Housing Market Tracker - Featuring: Countrywide Foreclosure Tours!
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Countrywide, Foreclosure Tours, housing market, tracker February 21st, 2008Foreclosure Data
New Md. Rules Aim To Aid Those Facing A Risk of Foreclosure. “Citing an “alarming” rate of mortgage foreclosures in Maryland, Gov. Martin O’Malley announced emergency regulations yesterday requiring loan service companies to tell the state when residents are in danger of losing their homes so the government can offer preemptive help. O’Malley said the mortgage industry has failed to help troubled homeowners, pointing to poor customer service at major loan service companies, which… are authorized to negotiate and modify loan terms. .. The rate of foreclosure actions has soared across Maryland, with the Washington suburbs hit hardest. The number of foreclosures in Montgomery and Prince George’s counties doubled between Q3 & Q4′07.” (Washington Post, Feb. 20th)
Housing: Is it Going to Get Worse Before it Gets Better? “DataQuick: A record 34% of resale homes last month were previously in foreclosure and 9% were in default. Nearly half of all resale houses and condominiums were sold at a loss from when they were last purchased. The median loss was about 25%. In January 2007, 5.3% of resales had been in foreclosure. The December figure was 31.2%… Despite the percentage of sales that were homes in foreclosure skyrocketing from 5.3% to 34% in one year, the total sales of existing homes were down 33.5%… [Therefore,] excluding homes sold in foreclosure… regular home sales fell 50%!” (Whitney Tilson in Seeking Alpha, Feb. 19th)
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