Getting Sick Over Foreclosures [Housing Tracker]

Foreclosure Data

Foreclosures Mean Crises for H.I.V. Positive Renters. NY: “At least 50 H.I.V.-positive renters have complained to city housing organizations in the past months of being forced out or threatened with eviction because of foreclosures. The agencies say they do not know the exact number of families in housing trouble because there is no centralized system for tracking them, but all say that H.I.V.-positive renters are in a particular squeeze. High rental rates, combined with insufficient public benefits and ineffective antidiscrimination laws, can extend their housing search to a year or more.” (NY Times, Aug. 26)

Columbus: Falling Prices Means It's A Good Time To Buy. Ohio: “Of 40 U.S. markets, Columbus was the 17th worst market for mortgage delinquencies... Like other parts of Ohio, Columbus has suffered from the rise in home foreclosures. RealtyTrac: In Q2’08, the foreclosure rate was 39% higher than in Q2’07. Subprime lending and fraud contributed to the rise in foreclosures, says Art Russo, a real estate agent… At the same time, there was an overbuilding of homes and condominiums… About 780 condos have sold in the Columbus market this year, Russo says, although there are more than 3,000 on the market.” (USA Today, Aug. 26)

Next Round Of Mortgage Rate Changes Could Hit Homeowners. Seattle, Washington: “Loan data collector First American Corelogic: More than 12,000 local subprime mortgages will reset within the next six months or roughly 52% of the subprimes left to reset - a number lower than the national average. But the number could impact the foreclosure rate, with more than 2,700 filings statewide in July, over a little more than 1,700 last year, a 56% increase… Northwest Multiple Listing Service, the median home price in Kitsap County has dropped 12% in a year, Pierce County almost 10% and King County is down roughly 5.5% over this time last year.” (NWCN, Aug. 26)

Stress From Deepening Debt Causing Health Problems Too. “Associated Press-AOL Health poll: When people are dealing with mountains of debt, they're much more likely to report health problems, too. And not just little stuff; this means ulcers, severe depression, even heart attacks… perhaps 10M-16 million are "suffering terribly due to their debts, and their health is likely to be negatively impacted," says Paul J. Lavrakas, a research psychologist and AP consultant who analyzed the results of the survey. Those are people who reported high levels of debt stress and suffered from at least three stress-related illnesses, he says.” (Baxter Bulletin, Aug. 26)

Communities Become Home Buyers to Fight Decay. “Using taxpayer and private money, Boston, Minneapolis, San Diego and a handful of other places are buying foreclosed properties to refurbish and resell them to developers and homeowners in an effort to prevent troubled neighborhoods from sliding into urban decay. The efforts so far have been taken on a small scale. But local officials say they can become an important pillar of any housing recovery with the help of $4 billion in federal grants that were part of a housing bill Congress approved in July. NAR: Foreclosed home sales… contributed to a 3.1% increase in existing home sales in July, the highest level in five months.” (NY Times, Aug. 25)

 

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Comments

[User 232593:]

nobody held a gun to anybody's head to go into debt.i drive a 17 yr old car.my house is paid(10 yrs early,big interest saving)i have no debts.people should have known their house is a liability not an asset money machine.i never had a heloc.nobody had to buy the brooklyn bridge.now this crooked govt,wants me to help bail out the rich scammers & the stupid sheeple in their hummers etc.

2008 Aug 27 10:52 AM