Foreclosures and Cheap Houses for Sale are Concentrated in Four States »
Posted By altnrg 8 months ago in NewsA University of Virginia study showed that foreclosure homes and cheap houses for sale are concentrated only in Arizona, California, Florida and Nevada and some metropolitan counties.
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nostalgia8 months ago
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The NY Post had a similar article back in February:
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THE FORECLOSURE FIVE
A NATIONAL CRISIS? HARDLY. THE REST OF US ARE PAYING FOR THE IRRESPONSIBILITY OF A FEW STATES
The beneficiaries of taxpayer charity will be highly concentrated in just five states - California, Nevada, Arizona, Florida and Michigan.
That is not because the subsidized homeowners are poor (Californians with $700,000 mortgages are not poor), but because they took on too much debt, often by refinancing in risky ways to "cash out" thousands more than the original loan. Nearly all subprime loans were for refinancing, not buying a home
http://www.nypost.com/seven/02212009/postopinion/o...
FTA:
metropolitan area of Los Angeles, where over 20 percent of families took out about 50 percent from their income to pay for housing-related costs
Well good grief! 50% of your income for housing related costs! That's insane!-
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nostalgia8 months ago
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There are now 2 foreclosure plans - Home Affordable Refinance and Home Affordable Modification
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The program could provide some borrowers mortgages with interest rates as low as 2 percent and there are also incentives that may pay down principal in some cases
Eligible if:
Are the owner occupant of a one to four unit home.
The loan on your home is owned or controlled by Fannie Mae or Freddie Mac
You are current on your mortgage payments (current means that you haven't been more than 30-days late on your mortgage payment in the last 12
You believe that the amount you owe on your first mortgage is about the same or slightly less than the current value of your house, and
You have a stable income sufficient to support the new mortgage payments.
http://www.mercurynews.com/ci_11833671?source=most...
The Boston Globe has some other details:
Incentives are provided to extinguish second liens on loans modified under the program. (According to another story: While eligible loan modifications will not require any participation by second lien holders, the program will include additional incentives to extinguish second liens on loans modified under the program, in order to reduce the overall indebtedness of the borrower and improve loan performance. Is this POOF the second lien you took out for buy heaven knows what is suddenly gone?)
Homeowners are eligible for up to $1,000 of principal reduction payments each year for up to five years.
An unpaid principal balance that is equal to or less than $729,750
The United States Treasury will partner with lenders to reduce monthly payments. In order to receive compensation from the government, lenders must lower payments to a specified affordability level (no more than 38 % of total income). The government will then match reductions dollar for dollar down to a 31% debt-to-income ratio.
Since many won't qualify because their homes are worth less than the principle balance, Congress is passing bankruptcy "reform" which will have a cram down provision
How difficult will it be for people to get mortgages after all of this happens?
What lender is going to want to give a loan knowing that a bankruptcy judge can step in and invalidate the mortgage contract by forcing the principle owed to be lowered?
The more I read about this program the more I realize that the irresponsible are being rewarded and the responsible will pay and pay and pay -
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mark-stevens8 months ago
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Those four states have one thing in common, a mecca for illegal immigration. Check out the latest... S9 giving 8 million Mexicans a right to fight for jobs that twelve and a half million unemployed Americans need. Contact your senator about Senate bill #9
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SFCGuyW8 months ago
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"The irresponcibility of a few states"? The irresponcibility lies with the banks and with the Wall Street experts who kept telling people that the economy was strong and that they advise even poor families to purchase a home. The banks then jumped in to tell these potential buyers that their purchases are safe and there is no danger in buying. Now, with Bush's economic bail out and Obama's economic bail out, Wall street has gotten over 90 billion dollars in bail out money, Lehman Bros and other strong firms have gone bankrupt, the banks are closing left and right with the large banks being giving tens of billions of bail out money & yet these failures are bitching about the 9.5 billion slated to help people keep their homes. Remember, not only have poor and middle class buyers lost homes to forclosure, but multi-millionairs have also lost homes for the same reason. This is no one person or groups fault - it is all of our faults for allowing such excess to be pushed by govt and big business and Wall Street. We did virtually nothing to force the govt to listen to reason - we just basked in the good times.
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Wolfie20078 months ago
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FTA
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"The results indicated that foreclosures and cheap houses for sale are not national problems as previously believed. According to both researchers, California accounted for only ten percent of the nationwide share of housing units but its foreclosures and cheap houses for sale amounted to 34 percent in 2008."
If it wasn't a national problem then the government sure has made it ONE HUGH NATIONAL PROBLEM now!!! -
kristi8729Comment removed: Hard Banned
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kristi8729Comment removed: Hard Banned
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sean_derrick8 months ago
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Illegal immigration is not the cause of the Unemployment crisis, It's NAFTA. If you want to point fingers Mr. Stevens you are on the very late train and pointing in the wrong direction. NAFTA created a loop hole for corporations that enticed them to relocate outside the U.S. Add lopsided and unfair competition and China above others has capitalized on this and grown exponentially thanks to us. Funny, how that when the U.S was a industrious nation (remember made in the USA?),lead in inovation, and did not import any oil, no one complained about immigration at all... Our system needs updating to meet the diverse and extremely different times and to put a end to this bottomless pit of corruption. Time to stop talking and start demonstrating. Return the power to the people and stop the racism.
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sean_derrick8 months ago
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In making sense out of the mortgage mess the blame there does not lie with the people who bought more that they could afford, it is with the people who sold them on each of those mortgages and the Lenders/Banks and associates who did not regulate them accordingly. Loan Officers were a dime a dozen because of the thousands in commissions made on each deal and would sell their soul just to close a loan. They did anything and everything to "make it happen". Many didn't even have a license to practice real estate (no experience needed)and nothing was done to regulate their greed driven practices of lies and deception or their bosses, or their bosses, all the way up the line. Castles made of sand, a vicious circle of greed and the result is...
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