Foreclosure Recap – Week #38
It seems that after how many months of actual crisis levels in the real estate and mortgage markets that the state of West Virginia lawmakers are finally willing to go on record as saying that they might have a problem on their hands in the eastern panhandle of the state. This article is interesting reading for you no matter whether you are from that state or not because it illustrates how a keeping your head in the sand attitude can really make people, even at the governmental level, blind to what is sitting right there in front of their eyes and has been there for a very long time.
If you have done any research online looking for information on foreclosures and data dealing with that issue there is a good chance that you have seen how bad things are in places like California, Florida and Nevada to name just the top three. You most likely also know that businesses all over are taking a huge hit during these trying times. There have been loads of stories that link the crisis we are in today to some bills that were signed by a Bill, Bill Clinton to be precise. There is a lot in this particular article that bear taking the time to read. If for no other reason than just to get the knowledge. There is a lot of very informative information that covers everything from gambling on up and on down in relation to the economic problems today.
Everyone has heard of the Habitat for Humanity and they know what they do. This story won’t shed any new light on that but it does show how one area has taken the foreclosures and merged the product and the need of the community with an organization that can do something with both. The Habitat for Humanity is taking the foreclosed homes here and flipping them by redoing them and it will employ some folks that get the job done and then the final result will be sold to lower income people that need the homes. It forms a winning combination of need and delivery in and around Austin.
At this point in time, the debt that people have rung up on credit cards is staggering. In order to keep their heads above water many people are living on credit cards so that they can afford to funnel the existing cash into the mortgage payment. The problem here is that the credit cards quickly become a nightmare with much higher interest. This story gives you four options that are the best ones for most people to help you take control of this monster and manage your payments before it becomes a contributing factor to losing your home. They cover things like, Home Equity Loans, Unsecured Loans, a Credit Card Balance Transfer and as a last resort, Debt Consolidation Companies and goes over the pros and the cons of each.
Ever wonder if is cheaper to build a new home or redo an existing dwelling? That is a valid question. In some parts of the country the cost of the material for a new structure and the labor to build it have gotten pretty low. However it is still hands down a better buy for your investment dollar to buy a used one and fix it up. Especially at the prices that home are at today. You can get a decent place for under $50,000 in most areas – that is at least half of what that place cost the original owner in most places. And even if you stick $25,000 in it you are going to have a fantastic place at a lower price and one that is positioned to make you a lot of money when the market rebounds in the next few years.
The state of Georgia has been hit hard because there were way too many houses being built at the height of the boom and now with so many in foreclosure there is a lot of good homes sitting empty and barren. The recent visit by the new AFL-CIO president focused on the issue of the economy and the loss of family housing here and how everywhere in the country we need to concentrate on security for the average worker and not just the company CEO and the execs that work for the top part of these companies. Not a lot of new news here but it’s worth reading so that you can see that other people that may be in a position to help are actually feeling the same way as the majority of Americans.
There are figures available for everything in this crisis. You can find out what state and what town has been hit the hardest and which sector of the people have been hit the worst economically speaking. Well this one states that in the state of California, a state that has been ravaged by the crisis almost since before day one, the Asian community has been the one demographic that was hit the hardest in these trying times. This is significant because according to this article one out of every three Asian homeowners live in the state of California and this is surprising because generally speaking the Asian community has a higher income than most minorities and less debt.
So how bad is the delinquent rate on your average FHA loan these days you might be asking yourself. The answer may just surprise you even if you know the state of the mortgage industry. The most recent estimates are that around 22.9 percent of all federally funded FHA loans are now either delinquent or in a state of foreclosure. Those are not estimates or guesses. They are based on the actual numbers from the people that know. The numbers have increased and not decreased since the last set of numbers were released so that tends to make you wonder if they know what they are doing in Washington or not.
In one of the most advanced countries on the planet you wouldn’t think that a story like this would be possible. It seems that not only is the general public having major problems with mortgages and bills but in a day when the federal government is claiming to do what they can to help get things fixed it seems inconceivable that a story of how we are not getting the help to the people who have defended out freedom would not ever happen. Unfortunately this article in the Los Angeles times is just such a story about a woman who left the service and now is not getting pretty much anything that was promised to her by the government as far as education benefits or housing help or anything.
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