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.
Top 10 Most And Least Affordable Cities
By February 20, 2009
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.
Octuplets Family $23,225 Behind On Mortgage Payments
By February 19, 2009
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.
What's In This New Obama Foreclosure Plan?
By February 18, 2009
With the economic stimulus (or “e-stim,” as we’ve been calling it) signed into law, President Obama turns his attention to the foreclosure crisis. At an event in Arizona today, he announced the following proposals to help homeowners.
California Man Barricades Himself Inside Foreclosed Home
By February 17, 2009
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.
Housing Statistics Are Being Buoyed By So-Called "Vultures"
By January 27, 2009
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.
By January 22, 2009
Builders started building the fewest number of new houses since they started keeping records, says Bloomberg.
Save Money On Your Next Refurb Project, Shop At A Habitat ReStore
By January 9, 2009
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.
Citibank, Senate Agree On "Cramdown" Bill To Prevent Foreclosures
By January 9, 2009
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 Says He "Forgot" That People Had To "Afford Their House"
By December 22, 2008
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.”
By November 25, 2008
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?
Make Your Next House A Shipping Container
By October 15, 2008
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).
What Does The Bailout Mean For You?
By October 6, 2008
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?
Escape The Rat Race With A Tiny House
By September 12, 2008
It’s not just supermarkets that are shrinking—you can also build yourself a 90-square-foot house to shack up in with your hunched-over spouse and children. You’ll save money! You’ll save the environment! Relatives will never expect to be given free room and board when they come to visit!
Nobody Panic: Government Seizes Freddie Mac, Fannie Mae
By September 6, 2008
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.
Expect Fewer Deals At Home Depot, Lowe's
By August 25, 2008
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.
Don't Fall For Mortgage Infomercials Masquerading As "News Networks"
By August 12, 2008
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.”
