Making records 1.2 million houses have been engulfed by a fresh surge of foreclosures during the second quarter of 2008. It accounts for 2.8% of all mortgage loans. It is a spike from 1.4% of the previous year according to Mortgage Bankers Association. Delinquency rates are continuing to soar pointing to grim days ahead. The [...]

Foreclosures and related problems are nagging Congresswoman Laura Richardson, refusing to leave her. After being harried by default notices it is now the turn of code enforcement personnel to draw her attention to her house being a public nuisance. It does not speak well for her constituency. The lawn in front of her house is [...]

There was a recent announcement that thousands of foreclosure victims who have been impacted by the failure of IndyMac Bank will get help from US banking regulators.On July 11th 2008, The FDIC (Federal Deposit Insurance Corporation) of Pasadena, California seized IndyMac – it being the third largest bank in the country. Modification proposals for 4,000 [...]

Contrary to all hopes California is reeling under renewed foreclosure onslaught. During the second quarter of 2008 lenders launched foreclosure attacks on a record number of house owners in California. Simultaneously real estate markets have plunged to all time low levels. There were 121,341 NOD’s or notices of default – the first step in the [...]

The US Senate had introduced a Bill to back borrower-initiated plan to save foreclosure from taking hold of the property and it was binding on the lenders as well. The Bill had been introduced in the House (H.R.3609) and the Senate (S. 26360) was prepared to provide workouts that would be initiated by the suffering [...]

DataQuick information shows that foreclosures and pre-foreclosures in the Coastside region spell trouble ahead. In Half Moon Bay four foreclosures were noted during the second quarter of this year. Previously in 2007 there was only one foreclosure during the same period. RealtyTrac collects information of foreclosures daily. According to it there were 29 pre-foreclosures in [...]

Condominium owners were fast losing out their units to foreclosure that was in a rampage throughout the country for the past two years. The condominium associations were now feeling the heat of the foreclosure crisis and the crunch in their pockets. Real estate investors and owners of houses always depended on these associations who were [...]

In the housing recession California led the nation since the days of the Great Depression. But with reports now coming in from the real estate market, the state may be first to have reached the foreclosure peak. In Stockton, one of the worst hit pocket of California, sale of houses are picking up. During the [...]