Foreclosures likely to hit 2 Million in 2008

Foreclosures are reaching record levels and will likely top 2 million this year and next year nationally, Washington is finally helping.

Here are some small steps that have been taken to get things put back on the right track.
1)  Hotlines: Set up to help homeowners learn how to bargain with lenders and assist them with some refinancing plans.
2)  Financial Aid: State will offer loans to help pay for refinancing fees.
3)  Delays: Postponing foreclosures to help homeowners buy time to get their problems worked out.

Federal regulators along with policymakers are jumping in as well.

Here are some of the actions that they are taking:
1)  Interest rate cuts: This will help homeowners with adjustable loans by limiting the hike in monthly payments.
2)  Loan Purchases: Fannie Mae and Freddie Mac have permission to expand their portfolios up to 2%. This will allow them to hold more mortgages easing the logjams in the secondary market.
3)  Jawboning: New guidelines from Washington are urging lenders to spot trouble early and become proactive by waiving penalties and cutting prepayment costs that prevent refinancing.

Now is the time to get involved with real estate investments.  These actions will not only help strengthen the real estate market, but will also provide a greater number of buyers to purchase our properties.

Posted by Administrator Posted in: Real Estate No Comments » September 2007

Foreclosures in Indianapolis

Per the Indianapolis Star yesterday, 9/18/07, Indiana filings for foreclosures in August 2007 jumped 41% from August 2006 and showed a 12% increase from July 2007.  Most of that increase is being attributed to the rate adjustments that are beginning to occur.  Homeowners that bought homes 2 and 3 years ago with adjustable mortgages or ARM’s are seeing their interest rates begin to adjust upward which increases their payments.  Nevada, California and Florida all had the highest number of foreclosures last month and Indiana was ranked 10th.  Marion County alone saw 700 properties sell at the September 2007 sheriff auction and October’s auction is expected to see about 600 properties.  Expect to see these numbers stay the same for the next several months as more mortgages begin to adjust.  With 1,300 new properties hitting the market in the two months, be ready to take advantage.  What are you doing to prepare yourself?

Posted by Administrator Posted in: Real Estate No Comments » September 2007