Selfish practices of unscrupulous mortgage and loan
officers have been driving Florida
into a real estate hell. The Congress
acted on public’s problems by passing several laws to help fight home owners.
The most popular is President Barack Obama very well advertised plan available
on its website.
Impact of lending practices and foreclosures in Florida
“The Center for responsible lending,
available at http://www.responsiblelending.org, an organization committed to
protecting home ownership and family wealth, estimated mortgage projections in Florida's 2010 of
1,482,279.”Florida
high foreclosure previsions, fortunately, does not mean the end. While, the
project did pan handle nearly 1.5 million foreclosures around the state, the
actual number of foreclosure transactions is relatively small, reaching only
112,836. Florida
foreclosure inventory is low, when its prevision rate is absolutely impressive.
Only 484,421 homes remained unsold category states in the first quarter of
2010.
The State's total outstanding number of past due
mortgage has reached a million all by itself. Taking a look at the numbers
shown in Florida,
only for the first quarter of 2010, it is easy to see how they got to their
current projections foreclosure sky-high. When the first quarter of 2010 came
to a close Florida
mortgages reached an outstanding number of 875,869. Florida expected, was a major change in
foreclosure start. Use time in the last four years, 2006-2010, Florida had a
foreclosure increase of 731 percent overall.
As a result of these factors drastically changing the
medium loss per home, pan handle residential real estate market was $ 41,271. Total loss of wealth due to
foreclosures Florida,
along the years 2009-2012, is designed to be a real estate Zeppelin, between 330
billion.
Impact of
lending practices and Foreclosures in Texas
Texas
has been surviving extremely well, enduring the housing bubble burst. Texas had a mean
increase in foreclosures compared to other states in the country. During 2006
to 2010, Texas
foreclosures rates increased by 67%. At the end of the first quarter of 2010, Texas has survived
204,464 foreclosure starts.
At the same time, the state has sold only 67,669 of
its foreclosed homes, leaving Texas
with an inventory of nearly 65,000 homes foreclosed. Annual loss per house in Texas, was registered by
the state at relatively low $ 3,030. Finally, Texas residential real estate gathered a total loss of $ 20 billion. Since the last quarter of
2010, Texas,
is embarrassed total of 337,620 outstanding mortgages. The number of
foreclosure houses in nearby Nevada are 6596254, outrageously high number for
such a low loss at home
Buyers were attracted by low
mortgage rates and declining home prices. The average price of new homes fell
more than 10 percent in one year, thus registering its lowest level since
October 2010 to date, informs Market Watch.
However, overall sales are still
down from 2010 and, in general, the historical level. Lower demand has led
developers to restrict their activity in October registering the lowest number
of new homes put on the market.
U.S.
housing market is a key sector of the U.S. economy is relevant for both
the consumption and availability and access to credit. The U.S. central
bank said it plans the next easing try to revive the housing market, focusing
on the mortgage market.
U.S. real estate are declining in
2007-2009, reaching sales lows. In periods of economic growth annually sold
about 1 million new homes in the U.S.
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