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Archive for October, 2010|Monthly archive page

Foreclosures To Resume Next Week

In Uncategorized on October 21, 2010 at 12:21 pm

Bank of America and GMAC, two of the biggest mortgage lenders, announced that they will resume filing foreclosures on Monday. Expect other mortgage companies to follow suit.

Why did they stop filing foreclosures two weeks ago? Mostly in response to news about faulty courtaffidavits. Some affidavits were signed by employees without first reviewing the records. The mortgage companies paused filing new foreclosures in order to get their records straight. They say things are in order and they are starting to file new cases.

The Long Slow Recovery

In Uncategorized on October 13, 2010 at 8:10 am

Recent economic news provided two important statistics. At the current rate of job creation, it will take nine years to get back the number of jobs lost during the recession. The unemployment numbers could get worse in the months ahead.

Median house prices have declined 20 percent since 2005. The outlook is that it will take thirteen years for housing to recover its value. That explains why so many people own houses worth less than their mortgages.

Commerical real estate vacancy rates are high. So high, it may take a decade for them to get back to where the rates were.

It looks like a long road to recovery.