My New Blog

"The foreclosure plague is not going away -- it's only getting worse. 

A record 1.53 million properties were in the foreclosure process -- default notices, auction sale notices and bank repossessions -- during the first six months of 2009. That was 9% more than the previous six months and 15% more than the same period of 2008, according to a report released by RealtyTrac.

There were a total of 1.91 million filings resulting in 1 out of every 84 U.S. properties receiving at least one filing in the first half of the year. Banks repossessed 386,800 properties.  "What this means is, despite the intensity of the efforts on the part of government and lenders we don't have a handle on foreclosures yet," said Rick Sharga, a spokesman for RealtyTrac."

This is a market with an unprecedented volume of foreclosures with unknown implications on your property values, your neighborhood, and your property taxes.

Barbara

Since late 2006, 362 major U.S. lending operations have "imploded" according to the Mortgage Lender Implode-A-Meter

Feel like you have sent your monthly payments to a few different places since you purchased or refinanced your home? Change is the new norm in the mortgage business.  Underwriters changing credit criteria, lenders changing rates several times a day, and property values continually changing.

As we celebrate the beginning of Fall today, know that I am a resource to help you through this mortgage lending implosion.

Barbara