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 to say that they have a major problem in the state’s east panhandle. This article is interesting to read whether you are from that state or not because it illustrates how to become aware of the goings on in your state’s real estate market.
If you have done any research online, articles about foreclosures usually tell people how bad things are in places like California, Florida and Nevada, which are the top three places in the country for foreclosure. 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. However, there is much in this particular article that you should take the time to read; it contains much useful knowledge for anyone interested in the foreclosure market.
Everyone has heard of the Habitat for Humanity and they know what they do. This story won’t shed any new light on this organization, but it does show how one particular area has taken foreclosures and merged with the idea of this product to create an organization that can do something with both. The Habitat for Humanity is acquiring foreclosed homes in this country, flipping them through renovation, and employing people to work on these homes. The organization wants lower-income families to be able to buy homes. Furthermore, Habitat for Humanity has created 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 from drowning in financial woes, 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 once they rack up higher interest. This article also shows you the four options you have when it comes to controlling credit card payments. They cover things like, Home Equity Loans, Unsecured Loans, Credit Card Balance Transfers and as a last resort, Debt Consolidation Companies while going 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 building materials and labor has become pretty low. However, it is still, hands down, better to buy a house in bad condition and fix it up. This is because many brand-new homes today cost an exorbitant amount. However, you can still get a decent place for under $50,000 in most areas – that is at least half of what a place usually cost the original owner. Even if you put $25,000 down on a foreclosure home, you are still getting a fantastic place at a lower price. This types of houses can become especially profitable once the real estate market rebounds and prices rise.
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 in this state. The president has come to realize that they need to support the average worker, not the business executives at major companies.
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. One of the states hit hardest by the economy is California, a state that has been ravaged by the crisis almost since before day one. The Asian community is also the worst off demographic in this state. This is significant because, according to this article, one out of every three Asian homeowners live in the state of California. Usually, Asian minorities have higher incomes than other minority groups, which is why this fact is surprising.
So, how bad is the delinquent rate on your average FHA loan these days? The answer may 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. This is actually based on actual numbers that experts have drawn up. Numbers are also continuing to increase as well, which does cause one to wonder whether the people in Washington know what they are doing.
In one of the most advanced countries on the planet, you wouldn’t think that a story like this would even be possible. Even though the general public continues to have problems paying off bills and mortgages, government still does nothing about it, although they claim they can fix the problem . 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.
