Many Americans were worried by the lack of attention both presidential candidates devoted to the housing market in their campaigns this year. The collapse of the housing market was one of the main reasons for the recession in the first place. The housing market impacts the job market and many other sectors of the economy. When home sales are up, retail sales are up; this in turn has a positive impact on the stock market. When stocks go up, inventory becomes sparse, therefore developers begin to build and in turn, construction jobs are added to the economy.
Many parts of the country are now seeing economic growth in the housing sector. There are more buyers and inventory is low. In past recessions, such as during the 1970s and 1980s, housing played a major role in economic recovery. In the 1970s housing and cars accounted for 50 percent of the recovery and in the 1980s these accounted for one-third of the recovery. Today, housing and cars account for only 10 percent of the recovery. However, states such as Florida, Nevada, California, Arizona and Michigan- that were hit the hardest by the housing market crash- are seeing an increase in sales and home prices.
To read more on this story visit: http://www.npr.org/2012/10/27/163776531/bust-to-boom-why-housing-matters-economically
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
Tag: Foreclosure
Foreclosures Expected to Deter Thousands of Voters in Upcoming Election
Thousands of foreclosure victims are expected to be absent from the polls next week, according to a study published by the University of California. The study showed that voter turnout was lower during the election in 2008 in areas struggling with higher foreclosure rates.
In every state, voter registration is tied to residency, but states vary in how a voter must establish their residency and re-register to vote. With some 1.3 million homes in some stage of foreclosure as of August 2012 and with approximately 3.8 million foreclosures already complete since September 2008, according to the market research firm CoreLogic, foreclosures could keep hundreds of thousands of voters away from the polls.
Swing states such as Ohio and Florida are also the hardest hit foreclosure states. Many voters are reportedly angry by the lack of discussion about the housing market problems by the candidates during their campaigns. This might also serve as a reason for low voter turnout by those affected by foreclosure.
To read more on this story visit: http://www.foxbusiness.com/personal-finance/2012/10/25/foreclosures-expected-to-deter-thousands-voters/
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
Bank of America Sued for $1 Billion by Federal Government over Mortgage Losses
Last Wednesday, the federal government filed a civil lawsuit against Bank of America Corp. The lawsuit alleged that Bank of America misrepresented the quality of loans it sold to Fannie Mae and Freddie Mac, costing the federal government $1 billion in losses. The government is suing Bank of America under the Federal False Claims Act, which has become a popular tool for prosecutors seeking to hold banks accountable for alleged mortgage misdeeds and calls for triple damages when the government can show taxpayers were ripped off.
The government alleges Countrywide, which Bank of America acquired in 2008, dismembered quality control and checks on loan quality from 2007 to 2009, in a process called “the Hustle” that aimed to boost the speed at which it originated and sold loans to the companies. This procedure was created to speed up the selling process of mortgage loans. Wednesday’s suit was also brought under a federal statute known as the Financial Institutions Reform, Recovery and Enforcement Act, which was enacted in 1989 following a wave of bank failures triggered by the savings-and-loan crisis. This action isn’t Bank of America’s first False Claims Act suit. In February, Bank of America agreed to a $1 billion settlement of False Claims Act fraud allegations tied to Federal Housing Administration-backed loans brought by the Eastern District of New York. The bank settled without admitting wrongdoing.
To read more on this story visit: http://finance.yahoo.com/news/u-s–sues-bofa-for–1-billion-over-mortgage-losses-24401588.html
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
Property Insurance Rates Greater Concern for Florida Homeowners than Property Taxes
A nonpartisan organization, Leadership Florida, recently released a survey that found 46 percent of Floridians say property insurance puts a greater stress on their finances than property taxes. In 2008, 36 percent of Floridians found property insurance was a greater stress on their finances and 31 percent cited property taxes.
Since 2008, property taxes have decreased along with property values due to the housing market crash; however, property insurance costs continue to rise. Many insurers have requested rate increases in the double-digit range in 2012, which have been approved. The growing rates could result in a political liability for Florida lawmakers in upcoming elections.
To read more on this story visit: http://www.heraldtribune.com/article/20121021/ARTICLE/310219990/-1/sports?p=all&tc=pgall&tc=ar
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
Housing Crisis Goes Unmentioned in Presidential Debates
The housing crisis is widely considered the reason for the recession that hit the U.S. economy hard in 2007. However, President Obama and Governor Romney have avoided mentioning their plans for the future of the housing market during their recent presidential debates. The silence from the candidates is especially shocking considering the hardest hit states are also the battleground states such as Florida, Nevada and Ohio.
The plans and programs implemented by the President Obama administration have been slow to make headway. President Obama has been scrutinized for the slow pace of the improving conditions. Economists believe this is the reason the housing market has gone unmentioned by both candidates because Governor Romney’s plan for improving the housing market has many similarities to Obama’s. The third and final debate will take place this evening in Boca Raton, FL, but it is unlikely the housing market will be mentioned. The primary focus will be on foreign policy.
To read more on this story visit:
http://www.sfgate.com/business/networth/article/Obama-Romney-skip-housing-in-debates-3957782.php#page-1
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
A Drop in Inventory Hurting First Time Homebuyers
According to Zillow.com, inventory of South Florida homes for sale on their real estate website has fallen by 34 percent in the past year. The drop in Palm Beach, Broward and Miami-Dade counties was well above the national average of 19 percent. Still, local Realtor boards have reported annual declines of near 50 percent or greater for individual counties in recent months.
First time homebuyers looking to capitalize on the falling home prices and record low interest rates are being pushed out of the market by savvy investors looking to buy basic homes to rent out to people who have recently been foreclosed upon. Zillow’s chief economist, Stan Humphries attributes this to investors’ ability to pay in cash, therefore being able to close sooner, which is more favorable to banks and homeowners looking to sell.
More homes could be coming on the market as Florida leads the nation in foreclosures, according to RealtyTrac. Realtors say there’s enough demand to easily handle another wave of distressed properties.
To read more on this story visit: http://www.sun-sentinel.com/business/realestate/house-keys-blog/sfl-zillow-falling-inventory-link-20121011,0,7427872.story
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
The New Housing Boom
The long-struggling housing market is finally beginning to see a turnaround. Signs of recovery have been evident with the recent increases in home prices, home sales and construction. Foreclosures are also down and the Federal Reserve has acted to push mortgage rates near record lows.
Barclays Capital put out a report recently forecasting that home prices, which fell by more than a third after the housing bubble burst in 2007, could be back to peak levels as soon as 2015. The housing rebound can have a ripple effect that could help get the entire economy growing at a much stronger pace, which will add to more demand for housing.
Roger Altman, chairman of Evercore Partners and former deputy Treasury secretary stated that the recent turn in the housing market should become a boom by 2015 and lift the entire U.S. economy. He also expects housing will add 4 million jobs to the economy over the next five years, as the pent-up demand for home purchases drives building and home prices higher.
To read more on this story visit: http://money.cnn.com/2012/10/12/news/economy/housing-boom/index.html
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
Mortgage Interest Rates Fall to Historic Lows
The nation’s average 30-year fixed rate dropped this week to the record low 3.49 percent set in late July. Last week, it had been at 3.55 percent. The mortgage rate has remained below 4 percent for all but one week in 2012, according to Freddie Mac. Last year at this time, the average rate was at 4.09 percent. This week, average interest rates on 15-year, fixed-rate mortgages fell to a new low of 2.77 percent. It had been at 2.85 percent last week, Freddie Mac said. Last year at this time the average rate was at 3.29 percent.
During 2012 the rate has remained below 4 percent all but one week, according to Freddie Mac. An economist from Freddie Mac, Frank Nothaft attributes the new low rates to the the Federal Reserve’s announcement of a new bond purchase plan, which will likely aid in the ongoing housing recovery.
To read more on this story visit: http://www.orlandosentinel.com/features/consumer/sfl-morgage-interest-20120919,0,511811.story
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
Mitt Romney’s Foreclosure Plan Similar to Obama’s
Early in his campaign, Republican presidential candidate Mitt Romney stated his approach towards the foreclosure crisis as, “Let it run its course.” However, as the election gets closer, Romney has announced a new plan for the foreclosure crisis that is very similar to the plan already set in place by President Obama.
Romney’s plan is a four-part plan that he says will kick-start the economy:
• He plans to facilitate foreclosure alternatives for homeowners who cannot pay their mortgage. This part of his plan would involve short sales and deeds in lieu, which is very similar to Obama’s HAMP and HARP programs.
• He plans to shut down Fannie Mae and Freddie Mac, which the Obama administration started slowly doing last year.
• He plans to encourage the 200,000 government-owned foreclosures to be sold. The Obama administration has already put a pilot program in place to begin selling these foreclosed properties and has successfully sold a few thousand.
• The biggest difference between the two administrations is that Romney plans to take a different approach at streamlining mortgage regulations so that it is easier for taxpayers to be approved for a loan.
To read more on this story visit: http://www.sfgate.com/realestate/article/Romney-s-foreclosure-plans-echo-Obama-s-3863974.php#page-2
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
$25 Billion Settlement with Banks Provides Payout to 167,398 Floridians
Attorney General, Pam Bondi announced last week that 167,398 Floridians will be receiving applications in the mail for a payout after losing their homes to foreclosure between January 1, 2008 and December 31, 2011. The payout is a result of the $25 billion mortgage foreclosure settlement between 49 states and the five largest lenders in the U.S. Among the many agreements within the settlement, approximately $1.5 billion will go to two million Americans who lost their homes as a result of fraudulent foreclosure practices by lenders.
Borrowers have until January 18, 2013 to send in their applications for the payout. Applying for the payout is easy for those who are eligible. Borrowers simply have to sign the forms mailed to them and submit them by the January 18th deadline date. Borrowers are not required to prove any other financial hardship or give up any lawsuit rights in the future. Florida will be sending out applications until October 12, 2012.
To read more on this story visit: http://www.loansafe.org/florida-ag-pam-bondi-makes-announcement-that-victims-of-foreclosure-may-be-eligible-for-payment
For more information about eligibility visit: www.NationalMortgageSettlement.com
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.