Home Foreclosures and Unemployment
home foreclosures
Job loss and reduced income are the top reasons that many U.S. homeowners are facing foreclosure, according to a recent report by NeighborWorks America, which administers the National Foreclosure Mitigation Counseling (NFMC) program. The report finds that 54 percent of U.S. homeowners who received foreclosure counseling through the program were facing foreclosure because of job-related reasons.
Housing Market Forecasts
housing forecast
While some economists are concerned about the possibility of an ongoing housing market downturn in 2010, one recent report finds that increased home affordability and government incentives will help stabilize the housing market this year.
Home Mortgage Foreclosures
home foreclosures
home foreclosures
Home Foreclosures
The 10 states with the highest rate of home foreclosures are:
- Nevada
- Colorado
- California
- Michigan
- Florida
- Ohio
- Georgia
- Arizona
- Connecticut
- Indiana
San Antonio Texas real estate lawyer
Home Mortgage Problems Increase
home mortgage problems
In Q409, the amount of mortgages falling behind by 90 or more days increased 21.1%, resulting in more foreclosures ahead, according to a study from the Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS). The OCC and the OTS report covers nearly 34 million loans totaling $6trn in principal balances, representing 64% of all outstanding mortgages in the US. Overall mortgage performance declined for the seventh consecutive quarter, as 86.4% of the mortgages studied were current and performing at the end of Q409.
San Diego Housing Market Recovery
housing market recovery
The only housing ‘recovery’ of any significance will be in the markets where jobs are being protected or created. Let me list those places:
1. Washington D.C.
Every other market will continue to suffer. It’s just a matter of how much.
Actually, any real housing recovery will depend where you live.
California’s New $10,000 Home Buyers Credit
California real estate credit
In a state that is in every sense, bankrupt, the governor just signed another home buyers credit bill into effect!
Before we talk about the new credit details, lets review the background; Consider that California has a $20.7 billion deficit in the general fund budget over the next 16 months. California owes $8.8 billion in short-term loans that have to be paid off by June and over $120 billion in outstanding bonds and interest that will be paid over decades. The state’s pension fund, CalPers, has $16.3 billion more in liabilities than assets plus California also faces a $51.8 billion for the health and dental benefits of state retirees and future retirees.