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Monthly Archives: March 2010
Answers to questions about new mortgage aid plan
WASHINGTON (AP) — The Obama administration on Friday announced a major reworking of its troubled $75 billion plan to prevent foreclosures. The revamped program is now designed to aid jobless homeowners and people who owe more on their mortgages than … Continue reading
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Las Vegas Weakest Real Estate Market in Country
Once home to soaring prices in the midst of the housing boom, Las Vegas has now had declines for three straight years, and is by far the weakest market in the country according to an article in the New York … Continue reading
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Positive Equity Won’t Return For Las Vegas Homeowners Until 2020
First American CoreLogic estimates that the typical Las Vegas homeowner who is in negative equity will not experience positive equity until 2020 according to an article in Housing Wire. Las Vegas is estimated to recover in 2020. The projections are … Continue reading
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Studies Show HAMP Promotes Strategic Default on Mortgages
The current state of the mortgage market is promoting owner-occupants to default, according to research released today, in an indication of the growing moral hazard behind government-led homeowner rescue programs claims an article in Housing Wire. The changes will encourage … Continue reading
Underemployed, underwater, under fire
Under fire to do more to stop the foreclosure crisis, the Obama administration announced new steps on Friday to help the unemployed and those who are “underwater” with a bigger mortgage than their home is worth. For some unemployed borrowers, … Continue reading
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VEGAS SUCKS DRY THREE GENERATIONS OF WEALTH
Survey: 4 of 10 residents looking to leave Las Vegas During Las Vegas’ boom years, plentiful jobs were enough to keep the masses moving here says the Las Vegas Sun. Now that the boom has gone bust, a new survey … Continue reading
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Treasury admits federal home loan rescue plans extended the suffering
HAMP WAS DESIGNED POORLY AND IMPLEMENTED TERRIBLY The HAMP program merely spread out the foreclosure crisis over the course of several years, at significant taxpayer and homeowner expense. The Special Inspector General for the Troubled Asset Relief Program said the … Continue reading
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BofA to Reduce Principal in HAMP Mortgage Modifications
KEEP UP YOUR HOPES Bank of America Corp. said Wednesday that it would offer to erase $3 billion in principal over a five-year period for homeowners with certain adjustable-rate mortgages written by Countrywide Financial Corp., the aggressive Calabasas mortgage giant … Continue reading
Dip in Foreclosure Sales Lifts Vegas Home Prices: MDA DataQuick
The Las Vegas real estate market got a small reprieve in February; with sales volume at a four-year high for the month and a dip in foreclosure resales helping prices increase slightly from January scouped again by another excellent article … Continue reading
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