Mortgage Help

President Bush announced several initiatives today designed to help homeowners avoid foreclosure.
First, the Federal Housing Administration (FHA) would be modernized, allowing lower downpayments and larger loan amounts from the FHA.
Second, the President called on Congress to change the tax code so that homeowners forced to sell their homes for less than they are worth are […]

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Housing inventory rose 5.1% in June and now stands at 9.6 months — meaning that at the current sales pace, it would take 9.6 months to sell the supply of homes currently on the market.  This is up from 9.1 months in June, showing that weakness in the housing market continues.
 National Association of Realtors Survey

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As foreclosure rates rise, evidence from other parts of the country indicates the number of rescue scams may be increasing. According to Alison Preszler, a spokeswoman for the Council of Better Business Bureaus, the BBB for Clearwater, Florida, received 508 complaints about local foreclosure rescue companies in the past three years with 322 coming just […]

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She wasn’t an investor. She didn’t have a subprime mortgage. But when Jordan Fogal’s house became uninhabitable, the 62-year-old grandmother says foreclosure became her best alternative.
Fogal’s troubles began when she and her 72-year-old husband, Bob, moved to a new housing development near Houston in 2002. That first night in the new house, the dining room […]

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Foreclosure filings rose 9 percent from June to July and surged 93 percent over the same period last year, with Nevada, Georgia and Michigan accounting for the highest foreclosure rates nationwide, a research firm said Tuesday.
The filings include default notices, auction sale notices and bank repossessions. The figures are the latest measure of the ailing […]

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For some people, renting their house out can help stave off foreclosure or being forced to sell a home for less than they owe on their mortgage.
While it is difficult at current prices to cover a mortgage payment, maintenance costs, and repairs with a rental payment, a renter can certainly help cut down on the […]

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The median sale price fell to $223,800 from $227,100 a year ago, a 1.5% decrease in the latest survey conducted by the National Association of Realtors.
The number of total home sales fell nearly 11% from a year ago, from a 6.63 million home pace to only 5.91 million this quarter.

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The housing market is hurting right now. Property values are falling. Foreclosures are rising. Many people have seen their payments spike. Others are having difficulty finding a mortgage at all due to lenders tightening their credit standards.
The crisis in housing has sent shock waves throughout the whole financial system, causing the stock market to plunge […]

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