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Extreme Makerover home goes for sale |
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Thursday, 07 May 2009 08:06 |
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The Kentucky family who won a new home from ABC's Extreme Makeover: Home Edition about 3 years ago is now putting their house on the market.
Hundreds of volunteers, John Henry Homes and a local KY builder help build Brian and Michelle Hassall a new home for their family in Sunrise, Ky.
Rumor is the family says medical bills are forcing them to downsize. Apparently Michelle Hassall has cancer and will have surgery sometime over the summer. The Hassalls are hoping to move closer to her doctors in Lexington to avoid the timely and costly travel expenses.
The home just went on the market this week for $350,000.
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Last Updated ( Thursday, 07 May 2009 08:43 )
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Read more... [Extreme Makerover home goes for sale]
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Jumbo Loans harder to obtain |
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Wednesday, 06 May 2009 19:56 |
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Goodbye Jumbo
President Barack Obama’s Homeowner Affordability and Stability Plan has no provision to help jumbo mortgage borrowers. The plan focuses on shoring up home loans eligible to be bought by Fannie Mae and Freddie Mac, also called conforming loans.
“The government has thumbed their noses at people who have jumbo mortgages,” said Steve Habetz, president of Threshold Mortgage Co. in Westport, Connecticut.
The share of U.S. homes in the foreclosure process that are valued at more than $729,750 increased to 2.83 percent this year through March 10 from 2.21 percent in the same 10 weeks of 2008, according to RealtyTrac. In the same 10-week period, the share of homes valued at $417,000 or less in foreclosure fell to 87 percent from 89.7 percent in 2008, RealtyTrac said.
Obviously the government is doing a little "self dealing" hear as it is in their interest to shore up Freddie and Fannie since they are the GSE's. |
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Maps of Subprime Mortgages |
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Friday, 02 January 2009 22:45 |
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"The Federal Reserve bank of New York Has Dynamic Maps of Nonprime Mortgage Conditions for the United States. The maps offer a switch between Alt-A and Subprime. Here is one such map showing the percentage of Alt-A loans in California that were low-doc or no-doc. Non-prime Map |
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Last Updated ( Friday, 16 January 2009 08:25 )
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Rich Defualt like the Poor |
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Wednesday, 06 May 2009 19:43 |
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May 6 (Bloomberg) -- Chuck Dayton put down a quarter of the $950,000 purchase price when he bought his house in Newport Beach, California, in 2004. He was making $500,000 a year with his drywall company and he expected home values to keep rising.
Then the mortgage market collapsed, new construction stopped and builders no longer needed his services. Dayton, 43, went into default four months ago because he couldn’t afford payments on the three-bedroom home, located within a block of the Pacific Ocean. He hopes his lender will agree to sell the seven-year-old house for less than he owes to avoid a foreclosure.
“It’s just wait and see right now,” Dayton said.
Borrowers such as Dayton, whose 2004 compensation was almost 10 times the median U.S. household income, are becoming trapped by the same issue facing the poorest subprime homeowners: falling home prices erase equity and make it impossible to sell or refinance without losing money.
The number of U.S. homes valued at more than $729,750, the jumbo-loan limit in the most affluent areas, entering the foreclosure process jumped 127 percent during the first 10 weeks of this year from the same period of 2008, data compiled by RealtyTrac Inc. of Irvine, California, show. The rate rose 72 percent for homes valued at less than $417,000 and 78 percent for all homes, RealtyTrac said.
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Last Updated ( Thursday, 07 May 2009 08:44 )
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Read more... [Rich Defualt like the Poor]
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