Ohio was the top state in percentage of loans in foreclosure, and ninth in delinquencies not yet in foreclosure in the third quarter. The percentage of all mortgages nationwide that started the foreclosure process jumped to a record high of 0.78 percent during the July-to-September period. The rate in Ohio for foreclosures was 1.17 percent. The rate of all loans in foreclosure was 3.72 percent.
To read this full article by The Associated Press, click HERE.
Wednesday, December 12, 2007
Monday, December 10, 2007
Wall Street rallies again on Bush plan, high hopes for Fed rate cut
Wall Street has been concerned about the housing slump's impact on consumers. However, stocks eventually pushed higher; a weak consumer, though bad for corporate profits, at least supports the opinion of the Federal Reserve to lower interest rates. A rate cut could help rejuvenate the slowing economy and loosen up the tight credit markets.
As President Bush announced a plan allowing some homeowners facing foreclosure not only to freeze their interest rates for up to five years, but also to refinance their mortgages, stocks got a major boost. The plan was created by the Treasury Department, mortgage lenders and banks, and might be able to help about 1.2 million homeowners.
To read this full article by Madlen Read, click HERE.
As President Bush announced a plan allowing some homeowners facing foreclosure not only to freeze their interest rates for up to five years, but also to refinance their mortgages, stocks got a major boost. The plan was created by the Treasury Department, mortgage lenders and banks, and might be able to help about 1.2 million homeowners.
To read this full article by Madlen Read, click HERE.
Monday, December 03, 2007
October U.S. foreclosure filings up a whopping 94 percent over last year
The foreclosure filings in the U.S. have nearly doubled this October from the same month last year. The latest consequence of the increase is that many homeowners are falling behind on mortgage payments and increasingly losing their homes. Unfortubetly, Ohio's foreclosure rate remained among the highest in the country.
A total of 224,451 foreclosure filings were reported nationwide in October. This is a 94 percent increase from the same month a year ago. The number of foreclosers has increased 2 percent from September to October alone. This has equaled an incredible 1out of every 555 households filing a foreclosure in October.
To read this full article, Click HERE.
A total of 224,451 foreclosure filings were reported nationwide in October. This is a 94 percent increase from the same month a year ago. The number of foreclosers has increased 2 percent from September to October alone. This has equaled an incredible 1out of every 555 households filing a foreclosure in October.
To read this full article, Click HERE.
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