Little to Show
Posted on Created: Monday, 15 March 2010 17:52
There is no denying the fact that the Obama administration has put a lot of effort into trying to solve the foreclosure problem in America. The thing that can be debated is whether or not all of these efforts have been worthwhile; whether all of the motions that the government has gone through has simply been a waste of time and money. What would prompt such a question? Well, the data from the programs that the Obama administration enacted really speaks for itself. Since the inception of the large mortgage relief program several months ago, over 1.1 million Americans have applied for relief. The scary part is that of these 1.1 million people, only about 170,000 have gone through the entire program. Only about 90,000 borrowers have dropped out of the program, meaning that almost a million Americans are stuck somewhere in the process. Just over 16 percent of those who have asked for help have thus far received it. With those kinds of numbers, the government likely will not have any s ...
Credit Scores
Posted on Created: Monday, 08 March 2010 21:27
A person’s credit score is vital in this economy. In fact, a credit score is vital regardless of the economy. A person’s credit score is important as far as getting a job, getting a house, etc. The problem is, in this economy, it is extremely difficult to maintain a good credit score. It seems to be a never-ending cycle; if you miss so much as a single mortgage payment, it can negatively affect your credit score. If you have a lower credit score, you will likely not be able to find a job, which would lead to you not paying your mortgage on time. It is quite the puzzle. To qualify for a loan from Freddie Mac or Fannie Mae, you usually need a base credit score of at least 620. Even if you have done nothing wrong, you are still at risk for a credit score drop. Credit card companies are often lowering their limits due to the recent economic activity, and some unsuspecting credit card owners are getting caught. Thirteen percent of people surveyed reported that their credit card ...
2009: A Bad Year for Foreclosures
Posted on Created: Thursday, 14 January 2010 16:55
Foreclosures.  There is little doubt that they are the main things holding back the full recovery of the housing market.  Unemployment causes foreclosures, and foreclosures cause a myriad of problems of their own.  The revolving cycle of unemployment, foreclosures and bankruptcy has kept the American real estate market, and, in turn, the economy, down for the last few years.                   The blight of the American image over the last two years has been caused by foreclosures.  And things are not getting any better in that department; in 2009, foreclosures rose by 21 percent to an unparalleled level of over 2.8 million.   People may have foreseen thins, but actually seeing it happen was not easy.  The Obama administration did all that they could to minimize the damage, but it just wasn’t enough.  People have been working around the clock to try and make sure that the market didn’t go down the toilet, but it just wasn’t enough.  We even had an entir ...
Posted on Created: Monday, 14 December 2009 18:47
Some much-needed good news comes out of the real estate market as the holiday season approaches.  Foreclosures went down in the month of November, marking the fourth straight month that such a decrease has been experienced.  The number of foreclosed homes was just above 300,000, which marked an 8 percent decrease in that category.                  Some people aren’t so optimistic about this turn of events, however.  Many experts agree that the foreclosure crisis will get worse before it gets better, despite the promising statistics.  In addition, naysayers point out that, despite our four-month hot streak, foreclosures are still 18 percent higher than at this time last year.                 Why, despite these great numbers, are experts so insistent that the numbers will get worse before they get better?  Simply put, they believe that Obama’s plan is doomed to fail.  Despite the reasonably adequate numbers that the program has been posting, th ...