Foreclosure

The question floating around the market amoung buyers is "Is it time to buy?"
Wow, what a loaded queston. Many industry experts agree it's a great time to buy because rates are low and prices are low.

Haven't had an opportunity to write another piece but would like bloggers to note : Fed announces quarter-point rate cut
Posted (Roy McKenzie) in breaking news, news, mortgage on December-11-2007

There still remains greater than $10 trillion of untapped home equity stock. As fewer homes are sold, fewer loans are taken out to finance purchases and surviving mortgage firms are refocusing their market to getting homeowners to refinance. Lenders promote refinancing as a flexible option to reduce bills by lowering interest rates and stretching out payments. The problem with such a mortgage pitch is that it plays down or doesn’t disclose the fact that they are temporary. Critics say such an offer appeals to the same inclination that led many borrowers astray, living beyond their means.

Facing Foreclosure: general proceedings.

California is averaging 1 foreclosure out of 88 homes. Job loss, divorce and health problems are the main reasons people stop making mortgage payments. Many homeowners are also finding their fix rate near expiration or an adjustable rate payment greater then they can afford. Due to the state of the current housing market, many people are facing foreclosure. It’s all over the news, all those statistics and explanations about what happened doesn’t tell us what to do next. This series of blogs is intended to reach those who are looking for answers and common ground. Please feel free to post your own experience, questions and answers.

Bringing Down the House: The Current Foreclosure Crisis and Possibilities for Collective Action

From Modesto Anarcho #5, which can be viewed in PDF form for free at: www.geocities.com/anarcho209