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Obama’s Housing Plan: May Continue to See Falling House Prices
Although the new Obama administration housing plan is expected to help about 9 million struggling American homeowners avoid foreclosure, there are also concerns the proposal could actually extend the country’s economic woes by prolonging the freefall in housing prices.
Critics also fear the plan won’t help tens of thousands of borrowers in the most-battered housing markets who won’t qualify because the values have fallen too far.
The housing plan unveiled by the Obama administration Wednesday is intended to help 9 million struggling homeowners avoid foreclosure. But there are serious doubts about whether it will help tens of thousands of borrowers in the…
6Mar2009 | Money Morning | 0 comments | ContinuedWith Record Mortgage “Re-sets†Still to Come, U.S. Home Foreclosures Likely Won’t Peak Until the Fourth Quarter of This Year, Expert Says
Homes receiving at least one foreclosure filing soared 57% in the 12 month-period ended in March and bank repossessions rocketed 129% from a year ago, as the pain from the subprime mortgage crisis continues to spread, real estate data firm RealtyTrac Inc. said yesterday (Tuesday).
Unfortunately, the worst is yet to come, as the financial tsunami of adjustable-rate mortgage “resets” – when a floating-rate loan shifts to a higher interest rate – won’t actually crest until May and June. That means that there’s likely to be a major surge in the number of homeowners who are pushed into default and foreclosure…
16Apr2008 | Money Morning | Comments Off | Continued
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