Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

4/11/2013 (2 years ago)

Catholic Online (www.catholic.org)

U.S. housing market getting back to normal

After years of disruption and many families losing their homes, it appears that things are finally getting back to normal in the U.S. Today, the number of homes lost to foreclosure is returning to levels not seen before the housing meltdown. Notices of default, scheduled auctions and bank repossessions during the first quarter fell 23 percent from a year earlier, the lowest level since the second quarter of 2007.

Many states are still struggling with a backlog of foreclosures like Florida, Illinois and Georgia, all states where courts oversee the foreclosure process.

Many states are still struggling with a backlog of foreclosures like Florida, Illinois and Georgia, all states where courts oversee the foreclosure process.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

4/11/2013 (2 years ago)

Published in Business & Economics

Keywords: Foreclosure, mortgage, short sales, housing bust, pre-levels


LOS ANGELES, CA (Catholic online) - Banks repossessed just under 44,000 homes in March. In stark contrast, in September 2010, repossessions topped 100,000 a month.

"We're getting back to normal and will be there by next year," vice president at RealtyTrac Daren Blomquist says.

Homeowners have begun to seek alternatives such as short sales, in which they sell their home for less than what they owe. The bank then agrees to forgive the difference.

The deals are preferred by the banks over foreclosures and have less of a negative impact on a consumer's credit score. Thanks to a healthier housing market, the need to turn to short sales is dwindling.

The Home Affordable Modification Program and Home Affordable Refinance Program have helped millions of borrowers avoid foreclosure. Under a $25 billion settlement deal with state and federal officials last spring, the nation's largest mortgage lenders agreed to help struggling borrowers by lowering their mortgage rates, reducing their principal and other fixes.

Blomquist says that the current landscape of foreclosures is starting to look a lot like it did in the pre-bust years.

Foreclosures continue to occur. A larger percentage of the nation's foreclosure activity is occurring in areas suffering from severe economic problems, such as "Rust Belt" cities like Rockford, Ill. and Chicago. This is in contrast when foreclosures were rife in recently-developed, mid-to-upper class neighborhoods of California, Florida and Arizona that were among the hardest hit when the housing bubble burst.

Many of the victims of foreclosure are now dealing with a layoff or personal issue, such as a divorce, illness or death in the family. People were forced to default due to plunging home prices and unaffordable mortgage terms.

Many states are still struggling with a backlog of foreclosures like Florida, Illinois and Georgia, all states where courts oversee the foreclosure process. Florida had more than twice as many bank repossessions as any other state in March -- nearly 7,600. Illinois, with more than 3,500, was second and Georgia, with 3,350, was third.

Blomquist says that the number of short sales should continue to fall, along with foreclosures.

---


Pope Francis: end world hunger through 'Prayer and Action'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for July 2015
Universal:
That political responsibility may be lived at all levels as a high form of charity.
Evangelization: That, amid social inequalities, Latin American Christians may bear witness to love for the poor and contribute to a more fraternal society.



Comments


More Business & Economics

Big name companies demand Planned Parenthood to remove names off list of corporate donors Watch

Image of

By Nikky Andres (NEWS CONSORTIUM)

Representatives from Coca-Cola, Ford Motor Co. and Xerox openly state they've requested Planned Parenthood to take their company's names out as corporate donors to the controversial organization. MUNTINLUPA, PHILIPPINES (Catholic Online) - Planned Parenthood is now ... continue reading


Gun sales in the United States dramatically boost after massacre shootings Watch

Image of

By Atarah Haely (NEWS CONSORTIUM)

FBI's latest background check data shows the gun industry spiked in sales at about 11 percent last June. There are about 1.53 million background checks done, making it the busiest June ever since the agency started keeping track in 1999, according to CNN. The massive ... continue reading


Microsoft slammed for thousands of layoffs while demanding increase in immigration Watch

Image of

By Atarah Haely (NEWS CONSORTIUM)

About 7,800 Microsoft employees are in line to be fired, according to a company announcement last Wednesday. Most workers are from the seemingly failing mobile phone business, while Microsfot is said to fire a majority of Nokia's remaining employees ever since ... continue reading


Subway and Jared break up after controversial police raid at spokesman's home Watch

Image of Jared Fogle is known for his massive weight loss on a

By Nikky Andres (NEWS CONSORTIUM)

Subway spokesman, Jared Fogle's house was raided by FBI agents and Indiana State Police, two months after the former executive director of Fogle's foundation was arrested with charges of child pornography. MUNTINLUPA, PHILIPPINES (Catholic Online) - In their statement, ... continue reading


'Enough with all the rules' firework industry calls out to Obama Watch

Image of

By Nikky Andres (NEWS CONSORTIUM)

This year, more states have allowed people to buy pyrotechnic materials, such as sparklers and Roman Candles. In fact, this year has been wonderful for fireworks manufacturers, since the projected 2015 sales of celebratory explosives are estimated to top $1 billion. ... continue reading


Whole Foods accused of greatly overcharging customers Watch

Image of

By Nikky Andres (NEWS CONSORTIUM)

Whole Foods, the American foods supermarket chain that specializes in organic goods, has been accused of massive overcharging. The New York City Department of Consumer Affairs explained they have discovered "systematic overcharging for pre-packaged foods" at the city's ... continue reading


Strange and powerful 'boat swallowing' vortex appears in Lake Texoma Watch

Image of

By Nikky Andres (NEWS CONSORTIUM)

A strange, giant vortex, estimated to be around 8-feet in diameter, has appeared in Lake Texoma. This occurrence is surprising and perhaps threatening. However, there is an explanation. MUNTUNLUPA, PHILIPPINES (Catholic Online) - Lake Texoma is known as one of the ... continue reading


Is it time to stash money under mattress? 'It's time to hold physical cash,' fund manager says Watch

Image of Ian Spreadbury declined to predict the exact trigger but said it was more likely to happen in the next five years rather than 10.

By Catholic Online (NEWS CONSORTIUM)

Is it time to cash your paycheck and then stick it into a hatbox for a rainy day? According to British fund manager Ian Spreadbury, who invests more than £4 billion of investors' money is gravely concerned that a "systemic event" could rock markets. The upset ... continue reading


In spite of strong showing, Ron Paul predicts Apocalypse on Wall Street Watch

Image of Ron Paul has predicted economic doomsday previously. As stocks continue to make new highs, he remains just as convicted as ever that there

By Catholic Online (NEWS CONSORTIUM)

Things seem to be on an even keel right now but according to former Representative Ron Paul, the Federal Reserve's easy money policies have left stocks and bonds are on the verge of a massive collapse. LOS ANGELES, CA (Catholic Online) - "I am utterly amazed at ... continue reading


The U.S. public is asked - Which woman do YOU want to see on the new $10 bill? Watch

Image of The new $10 bill will also include a

By Catholic Online (NEWS CONSORTIUM)

It's a question being posed to the American public... which American woman do they want to see on the new $10 bill? The revamped $10 bill will go into effect in the year 2020. U.S. Treasury Secretary Jack Lew wants the next generation of U.S. currency to ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Exodus 33:7-11; 34:5-9, 28
7 Moses used to take the Tent and pitch it outside ... Read More

Psalm, Psalms 103:6-7, 8-9, 10-11, 12-13
6 Yahweh acts with uprightness, with justice to all ... Read More

Gospel, Matthew 13:35-43
35 This was to fulfil what was spoken by the prophet: ... Read More

Saint of the Day

Saint of the Day for July 28th, 2015 Image

St. Innocent I
July 28: Innocent was born at Albano, Italy. He became Pope, succeeding ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter