Continue Reading Add comment October 9th, 2008
Under a mortgage rescue plan announced at the debate Tuesday night by Senator John McCain, much of the burden of paying to keep troubled borrowers in their homes will shift to taxpayers.
Continue Reading Add comment October 9th, 2008
Web site Foreclosures.com just released its monthly U.S. Foreclosures Index for the month of September. Foreclosures increased by nearly 7% from August to September — making it nearly certain–the site says–that this year will see more than 1 million foreclosures in the US.
The Southwest and Southeast continue to lead the way in foreclosures, with more than 15 foreclosures for every 1,000 households this year in the Southwest and more than 10 foreclosures for every 1,000 households in the Southeast. States with the highest percentages of foreclosures are: Arizona, Nevada, Mississippi, California and Georgia.
Other highlights:
- Five of the top 10 counties with pre-foreclosure filings based on a percentage of households are in Florida. Pre-foreclosure filings are steps lenders take before actually foreclosing.
- Pre-foreclosure filings are set to top 2 million this year, foreshadowing more difficult times ahead.
Add comment October 9th, 2008
House for sale: Attractive bungalow with a large foyer & sunroom at entry level.The main floor is inviting with an electric fireplace and hardwood floors in the main rooms & crown moulding in the living and dining room. The kitchen has an eating counter abutting the dining room & has lots of kitchen cupboards. Two [...]Continue Reading Add comment October 9th, 2008
The number of home sales contracts signed soared in August, the National Association of Realtors reported this morning. Pending home sales, a leading indicator because contracts are typically signed a couple months before closings, increased 7.4% compared to July’s revised number and 8.8% compared to August 2007.
Sales are largely increasing because people are picking up foreclosed homes and other distressed properties at bargain prices, especially in the worst-hit markets: California, Florida, Nevada, Rhode Island, and Arizona.
Of course, this surge in sales doesn’t reflect the worsening situation in the credit markets after the Wall Street meltdown last month. We’ll have to wait until next month to see how that might impact the market’s ability to climb out of the worst housing crisis in decades.
Continue Reading Add comment October 9th, 2008
Could people who’ve lost their home in a foreclosure lose their chance to vote on Nov. 4?
Believe of not there are efforts to keep such people off the voting rolls. It’s not a small segment of the population with the number of homes in foreclosure approaching two million nationwide. There are 23,000 home foreclosures in Ohio and 28,000 in Michigan, two key states. Add in renters who are getting kicked out of foreclosed homes and you are talking about a lot of displaced voters.
NoVoterLeftBehind.net is a non-profit group monitoring voter registration and the actual vote on Election Day. The effort is spearheaded by Marland Lt. Governor Kathleen Kennedy Townsend, former Illinois Senator Carol Moseley Braun and others.
NoVoterLeftBehind has four tips for voters wrestling with foreclosure:
1) Voting is an inalienable right that you can’t lose due to an inability to meet mortgage payments. If anyone tries to tell you differently, don’t listen to him or her!
2) If you are in the foreclosure process – but still living in your home – you still vote where you live.
3) If you are forced to move due to foreclosure before the voting registration deadline, re-register at your new home location.
4) If you move due to foreclosure after the voting registration deadline — but before the election — go to vote where you were last registered. You have the right to vote by signing an affirmation (or similar form) if your right to vote is challenged for any reason. If your name isn’t on the registered voter list, you have the right to vote by provisional ballot.
Continue Reading Add comment October 9th, 2008
O’Conner Capital Partners has announced the closing of the sale of the retail condominium portion of the Manhattan House to Madison Partners for $86 million. Eastdil Secured represented O’Conner in the deal. Manhattan House, at 200 East 66th St., is in New York City’s Upper East Side Manhattan neighborhood. Designed by Skidmore, Owings and Merrill and originally built in 1952, the property is currently undergoing a $1.1 billion condominium conversion. Read more »
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