By Joseph Smith
 The volume of New York foreclosure homes is set to create a historical avalanche in December 2008. There are two main factors that are to be blamed for a sudden and surprising turn of events for the states housing market. Have you ever wondered why for some time New York has not made it to the top 10 of states with the highest number of foreclosures?
Market analysts and employment experts forecast job losses in the state to rise by as much as 48,000 by the start or 2009. Of course, when the unemployment rate balloons, it is just logical that many households would fall into defaults for their mortgages. Not to mention is the rising interest rates and subprime costs, which never fail to affect the volume of foreclosed homes in any state.
The second and more prominent reason is the lifting of a 90-day ban that has been preventing mortgage lenders to complete foreclosures of New York foreclosure homes. In August, the state legislators ratified a state law that require banks to observe a 90-day period before homes are |
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By Joseph Smith
 The Windy City may be one of the most well-known and beloved cities in the United States but it also one of the hardest hit. Foreclosures in Chicagos countries have been quite high and are causing real problems for the city.
Because Chicago is one of the largest metropolitan areas in the country, it should be no surprise that it would be hit fairly hard by the real estate market problems. However, no one suspected it would be the second highest major metro area in the United States in terms of foreclosures. Only Los Angeles is currently beating it. Two of the countries most affected by foreclosures in Chicago are Cook and Will. One in every 313 properties in Cook Country and one in every 226 properties in Will County have at least been notified of foreclosure on the property. Thats compared to one in every 452 homes in the rest of the country.
As with other major cities like Atlanta, the root of the problem with foreclosures in Chicago is the high minority population. Lenders were targeting African Americans and Hispanics with |
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By Anthony Dean
 So who is better off in this foreclosure crisis? The homeowner that put down 20% on their home when they purchased it, the one that financed 100% or the one that is an interest only mortgage or adjustable?
The answer to these types of questions will vary from critic to critic, however; it seems that the issue of negative home equity is affecting more borrowers that opted for interest-only or adjustable-rate mortgages.
For them, just as their loans reset and interest rates rose, values began to drop, leaving them with negative equity; this is where their mortgage is greater than the value of their home.
Being upside down on your mortgage is very common in today's housing market. Home equity through out America is declining at a very fast rate. In Merced, CA seventy-two percent of homeowners there have negative equity and 47 percent in Port St. Lucie, FL. Millions of Americans are facing the same problem, In fact almost two out 10 who bought their homes in the last two years are already upside down.
Home equity has |
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