Monument Colorado Homes for Sale
ARTICLES

HUD Forclosure Home Certified Broker

SEARCH RESULTS
  1. Does Underwater = Foreclosure ? | The Big Picture

    A very interesting WSJ article in the family finance section on what it means to being underwater in a home, and how it plays out in the foreclosure

    http://www.ritholtz.com/blog/2008/11/does-underwater-foreclosure/

  2. Number Of Underwater Mortgages Falls, Thanks To Foreclosures

    LOS ANGELES -- Foreclosures are helping to thin the ranks of U.S. homes with mortgages that exceed what the properties are worth, new data shows. Real ...

    http://www.huffingtonpost.com/2010/08/26/number-of-underwater-mort_n_696210.html

  3. 'Underwater' Homes Decline as Foreclosures Rise - WSJ.com

    The number of U.S. homeowners who owe more on their mortgages than their homes are worth fell in the third quarter, but the decline stemmed from banks getting more ...

    http://online.wsj.com/article/SB10001424052748703727804576017461300799604.html

  4. Spread of 'underwater' foreclosures feared in San Mateo ...

    The percentage of “underwater” homes worth less than they are mortgaged for rose sharply in San Mateo County in the first quarter of this year, more than in any ...

    http://www.sfexaminer.com/local/bay-area/2011/05/spread-underwater-foreclosures-feared-san-mateo-county

  5. Foreclosure Problem - Homeowners Underwater Choose to Walk

    Mortgage Info for borrowers with bad credit Bad Credit Mortgages Foreclosure Problem Compounded as Homeowners Underwater Choose to Walk. April 22, 2008 - As ...

    http://www.erate.com/mortgage-foreclosure-homeowners-underwater.htm

  6. Foreclosures for Sale, Underwater Mortgages High in Florida

    Foreclosure News, Homes Information, Articles, All About How to Find Bank Foreclosures for Sale

    http://www.bankforeclosuressale.com/wp/article-02262232.html

  7. White House Launches New Foreclosure Program To Help ...

    ... the foreclosure crisis with an effort to assist homeowners who owe more on their properties than their homes are ... New Foreclosure Program To Help 'Underwater ...

    http://www.huffingtonpost.com/2010/09/07/white-house-foreclosure-program-underwater_n_708346.html

  8. Underwater home - Options for selling underwater home

    About.com; Home & Garden; Home Buying / Selling; Foreclosure - Short Sale; Short Sale; Underwater home - Options for selling underwater home

    http://homebuying.about.com/od/shortsale/a/Dumping-An-Underwater-Home-Without-Doing-A-Short-Sale.htm

  9. Million Dollar Foreclosures | Miami | Underwater Homes

    The share of foreclosure activity on million-dollar homes in Miami is 9 percent, compared to 2 percent nationwide. But more millionaires are becoming victim.

    http://therealdeal.com/miami/blog/2012/02/23/million-dollar-foreclosures-proliferate-in-miami/

  10. Real Estate: The Worrying Numbers Behind Underwater ...

    Negative equity is linked to higher foreclosures. About a quarter of households with mortgages already owe more than their homes are worth. If prices slip further, up ...

    http://www.dailyfinance.com/2010/08/07/real-estate-underwater-homeowners/

  11. Michigan Foreclosure Continues as More Underwater Homes Slip ...

    Michigan Foreclosure Continues along with Foreclosure Sales - Will Congress affect Michigan Foreclosure Laws effecting foreclosures in Michigan?

    http://michiganforeclosurehelp.org/2011/09/michigan-foreclosure-continues-as-more-underwater-homes-slip-to-foreclosure-sales/

  12. Desert Underwater: Foreclosure Bomb Hits Nevada

    Desert Underwater Foreclosure Crisis: The Winners and Losers Foreclosure Crisis: The ... As of June, more than 63 percent of homes were underwater, meaning nearly 270,000 ...

    http://www.8newsnow.com/story/16036964/desert-underwater

UNDERWATER HOMES AND FORECLOSURES

Underwater Homes and Foreclosures

 

Earlier this week on CNBC there was a segment about underwater homes and foreclosures. Some of the figures cited about the number of homes under water (of course this means that the current market value of the home is less than the mortgage on the property) were amazing. What this translates to is that the inventory of foreclosed homes on the market will not be depleted any time soon, and in fact these numbers are likely to increase.

The cities with the largest numbers of homes under water are naturally those that had the biggest bubble created in the boom times. Number one on the list is Las Vegas, Nevada, with an astounding 80% of homes there having market value less than the mortgage on the property. In fact 1 out of 70 homes in Las Vegas has received a foreclosure filing in just the month of October 2010. The median value of homes in Las Vegas has dropped 58% and is now at $130,000. With huge inventories of foreclosed homes on the market and many more apparently on the way to foreclosure based on the under water statistics, clearing the foreclosed market to normal levels will take years. This is despite the fact that the federal government and the Federal Reserve are keeping interest levels at record lows in order to try and stimulate the housing industry. Rates for 30 year mortgages are at historic lows approaching 4%, and rates for 15 year fixed mortgages are about 3 ½ %.

 

Las Vegas is in the worst shape of all American cities, but other former boom areas are not far behind. It is estimated that somewhere between half and two thirds of the homes in the Phoenix area are under water. Fannie Mae is pushing a program called homepath.com to try and unload their large inventory of foreclosed homes there. To do so they are letting buyers purchase homes for nothing down or at least very little down payment, which of course is reminiscent of the practices used to create the home bubble in the first place. Florida, another former booming housing area, has plenty of problems as well. In Orlando about 60% of homes are under water, and the figure given for the Miami area by CNBC was 42%

 

Nationally about 23% of homes are upside down on their mortgages. This is an astonishingly high figure, and it means that it will be years before the housing crises, caused by ridiculously loose lending standards and plain old fashioned greed, will be history.

 

Please don’t hesitate to give Kathy Allen a call at Mobile: (719) 661-9863 Office: (719) 234-1182. Email Me.

 

Click here for my current listings

Videos
This is your YouTubeVideo
ADD COMMENTS
Register FREE!

Get FREE Consultation & FREE Report "How to Save Money on Mortgage Closing Costs"

We respect your email privacy

Powered by AWeber email marketing

RSS FEED
  • Sorry, But Principal Reductions Won't Solve Mortgage Mess - Investor's Business Daily
    PBSSorry, But Principal Reductions Won't Solve Mortgage MessInvestor's Business DailyHouse Democrats have accused him of hiding data purportedly proving that principal reductions would save money and reduce foreclosures. And Rep. Barney Frank has called for his resignation. Beating up DeMarco may prove cathartic for policymakers ...Lenders less leery of reducing homeowners' principalThe RepublicAmerica's Top Housing Official Must Aid Struggling HomeownersHuffington Post (blog)Mortgage Forgiveness Said to Be Part of New U.S.-Backed ProgramSan Francisco Chronicleall 54 news articles »
  • Legislation would help underwater homeowners - Washington Post
    Legislation would help underwater homeownersWashington PostWhat if, at the same time, you could make it easier for people now living at the margins to stay in their homes? For the past two years, mortgage interest rates have been falling to the lowest levels in 50 years. Indeed, 30-year fixed-rate mortgages ...Sonoma County home refinance: When and how?Community Voiceall 5 news articles »
  • Spring is the season for remodeling - Sioux City Journal
    Spring is the season for remodelingSioux City JournalWarm spring breezes often bring thoughts of home remodeling. This is a viable option for homeowners who need additional rooms for a growing family or to accommodate special interest activities. Remodeling activity remained relatively flat in the first ...
  • Foreclosures drop across Bay Area - Alameda Times-Star
    Foreclosures drop across Bay AreaAlameda Times-StarBut while the decline in distressed sales was good news for underwater homeowners, it also kept the number of homes for sale frustratingly low during the onset of the peak home-buying season. With so few homes on the market, bidding wars have broken ...and more »
  • Revisit QRM requirement - Atlanta Journal Constitution
    Revisit QRM requirementAtlanta Journal ConstitutionBarbara Boxer, D-Calif., and I share the commonality that both of our states are suffering from plunging home values and rampant foreclosures. As a result, we decided to work together to find a solution to help responsible homeowners who are underwater ...and more »
  • Families move into new foreclosed homes - KFOX El Paso
    Families move into new foreclosed homesKFOX El PasoBut thanks to some foreclosed homes and the El Paso Collaborative, some families have their dream house. "A lot of people were underwater because the whole mortgage industry made loans to people that in earlier days wouldn't have gotten them," said ...
  • Money Pros: Short sales are possible, even if you are not at risk of foreclosure - New York Daily News
    New York Daily NewsMoney Pros: Short sales are possible, even if you are not at risk of foreclosureNew York Daily NewsA short sale proceeds just like any other home sale, with one exception: the seller needs approval from the bank holding the mortgage to complete the transaction. Sellers who are underwater, because they owe more to the bank than their house is worth, ...and more »
  • Mortgage-aid revisions paying off for lenders and some borrowers - NewsOK.com
    Mortgage-aid revisions paying off for lenders and some borrowersNewsOK.comBY MCCLATCHY-TRIBUNE INFORMATION SERVICES | Published: May 19, 2012 Leave a comment LOS ANGELES — A newly streamlined government plan to reward homeowners who diligently pay their underwater mortgages is proving a bonanza for banks, ...Shafted! Why are Homeowners Still Left to Struggle Against Big Banks Alone?AlterNetall 4 news articles »
  • Foreclosures Drop Across Bay Area - LoanSafe
    Foreclosures Drop Across Bay AreaLoanSafeBut while the decline in distressed sales was good news for underwater homeowners, it also kept the number of homes for sale frustratingly low during the onset of the peak home-buying season. With so few homes on the market, bidding wars have broken ...and more »
  • 'Obama's Promise,' Part II - FactCheck.org
    'Obama's Promise,' Part IIFactCheck.orgHere we address the other, less egregious claims in the 60-second spot. The ad claims Obama broke a promise to “help the millions of homeowners who are facing foreclosure.” The narrator notes that “1 in 5 mortgages are still under water.and more »

Monument Colorado Homes for Sale.com

Copyright © 2010-2011 Monument Colorado Homes for Sale.com. All rights reserved. Privacy Policy: We are committed to the protection of your personal information. We promise to protect your information and ensure that it remains confidential. We also promise never to sell or give away your information. Our web site provides useful links to other sites. Please be aware that this site is not responsible for the privacy practices of such other sites. Links on this site may result in remuneration for the site owner.