Home prices have shown few signs of any turnaround, and a new report sees the downward slide continuing. Major housing markets showed worse declines. The Case-Shiller index covering 20 top metro areas for the month of June fell 3.5 percent, and the 10-city index dropped 4.1 percent year-over-year.
“The pullback in the U.S. residential real estate […]
Archive for August, 2007
Top 5 factors for increase in the foreclosures numbers
Published August 22nd, 2007 in Mortgage. 0 CommentsRealty Trac has just released the foreclosure numbers for July 2007 and according to the report the nationwide foreclosures are up 93 percent since last July and 9 percent up from June 2007. There were $179,599 foreclosure filings reported in July. But what are the main factors that have contributed to the increase in foreclosures […]
Foreclosures numbers have doubled compared to last July
Published August 22nd, 2007 in Mortgage. 0 CommentsThe number of foreclosures reported in the U.S. last month jumped 93 percent from July 2006 and rose 9 percent from June. This is an again an obvious sign that homeowners are having trouble making payments and finding buyers during the national housing downturn. The average time of properties on the market has increased also […]
Countrywide shares sank on fear the mortgage company will file for bankruptcy
Published August 17th, 2007 in Mortgage. 0 CommentsThe news that the largest U.S. mortgage lender could face bankruptcy as liquidity worsens has had a great impact on its stock, down 13%. This is the biggest one-day decline since the 1987 stock market crash. The stock has been downgraded to “sell” from “buy” on Wednesday and the investors are less confident the company […]
Guess who said this: “I definitely want to get more into real estate”
Published August 17th, 2007 in Interesting. 2 CommentsI bet you anything that you would have never guessed……Paris Hilton, that’s right my dear readers, the “Miss I’m not a Naughty Girl Anymore” has found her vocation: she wants to be a real estate investor. When I read this article, I really thought it was Fool’s Day, but then I looked at the […]
Like many other homeowners, home-based business owners also tapped the seemingly ever-increasing rise in property value and the corresponding low interest rates the past few years to refinance their homes and use the funds for either consumer spending, business growth and expenses, or both. But now it looks as if that may not have been […]
This is a question that everyone has asked themselves: What should I do if I’m in a foreclosure situation?
There can be one of four different outcomes:
- You bring your payments current and your loan is reinstated. (Happy ending)
- You sell your home and pay off the loan, keeping “foreclosure” off your credit record. (You have […]
States with the Highest Foreclosure Rates
Jan-June 2007
1. Nevada
2. Colorado
3. California
4. Michigan
5. Florida
6. Ohio
7. Georgia
8. Arizona
9. Connecticut
10.Indiana
In the first six months of this year, Nevada, Colorado and California earned the dubious honor of being the three states with the highest foreclosure rates in the country. However, what might surprise people is that several states from the […]
The slide started innocuously in April after New Century Financial, a mortgage lender whose principle borrowers were Americans with less-than-stellar credit, filed for bankruptcy protection.
Its customers were people who may have been late on credit card payments, maybe even filed bankruptcy in the previous years, but still wanted that shot at the American dream: a […]
Chicago home sales fell 19.8% from the same time period last year according to a report released this week. In Illinois the median home price in June was $215,000, up 1.1% from June 2006. The data is generated from a survey of the MLS and includes existing as well as new properties. Nationwide the existing […]
What do you do if your mortgage lender goes bankrupt?
Published August 12th, 2007 in Mortgage. 1 CommentEven if this is not something common, one day, your mortgage company might have to fill for bankruptcy. Of course, the question that will go through your head at that time is: What do I do? Am I screwed? Who owns my house?
Here is a simple advice:
1.Keep making your payments
Regardless of what kind of […]
It’s harder to get a mortgage, but not impossible
Published August 12th, 2007 in Mortgage. 1 CommentThe stock market is going crazy. Hedge funds are going under. But for the average American looking for a home loan, the crisis in the subprime mortgage market may actually be good news.
Rates on 30-year fixed loans dipped last week, to 6.41 percent, according to the Mortgage Banker’s Association.
In addition, tightened lending standards stemming from […]
Home sales could see an increase in the coming months, as the latest reading on the state of the battered U.S. real estate market from an industry trade group showed surprising strength.
The National Association of Realtors’ pending home sales index jumped 5 percent to 102.4 in June, the group announced Wednesday. Economists surveyed by Briefing.com […]
The perfect Chicago Real Estate Investor - Carlos Slim
Published August 6th, 2007 in Chicago Real Estate. 0 CommentsThe Chicago Real Estate market is always looking for great and powerful investors and who could really fit this description better than Carlos Slim, recently named the Richest Man in The World. Reading his biography and learned how he was able to build his empire, I think Mr. Slim would be the perfect real estate […]
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