Loans Workouts ahve new hope. We must take each day at a time, but we continue to track these trends at www.InvestSmarter.com Help us see what is happening on a daily basis and keep us in the loop. The Panama City Beach Condo market continues to have outstanding results to people that are looking at trends and finding units that pay for themselves. It is so important to stay on top of the market and know you numbers!
Alliance Says It Has Increased Loan Workouts Hope
Now, an alliance of lenders under pressure by regulators to curb home foreclosures, announced Wednesday that workouts had increased to 522,000 in the second quarter up from 482,996 in the first.For the first time, more than half of the workouts were contractual changes to subprime loans, Hope Now said. These kinds of modifications are viewed as a better solution than simply extending the payment over a longer period of time.The total number of foreclosures prevented by mortgage servicers since July 2007 has risen to approximately 1.9 million, the alliance said.Source: Reuters News (07/30/2008)
For more information on Real Estate in Panama City Beach or for sales on Panama City Beach Condos please visit www.Panama-City-Beach-Florida-Condominiums.com for more information and always feel free to visit our corporate site with Destin and Panama City Beach listings at www.RandBCoastalRealEstate.com. Let us help you make a solid investment decission in Florida's ever changing real estate market.
Sunday, August 3, 2008
Friday, July 4, 2008
Everyone is Behind...Even HELOC payments are late!
Wow!! We know the economy is in a pinch when even the Equity Line payments are falling past due. This is not a good sign for what is to come. Some people unfortunately have been living off of their equity lines and now they are all out of cash. We published an article on www.InvestSmarter.com about the best way to use the equity in your home. Now there are two problems, people have extended themselves too much and the value has gone down. so now what? See below for a few interesting points on the HELOC issue.
Also take some time to read through www.Panama-City-Beach-Florida-Real-Estate.com to see other examples and the disucssion forum of how to work around the issues relating to Panama City Beach and Panama City Florida Real Estate.
Home Equity Delinquencies Hit 11-Year High The number of borrowers more than 30 days behind on their home equity lines of credit hit the highest level seen in more than a decade, reports the American Bankers Association. The first-quarter 2008 data suggests that the economic pain being felt by homeowners is spilling over into a segment of consumer credit that usually is highly resilient in down cycles. That is because, at the risk of losing the roof over their heads, consumers who are financially pinched tend to pay their mortgages and home equity loans before car notes and credit cards, explains Naroff Economic Advisors President Joel Naroff. "That people are now having trouble making payments on home-equity lines is a clear sign of the extent of the pressure on the household budgets," he said in an article published by USA Today. Source: USA Today, Anna Bahney (07/03/08)
So now what do we do? It's time to call in the debt consolidation people and/or find some financial guidance from a professional. Don't let this ruin your credit long term. It can be frustrating, but there are options out there!!!
The condo market is seeing some similar issues and the Panama City Beach Condo market is no different. There is a list of things to consider at www.Panama-City-Beach-Florida-Condominiums.com and take some time to look at comparable properties in the area.
Let us know if we can be of any assistance today!!!
Also take some time to read through www.Panama-City-Beach-Florida-Real-Estate.com to see other examples and the disucssion forum of how to work around the issues relating to Panama City Beach and Panama City Florida Real Estate.
Home Equity Delinquencies Hit 11-Year High The number of borrowers more than 30 days behind on their home equity lines of credit hit the highest level seen in more than a decade, reports the American Bankers Association. The first-quarter 2008 data suggests that the economic pain being felt by homeowners is spilling over into a segment of consumer credit that usually is highly resilient in down cycles. That is because, at the risk of losing the roof over their heads, consumers who are financially pinched tend to pay their mortgages and home equity loans before car notes and credit cards, explains Naroff Economic Advisors President Joel Naroff. "That people are now having trouble making payments on home-equity lines is a clear sign of the extent of the pressure on the household budgets," he said in an article published by USA Today. Source: USA Today, Anna Bahney (07/03/08)
So now what do we do? It's time to call in the debt consolidation people and/or find some financial guidance from a professional. Don't let this ruin your credit long term. It can be frustrating, but there are options out there!!!
The condo market is seeing some similar issues and the Panama City Beach Condo market is no different. There is a list of things to consider at www.Panama-City-Beach-Florida-Condominiums.com and take some time to look at comparable properties in the area.
Let us know if we can be of any assistance today!!!
Monday, June 23, 2008
Tighter Lending Makes it even harder....
Ok...when is it going to end? Just today we were barely scraping by to get a wonderful gulf front condo to close. That's right...lending is getting tighter and tighter. It's enough to drive us all crazy right! Well, it's everywhere. Take a look at the article below that sheds a little more light on what we are seeing. We are continuing to get people to upload their stories to www.InvestSmarter.com so we can share information with one another. Let us know what you are seeing about things like this:
Daily Real Estate News June 23, 2008
Tighter Lending Stalls Housing Recovery
Rising foreclosures and tightening credit standards are making it more difficult for the housing market to recover from the current downturn than it has been for the market to rebound from previous slowdowns, according to a Harvard University study."Historically, housing markets recover only after the economy has entered a recession and a combination of falling mortgage interest rates and house prices have improved housing affordability," Nicolas P. Retsinas, director of the Joint Center for Housing Studies at Harvard, said in a statement."It will take longer this time to rebound given the unusually high levels of foreclosures and constrained credit markets," he said. "The slump in housing markets has not yet run its full course."The center predicted that income growth over the next 10 years would be constrained, reducing demand for homes. Much of employment growth will be in part-time and low-wage positions, the study said."The somber conclusion is that if the economy slips into recession or job losses keep racking up, household growth and homeownership demand could fall even more," the center said in the release.Source: Reuters News, Lynn Adler (06/23/2008)
For more information on condos for sale in Panama City and Panama City Beach Florida visit www.panama-city-beach-florida-condominiums.com for what's hot in this ever changing market!
Daily Real Estate News June 23, 2008
Tighter Lending Stalls Housing Recovery
Rising foreclosures and tightening credit standards are making it more difficult for the housing market to recover from the current downturn than it has been for the market to rebound from previous slowdowns, according to a Harvard University study."Historically, housing markets recover only after the economy has entered a recession and a combination of falling mortgage interest rates and house prices have improved housing affordability," Nicolas P. Retsinas, director of the Joint Center for Housing Studies at Harvard, said in a statement."It will take longer this time to rebound given the unusually high levels of foreclosures and constrained credit markets," he said. "The slump in housing markets has not yet run its full course."The center predicted that income growth over the next 10 years would be constrained, reducing demand for homes. Much of employment growth will be in part-time and low-wage positions, the study said."The somber conclusion is that if the economy slips into recession or job losses keep racking up, household growth and homeownership demand could fall even more," the center said in the release.Source: Reuters News, Lynn Adler (06/23/2008)
For more information on condos for sale in Panama City and Panama City Beach Florida visit www.panama-city-beach-florida-condominiums.com for what's hot in this ever changing market!
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