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Bank Foreclosures in Detroit may slow a bit...or not!

The Big three in Detroit are getting their bailout but will it slow bank foreclosures? For the last couple of weeks, the heads of the GM, Chrysler and Ford, known as Motor City’s Big Three, have been in Washington to practically beg for money to stay in business. Today, President Bush in what be one of his last executive decisions, has decided to use TARP to assist the auto manufacturers.

The monies will roll out like this. Chrysler is set to receive about $4 billion and GM about $9 billion in short-term loans from the government. Ford has said that they are fine on liquidity but would like to set up a $9 billion line of credit with the Fed. Bush cited the need for money a must for the American economy. He said that too many jobs would be affected nationwide if any of the ‘Big Three’ failed or went bankrupt.

... (read the full entry)

Bank Foreclosures in Detroit may slow a bit

... (read the full entry)

Bank Foreclosures Surpass Expectations

The rate of bank foreclosures has risen significantly in 2008 (when compared to 2007). Bank foreclosures hit record highs in 2007 and things have not slowed down in 2008. The financial crisis and growing concerns over continued troubles have banks scrambling to get returns on mortgage loans and it has most certainly slowed down lending activity all together. Over the past five years, borrowers have been afforded loans that have allowed them to purchase homes that were once thought of to be flat out unaffordable. ... (read the full entry)

More Bank Foreclosures mean less new homes being built

Today’s housing report showed some dismal numbers that could be related to bank foreclosures. The numbers showed that new home construction was a new 18 year low. It hasn’t been this bad since 1990. Also, new permits sank to a 27 year low. These are just two more numbers to reconfirm that fact that the housing market is nowhere near recovery yet.

Builders such as Toll Brothers or K-Hov have anticipated this decrease in demand and started to pull back on their own production to right size their firms to the current housing market. The only good report showed that construction on multi-family units was actually up to almost 8%. This just shows that the demand for SFR (single family residence) has dwindled over the past 18 months. ... (read the full entry)

Bank Foreclosures Continue to Rise

The United States faces a continuing increase in jobless claims resulting in more borrowers unable to make mortgage payments and thus an increase in Bank Foreclosures. On a week to week basis, the number of citizens seeking unemployment benefits had decreased slightly. However, when you look at a four week trend which is more common because it factors out the noise of weekly volatility, the economy is weakening.

... (read the full entry)

There Are Thousands of Bank Foreclosures Available in California!

There Are Thousands of Bank ForeclosuresAvailable in California!

There are deals on foreclosures available throughout the state of California. California is reporting the highest percentage of foreclosures in the country and these numbers are continuing to grow. Recent estimates say that the Golden State is now exceeding 100,000 new foreclosures a month. Bank foreclosures, preforeclosures, REOs and other foreclosed homes are available at prices never seen before. The recent housing crisis has created an unprecedented opportunity for investors to purchase homes at prices significantly less than they were valued at a recently as a year ago. Foreclosed homes in some areas of Southern California are being sold for $15,000 while others are selling for over $1,000,000. Investors are taking advantage of foreclosure auctions in California and across the country. For everyone from millionaires to first time homebuyers, foreclosures are the best opportunity to get a great deal and make a long term profit. Buyers at foreclosure auctions are often only required to make a small cash deposit or certified check. Buyers are now recognizing that they can purchase a very nice home for a discount price and they are not receiving a home in need of significant repairs or in disarray.

... (read the full entry)

Government Owned Homes

There are two categories of Government Owned Homes: HUD and FHA (Federal Housing Administration). FHA acquires homes when a buyer defaults and is unable to pay for the loan, on a FHA insured mortgage, and the lender files a claim to the FHA for the balance due on the mortgage. After the FHA pays the claim, the lender transfers title of the property to HUD/FHA. These properties and then sold to the public through a bidding process. ... (read the full entry)

Bankruptcy and The Mortgage Crisis

It is apparent that groups such as the Center for Responsible Lending and some Members of Congress advocate that people enter into bankruptcy rather than focus on other more effective and less burdensome ways to help consumers. They fail to understand the very real and severe consequences for consumers who declare bankruptcy.

Bankruptcy stays on a consumers credit report for 10 years, making it difficult to acquire future credit, especially in a tighter credit environment. ... (read the full entry)

The Bank Steps In for Bank Foreclosures

In March of 2008, Ben Bernake and the Fed decided to open the discount window to Wall Streets investment firms as well as banks. ... (read the full entry)

Bank Foreclosures Are a Lucrative Investment

A buyer is hard pressed to get a better deal when it comes to real estate than with buying bank foreclosures. Very often this is a very profitable option for first time homebuyers and investors. ... (read the full entry)

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