This 60 Minute interview covers the deadly nature of "Option ARM Mortgage" where between 50 to 70 percent of the homes will end up in foreclosure. This tsunami will hit the middle class hard between 2009 and 2011.
Those who jumped back in during 2007 badly mistimed the bottom. Phoenix prices are down 20 percent this year, according to the (NAR). The result? That second wave of speculation has resulted in scads of newly trapped homeowners.
Some 11.7 million Americans are now "underwater," owing more on their mortgage balances than their homes are worth.
“We’re going to see a pretty significant storm next year,” Rick Sharga, executive vice president of marketing for Irvine, California-based RealtyTrac, said in an interview. “There are two or three clouds that suggest a pretty heavy downpour.”
The Los Angeles Times paints a colorful picture of “Caravans of cash-rich Chinese in Hummers and Lincoln Navigators weaving through American neighborhoods in recent months, looking for foreclosures and other bargain properties to buy.”
In a research note titled "Foreclosure Update: over 8 million foreclosures expected" updated last week, Credit Suisse analysts are now forecasting 8.1 million homes will be in foreclosure by the end of 2012, representing 16% of all househol
Chinese bargain hunters are preparing to descend on American cities such as Los Angeles and San Francisco, where homeowners have suffered some of the steepest price falls in the US. SouFun, the biggest real estate website in China, is organising a tr
Those problems are believed to have prompted the suicide of Mortgages Ltd.'s then-chairman and chief executive officer, Scott Coles, and forced the hard-money lender into bankruptcy in June.
Cash, that most basic element of our economy, can be in abysmally short supply for new young families scraping by on marginal jobs.
Most concerning is the surge in the prime delinquency rate. The prime problem appears to be concentrated in a few states (California and Florida lead the way), and is mostly due to prime ARM loans.
In the meantime I am sticking with my model that suggests there is another 3-5 years before housing bottoms in the US. I also expect the UK, Canada, and Australia to follow similar paths
In Phoenix and Las Vegas, home prices have declined about 38% from the peak. At the other end of the spectrum, prices in Charlotte and Dallas are only off about 4% from the peak.
Officials at the Federal Deposit Insurance Corp. yesterday detailed a plan to prevent 1.5 million foreclosures in the next year by offering financial incentives to companies that agree to sharply reduce monthly payments on mortgage loans.
[wow!!!!] Abandoned buildings, properties and places take on remarkably different aesthetic character from one culture to the next - particularly in Asian nations where the cultural role of architecture or the whims of a dictator can vary greatly.
At least 7.5 million Americans owe more on their mortgages than their homes are currently worth, according to a real estate research firm's report released Friday.
Negotiators for the Treasury and Federal Deposit Insurance Corp. are nearing agreement on a plan to have the government guarantee the mortgages of millions of distressed homeowners in what would be a significant departure for the federal rescue progr
Among the many harsh lessons for mortgage lenders in the housing bust is this one about evictions: Selling a house is far easier than taking it back. Clever opportunists and struggling families have figured this out, too, and the result is a rapidly
The federal government may start guaranteeing home mortgages to persuade lenders to ease the monthly financial burden on struggling homeowners, Federal Deposit Insurance Corp. Chairman Sheila C. Bair said.
Snow oversaw Bush's promotion of an ``ownership society'' that saw the portion of Americans who owned their own houses rise to an all-time high of 69.2 percent in the second quarter of 2004.
Long before she filed for bankruptcy, Ann Neukomm was "under water" -- she owed more on her mortgage than her house was worth -- a situation more and more Americans are finding themselves in. Nearly 1 in 6 homeowners are finding themselves
Many mayors have 10-year plans to end homelessness and had reported progress until this year. The most recent official count, in January 2007, found 671,888 people living on U.S. streets or in shelters, down 12% from January 2005.
Henry Cisneros spent years trying to make the dream of homeownership come true for low-income families. As Clinton's top housing official he loosened mortgage restrictions so first-time buyers could qualify for loans they could never get before.
LEARNING FROM HISTORY: THE CAUSE OF AND SOLUTION TO THE CURRENT FINANCIAL CREDIT CRISIS
The "main nerve'' of the American dream runs through this desert metropolis, Hunter S. Thompson concluded in his 1971 book, "Fear and Loathing in Las Vegas.'' Leigh Sogoloff, who spends her evenings lap-dancing at Rick's
In hard-hit areas like California, Florida and Arizona, the grim calculus is the same: More and more homes are going up for sale, but fewer and fewer people are willing or able to buy them.
When Daniel Mudd took Fannie Mae's reins in 2004, Congress demanded that he help steer more loans to low-income borrowers and lenders were threatening to sell directly to Wall Street unless Fannie bought a bigger chunk of their riskiest loans.
But he got nowhere over countless calls pleading to rework a bum loan after it was sold and a new lender bumped his monthly payments by more than $700, to $2,700, citing a tax error.
Rates on 30-year mortgages have risen for a second straight week, climbing to the highest level in a month. Financial markets have been turbulent in recent weeks as demand for safe-haven Treasury securities has pushed those yields down sharply while
Prices of single-family homes plunged a record 16.3 percent in July from a year earlier, extending declines that have plagued the housing market for two years,
House Democrats say the idea of letting judges rewrite mortgages to help bankrupt homeowners avoid foreclosure won't be a part of the $700 billion financial industry bailout.
