Apologies to Paul Simon, but when I looked at the long list of design ideas I compiled while at the International Builders’ Show in Orlando, I thought I’d try to mention 50 of them—a nice round num
Accelerate the foreclosure process to save the housing market, experts say
If the Obama administration really wants to save the housing market, it should speed up the foreclosure process – not prolong the inevitable.
foreclosures, delinquent mortgages, housing market, home-builders
If the Obama administration really wants to save the housing market, it should speed up the foreclosure process – not prolong the inevitable, experts say, as reported on CNN Money.
Four years into the housing crisis, the real estate market is still teetering on the edge. The Obama administration has tried one program after another to stanch the flow of foreclosures, with limited success. And it is continuing to look for ways "to ease the burden on struggling homeowners," though no new initiative is imminent, the White House said this week.
But some housing experts argue that the administration should go in a different direction than it has in the past. Instead, they say it's time to focus on pushing many of those delinquent borrowers through the foreclosure process and putting foreclosed properties back into use.
While some of the 2.2 million loans in foreclosure can still be saved, many are too far gone, they say. Some 37 percent have not made a payment in more than two years, while another 34 percent have not made a payment in 12 to 23 months, according to Lender Processing Services.
For more information: http://money.cnn.com/2011/08/31/real_estate/housing_market_foreclosures/
More like this
- Housing industry has mixed feelings on turning foreclosures into rentals
- Foreclosed properties may become rentals
- Obama administration changes position on foreclosures
- Threat of foreclosure on underwater homes still vexes Obama administration
- PCA Forecast: Foreclosures will outweigh home sales growth in 2012