By MICHAEL R. CRITTENDEN WASHINGTON — The U.S. housing market continued to deteriorate in the third quarter as even the most credit-worthy borrowers increasingly fell behind on their mortgages, highlighting the problems policy makers have faced in trying to address the problem. A new report from the Office of Thrift Supervision and Office of the [...]
Read More...Homeowners with mortgages of more than $1 million are defaulting at almost twice the U.S. rate and some are turning to short sales to unload properties as stock-market losses and pay cuts squeeze wealthy borrowers. Payments on about 12 percent of mortgages exceeding $1 million were 90 days or more overdue in September, compared with [...]
Read More...According to Hope Now, a private sector alliance of mortgage servicers, investors, insurers, and non-profit counselors, total 316,557 foreclosure sales and starts outnumbered modifications more than 4 to 1 and repayment plans about 1.6 to 1. The mortgage servicing industry completed198,373 repayment plans and 73,190 modifications. At the same time, the industry completed 94,450 foreclosure [...]
Read More...Senate Votes To Extend Homebuyer Tax Credit WASHINGTON (AP) ― Senators have agreed to extend a popular tax credit for first-time homebuyers and to offer a reduced credit to some repeat buyers. Senators agreed Wednesday to extend a popular tax credit for first-time homebuyers and to offer a reduced credit to some repeat buyers. The [...]
Read More...RealtyTrac, an online marketer of foreclosed homes, says that despite concerted government-led and lender-supported efforts to prevent foreclosures, the number of filings hit a record high in the third quarter. “They were the worst three months of all time,” said Rick Sharga, spokesman for RealtyTrac. During the third quarter, 937,840 homes received a foreclosure letter [...]
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