residential foreclosures. It is being implemented in three judicial courts in Florida. By mandatory [...]
When the foreclosure crisis made its debut experts in personal finance put pressure on the homeowners to open communications with their lender if they defaulted. The house owners were made to believe that the lenders would do their best to skirt foreclosure. But now the experts are not sure and singing a different tune.
The borrowers [...]
The US is in the grip of a deep recession. As unemployment reaches its zenith, people are faltering on mortgage payments. Hence, foreclosures are common. Now there is a demand for low-end foreclosed properties in St. Paul. In August, there were a total of 1,811 vacant spaces in the area. This means a decline of [...]
