The number of foreclosed homes in New York City rose by almost 15 percent in July. But industry analysts pointed out that the city is still in a better shape compared with other metropolitan areas in the country.
U.S. Treasury Secretary Timothy F. Geithner has disclosed his credit relief plan to stabilize the financial industry which is expected to lead to reduction in the number of repo homes in the country.
Market studies showed that the rising unemployment is a major contributor to the growth of Pittsburgh foreclosure listings. And with the impending end of unemployment benefits in Pennsylvania, more homeowners are expected to lose their properties to foreclosures.
Connecticut's bank foreclosure mediation has a high success rate. However, only a few distressed homeowners have participated in the state’s mediation program.
Bankers and economists are unanimous in saying that the growing unemployment rate will overtake subprime loans as the major factor that will boost the number of foreclosed homes across the country. They are expecting foreclosures brought by unemployment to be more complicated and difficult to handle.
National home ownership rate dropped in the second quarter of this year, another fallout from the foreclosure for sale crisis. And results of a study predicted that home ownership will return to levels seen 30 years ago.
The Obama Administration’s anti-foreclosure homes plan is designed in such a way that the banking industry will be enticed and forced to help homeowners avoid foreclosures and boost the languishing housing market.
Investors are anticipating President Barack Obama's announcement of the details of his $50 billion mortgage modification plan aimed at alleviating foreclosures.
The number of California home loans that are delayed in payments for two months or are in some stage of foreclosure is expected to rise before the end of 2009. And along with the expected increase in mortgage delinquency rate is also the rise in the number of bank foreclosures for sale.
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