Turnkey Tales: Moreno Valley is prime example of housing boon and a bust – Press Enterprise
“I was waiting any second for the bank to knock on the door … But that didn’t happen,” Ward said.
She said the bank repeatedly has delayed foreclosing on the house although her parents would like to get it over with so they can start rebuilding their credit. Meanwhile, she said, “no one is watering the lawn. It is probably an eyesore for the former neighbors.”
Help may bring another bubble – The Las Vegas Sun
Nevada more than just about any other state could use help for its beleaguered construction industry; unemployment in construction in Clark County has climbed into the high 20s and could reach 50 percent this year, according to labor union officials.
So it’s not surprising that Nevada’s congressional delegation has signed on to a plan to extend the credit and even make it more generous.
Program Will Pay Homeowners to Sell at a Loss – The New York Times
In an effort to end the foreclosure crisis, the Obama administration has been trying to keep defaulting owners in their homes. Now it will take a new approach: paying some of them to leave.
Strategic defaults on homes on the rise – The San Francisco Chronicle
The phenomenon reflects shifting attitudes toward debt and commitment. In an era where high-profile investors have walked away from multibillion-dollar real estate projects and more than 2 million Americans have gone through foreclosure, defaulting has begun to lose its stigma.
‘Shadow inventory’ may prolong housing slump – The Santa Rosa Press Democrat
A new study estimates that Sonoma County has more than 7,000 houses and condos that will be lost to foreclosures or other distressed sales in the next few years.
Couples work twice as long for a house – The Daily Telegraph
They needed to work 25 hours to meet the monthly mortgage repayment of $25, based on an average five per cent interest rate and a mortgage of $4620.
Today, the average worker earning $30.04 an hour spends 70.7 hours – or almost two weeks of the month – at work to cover the monthly mortgage repayment for an average $283,000 loan at a 6.64 per cent interest rate.
The figures show rising costs and growing property prices have largely outstripped wages and young couples today need to work longer and harder to achieve the great Australian dream of owning their homes.
Government guaranteeing the loans makes the money readily available to all takers driving up the cost of education.
