Southern California Mortgage Crisis

Ohio sues three foreclosure rescue firms

29. June 2009

Ohio Attorney General Richard Cordray is suing three companies that bill themselves as foreclosure rescue firms, claiming they took money from struggling homeowners in exchange for pledged foreclosure assistance but failed to deliver. Cordray’s office said Thursday that it filed lawsuits against 21st Century Legal Services Inc., Foreclosure Home Assistance LLC and Michael Brotherton, who does [...]

Foreclosures Jump 18%

29. June 2009

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The number of U.S. properties for which a foreclosure filing was received rose 18% in May from a year earlier, according to online foreclosure concern RealtyTrac, as bank repossessions surged in several states outside the Sun Belt, which had been seeing the worst of the housing crash. Filings fell 6% from April, the first month-on-month decrease [...]

U.S. Home Prices Drop 6.8 Percent in April as Foreclosures Rise

29. June 2009

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June 23 (Bloomberg) — U.S. home prices fell 6.8 percent in April from a year earlier as rising unemployment and record foreclosures kept buyers out of the market. Measured monthly, the average price fell 0.1 percent from March, the Federal Housing Finance Agency in Washington said today. The number was projected to drop 0.4 percent in [...]

Atty General Warns of Loan Modification Scams

23. June 2009

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Arizona Attorney General Terry Goddard has seen a 30 to 35 percent increase this year in complaints about those offering to help with loan modifications or other foreclosure-prevention techniques. For the first time, bogus loan modifications rank among the agency's top 15 most common scams.

Housing Crisis Erases Wealth of Blacks, Latinos

19. June 2009

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New America Media, News Report, Elena Shore, Posted: Jun 19, 2009 After the largest growth in homeownership in history during the last 15 years, blacks and Latinos are now suffering their largest loss in wealth in modern history. And that erosion of wealth could lead to a second collapse in the national economy within a [...]

Searching for a bottom in the housing market

19. June 2009

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From CNN Money http://money.cnn.com/2009/06/18/real_estate/housing_market_bottom.fortune/ Sales look like they could rebound soon, but you can’t say the same for prices. By Janet Morrissey, contributor June 19, 2009: 4:23 AM ET NEW YORK (Fortune) — Sales in the decimated housing market may finally be bottoming, but don’t expect home prices to stop dropping before mid-2010 at the earliest, analysts and economists say. Indeed, [...]