Over the last four decades, Detroit has gone from boasting the highest rate of home ownership in the nation to the highest rate of home foreclosures in the US. Last week, the mortgage research company RealtyTrac Inc. announced that the economically depressed automotive center had the highest foreclosure rate in 2007 of the largest 100 metropolitan areas nationally.
Is a government foreclosure bailout a good idea? If this were almost anything else in a capitalist system but the “American Dream” (i.e. homeownership) we’re talking about with a government bailout by protecting or legislating, for me the answer would be a simple and short: NO.
But for me it’s not so cut and dry when […]
A recent report released by Countrywide Homes, stated that there would be more then 2000 homes up for auction between January 26th and February 24th, which have been foreclosed.
Lenders are in a position to liquidate, as the rise in foreclosure does not seem to be slowing down. Rumors been floating around that foreclosures are expected […]
There are few things more traumatic than losing your home to foreclosure and having to struggle to find a place to house your family. But if you practice some financial discipline, you should be able to stop home foreclosure with no difficulty.
Lenders in the Cleveland, Ohio area have been selling homes for as much as one-third their previous value; this is not welcome news to other property owners in the area. Lenders are driving the property values down in areas like this all over the United States. This is a growing issue across the country, foreclosures […]