Don't Expect Bailout To Stop Foreclosures [Housing Tracker]

Seeking Alpha's Housing Tracker is a collection of housing-related excerpts from various sources, grouped by topic. Feel free to post any interesting links on the subject in the comments section below.

Foreclosure Data

Bailout Little Help At Home. “A $700 billion bailout of the financial industry probably will do little to help them avoid foreclosure. Today, House lawmakers are scheduled to vote on the package amid intense lobbying from President Bush and industry groups who say the measure is crucial for stabilizing the U.S. economy. But when it comes to foreclosures, the Treasury Department is directed only to "maximize assistance for homeowners" and write monthly progress reports.” (AP via inRich.com, Oct. 3) 

Federal Mortgage Relief Program Up And Running. “The federal government's HOPE for Homeowners — went into effect Wednesday as foreclosure filings both nationally and in Connecticut continued to rise. Borrowers in trouble can apply to participate in the program either by going to the lender that holds their mortgage or by finding another lender approved by the Federal Housing Administration. Lenders can also identify borrowers that might qualify for the program. In both cases, participation is voluntary. But the success of the $300 billion program will rest heavily on lenders signing on to the program who are already dealing with a tighter credit market. No lenders have signed up yet.” (Hartford Courant, Oct. 2) 

2.3 Million Foreclosures Prevented in Past 14 Months by Mortgage Industry. “HOPE NOW, the private sector alliance of mortgage servicers, counselors, and investors that has been working aggressively to prevent foreclosures, today announced that nearly 2.3 million homeowners have avoided foreclosure and have been able to stay in their homes due to the continuing efforts of HOPE NOW and the broader mortgage industry. In August 2008, mortgage servicers helped homeowners avoid foreclosure by completing more than 189,000 mortgage workouts. Workouts include both modifications to the terms of existing mortgages and repayment plans.” (Press Release via MarketWatch, Oct. 2) 

Foreclosure Crisis Heats Up In Maricopa County. Arizona: “Netvaluecentral.com: the number of foreclosures in Maricopa County could double in the next 120 days. Lloyd Lane, who manages the website, says 350 foreclosures were filed on Wednesday alone and Maricopa County is currently averaging 300 to 500 foreclosure listings per day. Lane says the Friday's typically see the highest number of foreclosures than any day of the week… The number of foreclosures in the county will increase according to Lane who says there are currently 20,812 bank owned homes in Maricopa County with an additional 26,000 facing foreclosure.” (ABC15, Oct. 2)

Bid Of $1.75 On Ebay Gets Abandoned Saginaw Home. “With a winning bid of just $1.75, a Chicago woman has won an auction for an abandoned home in Saginaw. Joanne Smith, 30, recently was the top bidder for the home during an auction on eBay, The Saginaw News reported. Her bid was one of eight for the home… "I am going to try and sell it," she told the newspaper… There's a notice on the door of the home saying a foreclosure hearing is pending, the newspaper said. She must pay about $850 in back taxes and yard cleanup costs.” (AP via Yahoo!, Oct. 1)

                                            

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Comments

[fatcat:]

Here's clueless.www.wral.com/news/loca.../

2008 Oct 04 10:55 PM