Many people agree that the problems we are seeing in the real estate market today were mostly caused by overly aggressive sub-prime lending. The banks and private sector lenders have been given a “get out of jail free” card thanks to President Obama’s huge bailout packages. The banks, people say, are simply “too big to [...]
Foreclosure filings — default notices, auctions and bank repossessions — were reported on 321,480 U.S. properties in May, a decrease of 6 percent from the previous month but an increase of nearly 18 percent from May 2008, according to RealtyTrac, an online marketer of foreclosed properties. One in every 398 homes received a foreclosure filing [...]
THE END OF A WASTEFUL ERA It’s about time we’ve ended the era of careless spending, precarious debt and risky trading. Three major structures: the credit market, the banking market and the political machine have poisoned the heart and soul of the American economy. The heart, which pumped the life-blood into our economy, was tainted through several [...]
This week the Fed continued it’s buying binge, purchasing $5.15 billion of Fannie Mae, Freddie Mac and Federal Home Loan Bank’s debt this Monday. This is the eighth purchase of government securities since a buyback policy was announced last month. As part of a bid to help lower borrowing costs, the Fed purchased about $60 [...]
Nationwide, nearly 805,000 homes received at least one foreclosure-related notice from January through March, up from about 650,000 in the same time period a year earlier, according to RealtyTrac, Inc. There are a few reasons why this the numbers are up. For the past few months, many banks were in the process of negotiating with [...]
The mortgage loan delinquency rate — the percentage of borrowers who are 60 days or more past due on making a payment — hit a national average high of 4.58 percent for the fourth quarter of 2008, according to Transunion.com. Traditionally seen as a precursor to foreclosures, this statistic is up from 3.96 percent in [...]
Some of the biggest players in the mortgage industry will halt home foreclosures while the Obama administration hammers-out a plan to help struggling homeowners. The plan may cost at least $50 billion, according to news issued from the White House. Government-controlled mortgage finance companies Fannie Mae and Freddie Mac, as well as major banks such [...]
Foreclosure filings, including default notices, auction sale notices and bank repossessions, declined 10 percent in January from December, but is still up 18 percent from January 2008, according to RealtyTrac, an online marketer of foreclosure properties. One in every 466 homes received a foreclosure filing during the month, for a total of 274,399 total filings. [...]
Even the most famous building in Boston real estate is not immune from the foreclosure crisis. The John Hancock Tower, one of the Back Bay’s most notable landmarks, is scheduled to be auctioned off to the highest bidder next month after owner, Broadway Partners, defaulted on some of its debt payments. Broadway Partners purchased the building in December 2006 [...]
According to a government statement on Thursday, the number of people receiving unemployment benefits has reached an all-time record. The Labor Department reported that the number of Americans continuing to claim unemployment insurance for the week ending Jan. 17 was a seasonally adjusted 4.78 million, the highest on records dating back to 1967. This number [...]
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