CNN Money has put together a couple of quick interactive maps of the U.S. that let you see the bank failure rates and foreclosure rates for each state. According to these two maps, Wyoming is the place to be.
The National Association of Home Builders and Wells Fargo have put together an index of the most and least affordable metro areas. The index was created by calculating what percentage of a city’s residents making the median income can afford a house in that city.
CNN is reporting that the house that the octuplets mom is living in is currently in default, and the mortgage owner, the grandmother of the octuplets, is $23,225 behind on her mortgage payments.
Carson, California has over 1,100 homes in foreclosure according to its mayor, and barricaded inside one of them was Frank Torres, an oil-refinery worker who lost his home to foreclosure after work was scarce last year. Now he’s working full-time and he wants to buy his house back — but he says the bank won’t listen. That’s why he painted a message on the roof of his former home and held the building hostage for 5 hours.
Sales of existing homes are up, which sounds like good news — except that if you really look at what is going on — it’s really sort of bleak. About half of all home sales in December were foreclosures, says Marketplace, where the house is sold for less than what is owed on the mortgage.
Builders started building the fewest number of new houses since they started keeping records, says Bloomberg.
Did you know Habitat for Humanity operates retail outlets where they sell used and surplus building materials? Habitat ReStores are located in 47 U.S. states and 9 Canadian provinces.
Ever heard of a cramdown? It’s when a bankrupcty court splits a home loan into two parts: a secured loan that’s equal to the current value of the home, and an unsecured loan that covers the rest of the outstanding debt. The secured loan is paid, and the unsecured isn’t. It can result in lower monthly payments (if the new loan amount is amortized over the course of the loan), but the important part is that it helps guarantee that a significant part of the loan will still be paid off.
Former Treasury Secretary John W. Snow has told the New York Times that he, along with the entire Bush Administration, simply “forgot” that people had to be able to “afford their house.”
Look at it this way, yes, housing prices are down by record amounts… but maybe you can get yourself a Black Friday deal on a house?
These 12 ideas for converting shipping containers into homes are pretty cool, if not always practical or cheap. Our favorite is the one that’s probably among the most expensive to make, not to mention that added cost of relocating to New Zealand to get the awesome view. Runner up: Ross Steven’s three-story fortress built into a hillside (see page 2).
So, Congress finally passed the bailout bill. You know about the Treasury’s newfound $700 billion, and you’ve heard about the snipped golden parachutes, but what does the 451-page week-old shotgun savior of a bill actually mean for you?
Oh dear, all that talk about Freddie and Fannie being “adequately capitalized” was utter bullshit and the government has now announced plans to place the failed government sponsored enterprises into conservatorship. That means the fate of the housing market and the global economy rest squarely on the shoulders of U.S. taxpayers.
Home Depot and Lowe’s are starting to realize that the surging housing market — which had fueled their own sales for the last few years — is really and truly over and it may not be coming back for a good long while. What does this mean for their customers? An emphasis on lower prices every day — and fewer promotions.
Reader Brian says he saw the above pictured infomercial on CNBC this Sunday, and is wondering how they get away with such a “blatant attempt to take advantage of those same mortgage consumers who where hoodwinked in the first place.”