Foreclosure Recap – Week #49
Let’s start off bad and see where it goes this week. The website The Last Call is stating that things are absolutely terrible and we are on track as a nation to reach 2.9 foreclosures started in this year alone. That is an awful lot to take in right off the bat. According to this article one out of every seven homes in this country is in some form of delinquent status as of November 19 of this year. The article, which is based on data from the MBA or Mortgage Bankers Association who published the numbers say that the unemployment numbers are the single largest contributing factor in these numbers being where they are.
Today a lot of people are attending auctions and looking to pick up a great bargain on a foreclosure home. With more property than ever on the market today you need to remember that just because something is priced cheap does not always make it a good buy. This story walks you through a lot of things to do and other things not to do in order to make sure that you get a good buy and are not throwing your money out the window. A lot of times folks get carried away in the auction process and either forget to do basic things or don’t know what to so. Either of these can be very costly indeed and it is worth reviewing the information before going on a hunt for that once in a lifetime buy.
The Washington Post gives us an eye opening view on the relief program. It tells how some have been helped and others have been actually hurt by the stimulus package offered by the folks in the Obama camp. It seems that while a lot of folks get relief from the money that is earmarked at cutting mortgages, the same government then often times ends up cutting down on work forces and those people end up losing jobs. This has a negative effect on what the stimulus was attempting to do and is becoming more of a common issue than you might think. For example between the months of March and October nearly 600 jobs were created by the stimulus package. However in that same time frame over 5,000 jobs were lost in the same county. You can take a few moments and go through the article and I am sure there will be some points in there that you can identify with.
If you were of the opinion that the foreclosed owners were the only ones affected by the market. Take a few moments and review this article that comes from the state of Michigan. It is an eye opener that really will have you looking a little kinder on the lowly real estate agent. It used to be that they would sit in offices waiting for the business to come to them and they made a great living. Now days you find top five star agents raking leaves on the side or dog sitting amongst other things just to be able to make ends meet. Remember that real estate sales are typically commission only based. So making no sales means no income coming into the family economy. This is well worth the few moments that it might take you to glance over the details since it will give you a new appreciation for how the other side of the fence is coping.
If you are looking to buy some good property with some future potential then Myrtle Beach South Carolina might be a great choice. But how do you know if you are getting an okay deal or a killer deal on property that can be pricey even at it’s low point? Simple. You go and read up on this article. It gives the potential real estate buyer in that area of the country a bunch of resources that will allow you to ascertain if the property you are looking at falls in the category of a deal or a killer deal. There is a good chance that you will see more of these sights showing up because the information makes life a lot easier on people looking to invest in a foreclosure.
How would you like a judge to totally wipe out over a half of a million dollar debt for you? That’s exactly what happened in New York on Long Island in Suffolk County. While it is not expected that the ruling will stand up under appeal, it certainly shows that even the judges in the legal system are sick and tired of the games that are being played by the lenders out there, many of whom blatantly refuse to work with borrowers who are legitimately attempting to restructure a loan to save the home.
This article will give those of you interested in the home loan modification programs available from the Obama administration more information to consider. It actually explains the process in short and rather easy to understand, almost over simplistic terms. But if you are a homeowner in need of this service, there is a chance that you really don’t want all the overly complicated information, just the highlights and this is the article that will give them to you quickly and to the point. Take just a few moments and go over the information, you won’t be sorry that you did.
For those of you that thrive on technicalities and need to see numbers in front of you in order to be able to make a good judgement on things. This article should be right up your alley. It’s going to give you almost any fact or figure that you might need in order to figure out that the economy and the real estate market are in very serious condition in the United States of America. I am including this because all too often web information gives an opinion of something and then leaves you uncertain as to how those figured were derived. This is not one of those articles and even those of you that don’t need all the nuts and bolts to be able to make a call on something might find it at least interesting to review.
According to the Arizona State University, even though the price of real estate has started to climb in the Phoenix area, there is going to be another wave of foreclosures hitting the area and the country in 2010. This is not a real shock to most people but it has to do with the slower than normal economy, the stagnant job market and the overall real estate conditions. Not a lot of new information, but coming from a college professor it might be worth a moment to read.
