By Joseph Smith
 Homebuyers and home investors who always aim to buy foreclosed homes at great discounts are up for more good times as the number of available Miami foreclosed properties further climb. Miami is one of the most sought after and popular foreclosed home markets in Florida, the third state with the highest rates of foreclosures in the US.
Online real estate auctioneer and seller PropertyShark has released data showing that the volume of Miami foreclosed properties rose 35% in October 2008 compared to September. PropertyShark defines foreclosed homes as properties that are scheduled and set for first-time auction. There were 861 of those in the month.
The number of Miami foreclosed properties for sale is very much in line with the number of foreclosed filings, as compiled by property tracker RealtyTrac for October 2008. According to the data, the volume of Miami foreclosed properties jumped 93% from September and rose 35% from last year.
Interestingly, the price tags of available Miami foreclosed properties also rise as the inventory further piles up. This is in accordance to the universal law of |
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By Joseph Smith
 Last week, the new government under the leadership of President Barack Obama announced its rescue plan that includes a $75 billion fund for the housing industry. This money will focus on helping homeowners cope with the crisis by adjusting mortgages and releasing moratoriums.
The countrys housing industry has suffered a lot from the economic recession. The number of foreclosed properties continued to increase, lowering the values of properties and further dragging the economy of the local governments and the country as a whole.
As the new government sees the burden carried and given as well by the housing industry, it has been giving much of its focus to preventing more foreclosures to happen. However, this has given rise to different reactions from lenders and housing counselors. While some praise Obama for the plan, still others are criticizing it.
For instance, according to Scott Talbott, senior vice president of government affairs at the Financial Services Roundtable, the new governments plan is a solid step that the country has taken to lift it out of the mire it is currently in. Spokeswoman for the |
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By Joseph Smith
 Most of the details of President Barack Obama's foreclosure program have not yet been released. White House officials are still finalizing the details, but some key features were already released to the public.
Obama's plan, called Homeowner Affordability and Stability Plan, aims to save up to 9 million homeowners from foreclosure. It has two refinancing initiatives. One is for borrowers whose equity is less than one-fifth of the value of their home or who owe much more than the current value of their home. The other is for homeowners in danger of foreclosure. Both aim to reduce monthly amortizations to affordable amounts.
Only homeowners whose mortgage loans were issued or are being serviced by either Fannie Mae or Freddie Mac are qualified for the refinancing initiatives. Their mortgage balance must not be more than 5 percent higher than the current value of their home. Homeowners who are current with their loan payments but who are worried they might go into foreclosure are also qualified.
Homeowners can change their loan terms to 15 years or 30 years on fixed rates based on current |
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