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Recent News Headlines
Home foreclosures hit record high
Home foreclosures soared to an all-time high in the final quarter of last year, underscoring the suffering of distressed homeowners and the growing danger the housing meltdown poses for the economy. The Mortgage Bankers Association, in a quarterly snapshot of the mortgage market released Thursday, said the proportion of all mortgages nationwide that fell into foreclosure shot up to a record high of 0.83 percent in the October-to-December quarter. That surpassed the previous high of 0.78 percent set in the prior quarter.
AP Economics Writer
Mortgage relief rises amid housing crisis Many more troubled home borrowers are getting help than had been previously estimated, according to a report released Thursday, though some still question whether current aid is sufficient. According to a report released Thursday by the Mortgage Bankers Association, the mortgage industry initiated more than 54,000 loan modifications in the third quarter of 2007, approximately 13,000 of which were on subprime loans. Becase it was the first such analysis, the MBA could not say if this is an increase or decrease from previous quarters.
CNN Money.com
Foreclosure puts local homes on the auction block First come the foreclosures, then the lenders take ownership, and now come the auctions. Yes, auctions. Six Santa Cruz County properties will go on the block Feb. 23 in San Mateo. Locations include Aptos, Ben Lomond, Boulder Creek, Santa Cruz and Watsonville. All of these are properties taken back by the lender after foreclosure.
Santa Cruz Sentinel.com
Mortgage crisis has cities in ruin The latest crisis threatens to derail years of revitalisation under Mr Palmer, a four-term incumbent and the first black mayor in a predominantly black city of 85,000 people. Like many US cities, it has seen foreclosures – a legal act which strips owners of the right to property – surge as people who bought homes in a property boom in the last few years face mortgage payments that have reset to higher rates they cannot afford.
News.Scotsman.com
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