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great depression

Video: Florida courts clogged with foreclosures

by Moe Bedard

WEST PALM BEACH, FL — State courts are taking brand new action to try and alleviate the chokehold that foreclosures are causing and keeping everyone’s property values down.

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Police Officers Fighting Crime By Fighting Foreclosure

by Moe Bedard

Officers Connecting At-Risk Homeowners With Foreclosure Help
MILWAUKEE — Police officers are joining forces with city and community organizations to connect at-risk homeowners with foreclosure help

Some Milwaukee police officers are engaged in a different type of foot patrol — they are fighting crime by fighting foreclosure.
“Empty homes impact our area because a lot of crimes occur [...]

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Another Trump foreclosure

by Moe Bedard

Lawsuits also are pending from unhappy investors who want refunds of their 20 percent deposits. They allege developers used misleading advertising and breached their contract for failing to finish the project on time — no later than December 2008.

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Stressed businesses stressing local banks

by Moe Bedard

The latest Federal Deposit Insurance Corp. reports show that all eight of the national and regional banks doing business in the Pensacola area as well as five of the eight locally based banks are seeing the fallout from a stressed commercial market.

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A beautiful white San Diego elephant had fallen into foreclosure.

by Moe Bedard

It doesn’t appear to be the first major project that’s run into trouble for Mendiola. He and another architect, Jess Gonzales, led a development team that built a lavish manor called “Essencia” on La Jolla’s Hillside Drive, listing it in 2006 for $21.5 million.
San Diego Magazine gushed over the six-bedroom, seven-bath, spec house — meaning [...]

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Chase Banks says foreclosure home sales may be higher in 3 years

by Moe Bedard

Efforts to modify loans and delay foreclosures may have helped hold down the stock of foreclosures for sale in the second half of 2009, fostering home-price stabilization. But that cure could require different medicine: an elevated level of foreclosures for sale over the next three years.

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Homeowner claims bankruptcy 11 times and stays in home 7 years payment free

by Moe Bedard

The DeMauros are still in foreclosure. But by declaring bankruptcy 11 times, they have managed to hang on to their house and to continue living there — seven years after they made their last regular mortgage payment.
Though an extreme example, the couple’s story is an increasingly common

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Housing recovery is “in a precarious state,” says Robert Shiller

by Moe Bedard

A sharp drop in pending home sales for January is the latest in a string of reports calling into question the nascent rebound in housing.
The housing recovery is “in a precarious state,” says Robert Shiller, Yale professor, author and co-creator of the S&P Case-Shiller Index, taking a much more pessimistic view vs. his comments here [...]

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It could be 10 years before banks get out of this mess

by Moe Bedard

“This is absolutely the worst market I’ve seen,” said Hawking, a commercial lender for 30 years who is chief lending officer at Crestview Hills-based Bank of Kentucky Financial Corp. “I never thought I’d see property values drop 30 to 50 percent and demand so tepid with prospects so uncertain. If a bank has exposure to [...]

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If you feel you have it bad, I most likely had it worse

by Moe Bedard

What are you going to do? You better start thinking of ways to make money. Legit ways to work from home and live a great lifestyle can be had by you. Look at me. I am know one special. I dropped out of high school at 17. I am a former alcoholic and drug addict. [...]

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$1 trillion in adjustable rate mortgages due to reset

by Moe Bedard

“The avoidable scenario is interest rates start to go up over the next couple of years, and all of a sudden, millions of homeowners who are stuck in adjustable rate mortgages and haven’t been able to refinance out of them become sitting ducks for big payment increases,” McBride said. “And then here we go again. [...]

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Jumbo loans = Jumbo Problems

by Moe Bedard

The extent and condition of Jumbo Loans at the States level when comparing Texas and California is instructive.
In 2008 the total number of housing units in the United States was 129.065 million, with 13.7 jumbo loans per 1000 housing units. The New York Federal Reserve Report states that there are 1,764,401 active loans of which

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Dennis Kucinich upset at Obama administration for excluding Ohio from $1.5 billion foreclosure program

by Moe Bedard

Rep. Dennis Kucinich and other members of Congress from Ohio on Thursday called the Obama administration on the carpet for excluding Ohio from a new $1.5 billion program to fight mortgage foreclosures.

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More family members living under same roof to survive

by Moe Bedard

This shift in homeownership comes as unemployment hovers just under 10 percent and many consumers are being dealt wage cuts.
College graduates unable to get jobs are often returning to their parents’ homes.

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10% of San Diego Homeowners Are Late on Their Mortgage

by Moe Bedard

Nearly 10 percent of San Diego County homeowners with mortgages are at least two months late on their payments and are likely to default and fall into foreclosure, a sampling of area credit records shows.
According to Chicago-based Trans-Union, a credit and information management company, a record 9.9 percent of mortgage holders in the

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New Tsunami of Foreclosures Feared by End of 2010

by Moe Bedard

Reporting from Washington – Experts fear that a new wave of foreclosures will hit this year as prolonged unemployment makes it difficult for millions of homeowners to pay their mortgages — and many of them aren’t likely to get much help from a federal program aimed at keeping them in their houses.

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Experts Concerned About Shadow Inventory

by Moe Bedard

This “shadow inventory” of homes expected to hit the market is enough to last about 10 months, based on the average sales rate over the past decade, the Irvine, Calif., firm says.
The problem is largely concentrated in Arizona, California, Florida and Nevada. The shadow inventory is equivalent to 27 months of sales in Orlando, 24 [...]

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Fear Taking Over as Government Housing Aid Winds Down

by Moe Bedard

ELKHART, Ind. — Over the next six months, the federal government plans to wind down many of its emergency programs for housing. Then it will become clear if the market can function on its own.
People here are pretty sure the answer will be no.

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New Jersey Governor Declares Economic Emergency

by Moe Bedard

TRENTON, New Jersey (Reuters) – New Jersey Governor Chris Christie on Thursday declared a “fiscal emergency,” allowing him to reserve or freeze state spending as part of his plan to tackle one of the largest 2011 deficits among U.S. states.
“These are among the hardest decisions any governor could be called upon to make,” said the [...]

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40% of Homes in South Florida Are Underwater

by Moe Bedard

Roughly four in 10 single-family homeowners with a mortgage in South Florida owe more than the property is worth, Zillow.com said Wednesday.
About 41 percent of the 836,723 single-family home mortgages in Palm Beach, Broward and Miami-Dade counties are “underwater,” according to a

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