September 18th, 2008
More bad news: Foreclosure activity up again
RealtyTrac, an online provider of foreclosure information, reported that foreclosure activity rose once again in August. This time, activity rose by 12 percent.
RealtyTrac, an online provider of foreclosure information, reported that foreclosure activity rose once again in August. This time, activity rose by 12 percent.
Each day, I stumble across another story that illustrates just how serious the mortgage crisis has become in this country.
According to RealtyTrac, a national provider of foreclosed properties, one in every 171 households received a foreclosure notice in the second quarter of this year. That’s an increase of 121 percent compared to the same quarter one year earlier.
As it turns out, though, celebrities face many of the same problems as we all do, especially when it comes to their homes.
The Associated Press in a June 28 story by writer Stephanie Reitz reported that several historic homes are struggling to stay open because of the economy. Corporations and individuals are providing less financial support while the costs of keeping the historic sites open to the public are rising.
As housing foreclosures across the country continue to rise, a small, but growing, number of homeowners are turning to their employers for help.
This allows homeowners to first buy their new home and then — in what is known as the “buy and bail” — stop paying the mortgage on their first home, letting it fall into foreclosure. In the end, the homeowner is left with a new house with a lower mortgage payment. Not a bad deal.
According to Prashant Gopal, a writer for BusinessWeek, the next big real estate crisis will hit the country in April of next year. That’s when hundreds of thousands of adjustable-rate mortgages are scheduled to reset to higher interest rates, and, of course, higher monthly mortgage payments. Expect this to bring on a new round of foreclosure activity.
The news earlier this month that former Tonight Show sidekick Ed McMahon may lose his home in Beverly Hills to foreclosure is such a shocker to some. But anyone who’s been paying attention to the foreclosure mess should have realized by now that no one is immune to mortgage-payment woes.
Unfortunately, not even the wealthiest of regions is escaping the foreclosure boom sweeping through the country.
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Written by Dan Rafter [email] for b5media.
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