In Georgia the foreclosure situation is grim with one out of every eight mortgages being affected. Budget cuts have further aggravated matters. The resources that the state had for helping the victims are now shrinking. Most of the staff so far employed in handling mortgage problems has been given marching orders. Now there is only [...]

Simon Johnson an economist from MIT opines that the foreclosure crisis has been aggravated by unhealthy banks. He said, “A desperately ill banking sector that threatens to choke off any incipient recovery is a network of connections and ideology that give the financial sector a veto over public policy, even as it loses popular support.” [...]

There are discounted properties galore in Miami but it is necessary to check these before purchasing. People today are rushing to buy quality houses at the cheapest possible price. They are calculating on the savings to be made from these bargain offers. Most of these houses are newly built or hardly occupied by one owner. [...]

From the time of Bush, the government has been taking many measures in tandem with the private sector to contain foreclosures. But so far this has no impact either on foreclosures or on the economy. But perhaps indirect steps taken by White House may stem the flow of foreclosures. This refers to creation of jobs [...]

Mark Blythe of Brown University enumerates half a dozen causes behind the foreclosure crisis of today. In the 80’s began the deregulation of the domestic markets in the important financial centres of the world. The “globalization of finance” led to staggering growth in liquidity as the hitherto isolated market connected and intertwined. This liquidity led [...]

Life is increasingly becoming difficult for many Americans. Take for instance, the case of Pablo Valentin, an employee of a pharmaceutical major Pfizer, who owned a home in Brooklyn, but has no idea now as to how he will be able to retain his property. Foreclosure of his house seems imminent for he has fallen [...]

The housing crisis has been late in arriving in New York but now it is sweeping through at a fantastic pace according to a survey conducted by New York Times calculating on the mortgage data since 2005. This increase in New York Foreclosures has been dragging down the minorities the most. The worst hit are [...]

Foreclosures in San Diego County are increasing but the default notices are showing signs of dropping. Foreclosures across March spiked by 23% while defaults that start off the foreclosure process dropped by 12%. These figures were released by MDA DataQuick on Friday 22nd March 2009. The figures surprised many pundits who had apprehended increase in [...]