President Obama’s plan to tackle housing crisis

In midst of nation’s financial crisis a ray of hope has emerged with Barack Obama being elected as the nation’s 44th President.

The President’s immediate focus is on deciding how to implement the $700 billion rescue program which the Congress had passed in October. He has proposed a 90-day foreclosure moratorium for homeowners “acting in good faith.” He has also called for reform in the bankruptcy law that would let bankruptcy judges reduce mortgage principals for bankruptcy filers. He has plans to increase penalties and law enforcement to fight mortgage fraud.

Posted in Foreclosure News, Nation News, Real Estate | 585 Comments »

September 2008 Foreclosure activity decreases by 12 percent

RealtyTrac’s U.S. Foreclosure Market Report released yesterday shows foreclosure filings like default notices, auction sale notices and bank repossessions were reported on 265,968 properties in September, a 12 percent decrease from August, but still a 21 percent increase from September 2007.

One in every 475 U.S. housing units received a foreclosure filing in September. Foreclosure filings were reported on 765,558 U.S. properties during the third quarter, increased 3 percent from the second quarter and 71 percent increase from the third quarter of 2007.

“Much of the 12 percent decrease in September can be attributed to changes in state laws that have at least temporarily slowed down the pace at which lenders are moving forward with foreclosures,” said James J. Saccacio, chief executive officer of RealtyTrac.

The top 10 states with high foreclosure rates ranking were Nevada, Florida, California, Arizona, Georgia, Michigan, Ohio, New Jersey, Indiana and Colorado.

(Source: RealtyTrac)

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Families role in tackling debt

Family plays an important role for the financial stability of a home. It’s the responsibility of every member of the family to support each other in tackling debt for a comfortable future as well as present.

“Families need to get together and be more open about it,” Christopher Viale, president of Cambridge Credit Counseling Corp says. “It comes down to being very open and willing to communicate what the lifestyle differences might be and be willing to find a middle ground in that. It’s all give and take.” as said to Bankrate.com.

Few tips below from Bankrate.com to tackle debt as a family:

1) Set goals together
When you talk with family members about ways to eliminate debt, try to avoid assigning blame. Instead, make it about the goals. Set a goal for each member of the family in eliminating the debt.

2) Set up a system
If you’re having trouble getting your partner on board, add fun twists and some positivity to help turn attitudes around. You could use non-monetary incentives to encourage savings. For example, tell your spouse that you’ll agree to take on a chore for a short period of time after they meet a spending goal.

3) Involve the children
It’s our responsibility to make our children well equipped with good financial practices for their secure financial future.

4) Make it a lesson for everyone
Harrine Freeman, author of “How to Get Out of Debt,” suggests keeping the family involved throughout the debt-reduction process with monthly family meetings. At the meetings, go over finances with the whole family: Write down expenses and how much money you have coming in, then write down financial goals.

“Show them every month, see, this bill is paid off and we are this much closer to achieving our goal, whatever that goal may be,” she says.

“Include everyone in the process, so they see from the beginning to the end and that every time they spend money there’s an impact on the household.”

(Source: Bankrate.com)

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