| Topic: |
Politics > Politics-USA |
| User: |
"Harry Hope" |
| Date: |
06 Aug 2007 02:33:29 PM |
| Object: |
Houses Lost to Mortgage Defaults and Foreclosures Up 27% Over June |
http://home.businesswire.com/portal/site/google/index.jsp?ndmViewId=news_view&newsId=20070806005310&newsLang=en
July. 2007 Report: Houses Lost up 27% Over June
SACRAMENTO, Calif.--(BUSINESS WIRE)--
Mortgage defaults and foreclosures continue at an alarming rate
nationwide, swallowing up home ownership dreams for tens of thousands
more Americans every month.
Both pre-foreclosure filings and homes lost to foreclosure the first
seven months of this year are up on all counts (per capita basis and
in sheer numbers), according to the latest statistics from
California-based ForeclosureS.com, which has been tracking and
analyzing foreclosure and property information for 20 years.
“The numbers are dismal, but we had better get used to it because the
blood-letting likely will continue for another 12 to 18 months,” says
Alexis McGee, president of ForeclosureS.com and author of the upcoming
book, “The ForeclosureS.com Guide to Investing: Making Huge Profits
Investing in Pre-Foreclosures Without Selling Your Soul” (John Wiley,
September 2007).
“It’s a tough reality, but many more over-extended homeowners not even
in default yet won’t be able to refinance because of tightened credit
markets, and will eventually lose their homes to foreclosure,” adds
McGee.
The recent blowup at American Home Mortgage is a reminder that the
mortgage markets are very panicked and illiquid right now.
American Home customers generally had good credit histories — an
indication that the mortgage mess is no longer confined to risky
subprime borrowers.
Through the rest of this year and into next, a raft of adjustable-rate
mortgages will begin adjusting to higher interest rates.
The higher monthly payments may very well squeeze even borrowers with
good credit histories, leading to a new round of mortgage defaults.
On a per-capita basis for the first seven months of 2007, 9
pre-foreclosures were filed for every 1,000 households (567,046 total
filings), up more than 27 percent from nearly 7 filings per 1,000
households.
That’s also up more than 83 percent from the 4.9 filings per 1,000
households for the same period a year ago, reports ForeclosureS.com,
based on analysis of its nearly 3.5 million listings in more than
1,590 counties across the country.
_________________________________________________
Harry
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| User: "Bill Bonde Hi ho " |
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| Title: Re: Houses Lost to Mortgage Defaults and Foreclosures Up 27% Over June |
06 Aug 2007 04:50:01 PM |
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Harry Hope wrote:
http://home.businesswire.com/portal/site/google/index.jsp?ndmViewId=news_view&newsId=20070806005310&newsLang=en
July. 2007 Report: Houses Lost up 27% Over June
SACRAMENTO, Calif.--(BUSINESS WIRE)--
Mortgage defaults and foreclosures continue at an alarming rate
nationwide, swallowing up home ownership dreams for tens of thousands
more Americans every month.
I suspect that the dream of home ownership for most Americans included
actually owning the home. If instead they have so much debt they can't
afford to even pay to turn the lights on, that's hardly what most had in
mind.
Both pre-foreclosure filings and homes lost to foreclosure the first
seven months of this year are up on all counts (per capita basis and
in sheer numbers), according to the latest statistics from
California-based ForeclosureS.com, which has been tracking and
analyzing foreclos
Since we are coming down from a peak in sales and in values, one would
expect those who overbought to be in trouble.
.
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| User: "free" |
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| Title: Re: Houses Lost to Mortgage Defaults and Foreclosures Up 27% OverJune |
06 Aug 2007 07:39:58 PM |
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Bill Bonde ( 'Hi ho' ) wrote:
Harry Hope wrote:
http://home.businesswire.com/portal/site/google/index.jsp?ndmViewId=news_view&newsId=20070806005310&newsLang=en
July. 2007 Report: Houses Lost up 27% Over June
SACRAMENTO, Calif.--(BUSINESS WIRE)--
Mortgage defaults and foreclosures continue at an alarming rate
nationwide, swallowing up home ownership dreams for tens of thousands
more Americans every month.
I suspect that the dream of home ownership for most Americans included
actually owning the home. If instead they have so much debt they can't
afford to even pay to turn the lights on, that's hardly what most had in
mind.
Both pre-foreclosure filings and homes lost to foreclosure the first
seven months of this year are up on all counts (per capita basis and
in sheer numbers), according to the latest statistics from
California-based ForeclosureS.com, which has been tracking and
analyzing foreclos
Since we are coming down from a peak in sales and in values, one would
expect those who overbought to be in trouble.
Bankruptcy used to keep homeowners in their home. First term Bib
Business eliminated bankruptcy for virtually everyone except business.
Then: they eliminated consumer protection, eliminated contract rights
for consumers and gave carte blanche to business to rape consumers
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