Home Foreclosure News of the Day: It Ain’t Pretty — Foreclosures Mount Again, Driving Down Existing Home Prices
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When it comes to the housing crisis, the American market can’t seem to catch a break. Foreclosures are mounting again, the Obama administration is taking the heat and experts are left waiting and wondering, “What now?”
Anyone ready to face the real solution to the foreclosure crisis yet?
Foreclosures Start to Mount Again
From Reuters, New wave of foreclosures to push prices lower
The paralyzed U.S. housing market is once again up against an obstacle it has seen before — mounting foreclosures. And a fresh drop in home prices is likely to result.
Banks have stepped up the pace of home seizures after a year-long slowdown brought on by the “robo-signing” scandal in which banks were accused of seizing properties without a proper review of loan documents.
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Obama Administration Feeling Heat of Home Foreclosure Crisis Dragging On
From The San Francisco Chronicle, California Dems blast Obama on foreclosure crisis
California House Democrats ripped the Obama administration Wednesday for inaction on home foreclosures, saying the president could pass all the jobs bills he wants but that won’t fix the economy until the housing sector recovers.
What Now? Housing Experts Waiting on Washington to Help with Foreclosure Crisis
From DSNews.com, Senators Call for Immediate Action to Help Homeowners Refinance
Market watchers have their eyes peeled for word from Washington that officials will relax the rules of a government refinancing program to allow underwater homeowners with loans backed by Fannie Mae and Freddie Mac to take out new mortgages with lower interest rates. . . . The senators pressed for changes that would eliminate loan-to-value (LTV) ratio caps – a move they say would provide the most at-risk borrowers an alternative to simply walking away from their mortgage.
And the Average Joe Homeowner? He waits along with the experts to see if there’s any help coming down the pike for him.
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