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Joblessness Spurs Foreclosure Fears

Worsening joblessness is taking the place of subprime mortgages as the major cause of U.S. foreclosures, financial industry professionals say.

U.S. Mortgage Rates Decline in Week

Interest rates for 30-year, fixed-rate U.S. mortgages fell in the week ending Aug. 6, the Federal Home Loan Mortgage Corp. said Thursday.

'Name And Shame' Reports Begin on Mortgage Servicers

The Obama administration on Tuesday offered the first of what will become monthly reports on mortgage modifications, including a name-and-shame approach that'll allow the public to see which banks are and aren't working to help keep struggling Americans in their homes.

Fear Losing Your Home? Separate the Tips from the Myths

Hispanics got some of the worst loans during and after the housing boom, making them more susceptible to foreclosure and mortgage fraud. They found it impossible to keep up with their subprime mortgages. Here are offered tips anyone facing foreclosure can use.

Foreclosures Spreading to Regions Formerly Spared

The U.S. foreclosure crisis is spreading, and areas that previously appeared immune are now seeing the numbers rise, according to a report yesterday from RealtyTrac Inc., of Irvine, Calif., which tracks filings nationwide.

Housing Rebound Includes Speculators

Improved numbers in the U.S. housing market may not indicate more consumers are ready to begin buying homes again, an economist said.

Banks Show Reluctance in Modifying Home Loans

U.S. mortgage lenders have a narrow window of opportunity to modify loans to help troubled homeowners avoid foreclosure, market analysts said. Lenders are loath to modify loans for borrowers who fall behind but are willing to make adjustments on their own to catch up with their payments. They are also reluctant to modify loans for borrowers whose financial situation has made keeping up with even with a modified loan impossible, The Washington Post reported Tuesday.

New Homes Sales Jump 11 Percent in June

New home sales in the United States rose 11 percent in June to a seasonally adjusted annual rate of 384,000, the U.S. Commerce Department reported Monday. June sales of new single-family homes, however, were 21.3 percent below June 2008, when an estimated 488,000 new homes were sold.

Foreclosure's Impact on your Credit Depends on Many Factors

If you are contemplating foreclosure, your credit score is probably the last thing on your mind. But how you handle the final days of your mortgage could impact your ability to get credit cards, take out student loans or do other borrowing for the next five to 10 years.

Central Florida Hispanics Bare Brunt of Subprime-Loan Fiasco

Central Florida's flood of foreclosures is swamping one of the area's fastest-growing minority groups. That's because Hispanic homebuyers, as the nationwide housing bubble expanded and then deflated earlier this decade, wound up with a disproportionate number of the high-risk, high-interest loans known as subprime mortgages.

Joblessness Joins Subprime Lending as Foreclosure Catalyst

The worst wave of the subprime mortgage crisis may be behind us. But that doesn't mean foreclosures are. A still-weakening job market is dragging more families into mortgage trouble, experts say, and confounding efforts by the federal government to stem the problem.

How Low Will Mortage Rates Go?

A few months ago, the 4.5 percent fixed-rate mortgage was being called real estate's "sweet spot," a surefire way to spark home sales -- especially in markets where prices weren't falling fast enough for eager buyers. Estimated time of arrival: Now, the experts predicted. But the latest Weekly Primary Mortgage Market Survey, released Thursday by Freddie Mac, showed the 30-year fixed rate at 5.32 percent, almost three-quarters of a percentage point higher than it was six weeks ago.

Short Sales: The Ins and Outs

The real-estate market does appear to be picking up. However, much of the activity has been centered around short sales and foreclosures. A short sale happens when a seller must sell his property for less than what is owed the lender. This is typically caused by a financial hardship combined with declining home values. These scenarios can be tricky and a buyer must be extremely patient when pursuing a short-sale situation.

Seattle May Permit Backyard Cottages

Attached mother-in-law-style apartments have been allowed in Seattle neighborhoods since 1994. In 2006, the city considered allowing detached cottages to be built citywide but instead approved them only for Southeast Seattle as an experiment. The Seattle City Council could approves a proposal this summer to allow homeowners across the city to build cottages of up to 800 square feet in their backyards.

Recession Turns LA into Renter's Market

A depressed real estate market has turned Los Angeles County into a haven for renters seeking deals and discounts, industry observers say.

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