Dec
29
Virginia Foreclosure Prevention
Filed Under Foreclosure
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House prices
Homes are depreciating acrosss the nation BIG TIME! House prices are falling like a rock particularly in California. the median home prices fell in many of California's most populous counties in February, with Southern California leading the slide with an overall decrease of 17.9% compared with the previous year, according to the new house released Thursday. And since many people bought their homes for nothing down, are left with a value 20% negative and falling.
The average price in an area of six Southern California counties fell to $ 408,000. FELL. That means that prices do not rise. That average is 19.2 percent below the maximum price in the region of $ 505,000 last summer, and is 1.7 percent below the January average. It may be possible add another drop of 15-20% this year.
Can you say foreclosure? Talk about a financial disaster!
In the nine-county San Francisco Bay, the average price fell 11.6 percent to $ 548,000 compared with the previous year and 17.6 percent of the region's highest price average $ 665,000 last summer. Bay Area prices were essentially flat from January. Up here in full California boom.
On the other side of the United States, Florida led the nation in mortgage fraud in 2007, a dubious honor that has had two consecutive years. What about Florida? They seem to have always some crisis going on. The competition for the first time in the fraud is getting stiffer as the housing crisis persists and agencies nationwide report more suspect mortgages according to industry data released Thursday. What a title to have!
Nevada ranked second rise in mortgage fraud, up from No. 6 a year earlier, in the annual report of the Mortgage Asset Research Institute in fraudulent mortgage activity. It was followed by Michigan, California, Utah and Georgia. Virginia made its debut in the top 10 list report, coming at number 7.
Sure, blame the mortgage industry, but do not put the blame on consumers who wanted more than he could handle. What happened to caveat emptor-buyer beware? The Treasury Secretary Henry Paulson on Thursday unveiled proposals for cleaning up the mortgage and securities markets, including a recommendation license mortgage brokers. On Capitol Hill, meanwhile, unveiled radical democrats legislation to help consumers in danger of losing their homes to foreclosure.
The federal government is in danger of losing is triple AAA and are pointing finger?
Therefore, U.S. Federal Reserve has taken the bold action from the 1930, $ 200 billion of acceptance of housing debt as collateral to avoid an implosion of the mortgage finance industry and avoid a real economic crisis. The Fed is taking on more debt in the housing industry our major institutions are not in bankruptcy and the U.S. $ tank is big. I mean BIG TIME! The stumbing home stock market is only getting worse!
Robbing Peter to pay Paul usually leaves Mary holding the debt!
About the Author
ernie@lrchouston.com
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