Posts tagged as:

unemployment and foreclosures

Unemployment Killing Hopes of a Housing Recovery

by Moe Bedard

A record 3 million U.S. homes will be repossessed by lenders this year as high unemployment and depressed home values leave borrowers unable to make their house payment or sell, according to a RealtyTrac Inc. forecast.

Last year there were 2.82 million foreclosures, the most since RealtyTrac began compiling data in 2005. More than 4.5 million [...]

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Mortgage Bankers Say Job Market Looks Grim in 2010

by Moe Bedard

WASHINGTON -(Dow Jones)- U.S. economic growth is expected to hold steady in 2010, but new jobs will be scarce–a problem that will likely have a major impact on homeowners, the Mortgage Bankers Association said Tuesday.

Jay Brinkmann, the group’s chief economist, said he expects the nation’s unemployment rate to hover around 10%, signifying that while the pace of lay- offs [...]

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Barney Frank Going to Bat for Unemployed Homeowners

by Moe Bedard

“These are people who are very responsible, very thoughtful. They got a home, it’s above water, they’ve got equity, but they’re unemployed, and you can’t afford mortgage payments on unemployment,” said Frank, D-Mass.
Rep. Barney Frank said Monday he is pushing a proposal to use some of the interest the government collects from the financial industry [...]

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Unemployment Will Worsen the Foreclosure Crisis

by Moe Bedard

Housing analysts say they have to raise their forecasts on mortgage delinquencies and foreclosures as unemployment creeps up. Despite a rising number of home sales and other positive data, the broad housing market won’t really recover until employment picks up.
“The rise in unemployment rate is an indicator of people’s inability to pay mortgages,” said Mark [...]

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Study: 40% of working-age Californians jobless

by Moe Bedard

The facts are that with unemployment rising, this foreclosure crisis will continue to spiral out of control. They go hand and hand. This is not rocket science. This is Junior High School economics 101.
Obama has not provided the relief  he promised to Main Street during his campaign. From foreclosures to jobs, he has not kept [...]

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