With the news of new programs for homeowners at the cusp of foreclosure coming to a lender near you, I took a look at the state of foreclosure in Iowa and elsewhere. With 303,419 home foreclosure filed as of December, 2008, it is good that this aid has come.
First the good news, Iowans are doing much better than most.
Iowa, which is 23rd in total population, has the 14th lowest rate of foreclosure filings. This is particularly good in the context that we have the 10th highest homeownership rate. We slip a little when the number of foreclosure filings are compared to the total number of homeowners, here we fall to 17th among all states and the District of Columbia.
If you are interested in knowing who the top and bottom five states are:
Highest Numbers of Foreclosure Filings
California: 89,449
Florida: 50,808
Arizona: 15,962
Nevada: 15,039
Michigan: 13,563
Lowest Numbers of Foreclosure Filings
Vermont: 16
Montana: 38
North Dakota: 44
South Dakota: 45
Nebraska: 46
Lowest % of Filings Per Homeowner:
Vermont
Nebraska
West Virginia
Montana
Mississippi
Highest % of Filings Per Homeowner:
Nevada
California
Florida
Arizona
Michigan
(Sources: Realty Trac December 2008, BLS estimate of state populations for 2008, Homeownership Rate by state 2007, U.S. Census Bureau. Web: www.census.gov).
Showing posts with label Home Foreclosure. Show all posts
Showing posts with label Home Foreclosure. Show all posts
Thursday, March 5
Wednesday, March 26
Protestors Say: Help Main Street, not Wall Street
Reuters reports that about 60 protesters opposed to the U.S. Federal Reserve's help in bailing out Bear Stearns (BSC.N) entered the lobby of the investment bank's Manhattan headquarters on Wednesday, demanding assistance for struggling homeowners.
Demonstrators organized by the Neighborhood Assistance Corporation of America chanted "Help Main Street, not Wall Street" and entered the lobby without an invitation for around half an hour before being escorted out by police.
"There are no provisions for homeowners in this deal. There are people out there struggling who need help," said Detria Austin, an organizer at NACA, an advocacy group for home ownership.
This on the heels of a report that there is a 13 year low in sales as new home sales fell in February for the fourth straight month. While the rate of decline has slowed, the worst slump in more than two decades has not runs its course, analysts said.
The 1.8 percent drop sent the annual sales rate down to 590,000 units in February, the Commerce Department reported Wednesday. That was the slowest pace since February 1994 and down 57.5 percent from the sales peak of 1.389 million units in July 2005.
Bear Stearns employees were alternatively amused and perplexed, taking pictures on their cell phones.
"Homeowners, that's more than $1 trillion (in mortgage debt), you're crazy," one man in a suit screamed at a protester on the street.
Demonstrators organized by the Neighborhood Assistance Corporation of America chanted "Help Main Street, not Wall Street" and entered the lobby without an invitation for around half an hour before being escorted out by police.
"There are no provisions for homeowners in this deal. There are people out there struggling who need help," said Detria Austin, an organizer at NACA, an advocacy group for home ownership.
This on the heels of a report that there is a 13 year low in sales as new home sales fell in February for the fourth straight month. While the rate of decline has slowed, the worst slump in more than two decades has not runs its course, analysts said.
The 1.8 percent drop sent the annual sales rate down to 590,000 units in February, the Commerce Department reported Wednesday. That was the slowest pace since February 1994 and down 57.5 percent from the sales peak of 1.389 million units in July 2005.
Bear Stearns employees were alternatively amused and perplexed, taking pictures on their cell phones.
"Homeowners, that's more than $1 trillion (in mortgage debt), you're crazy," one man in a suit screamed at a protester on the street.
Friday, February 29
Senate Republicans Quash Home Foreclosure Bill
From CNN
US Senate Republicans on Thursday blocked efforts to give bankruptcy courts more power to stave off home foreclosures, a move the chamber's Democratic leader called "a big mistake.""The people on Wall Street are high-fiving. They just won again," Senate Majority Leader Harry Reid, D-Nevada, said after the vote.
US Senate Republicans on Thursday blocked efforts to give bankruptcy courts more power to stave off home foreclosures, a move the chamber's Democratic leader called "a big mistake."
"The big banks just won again. The mortgage bankers won again. Oh, there are a few losers out there, like millions of consumers -- millions of people who are going into foreclosure or are about to go into foreclosure. They lost."
The banking industry and President Bush opposed the bill, which would have allowed bankruptcy judges to reduce a filer's mortgage debt to the home's current market value.
Bush's GOP allies filibustered the measure Thursday afternoon, invoking Senate rules to require 60 votes to cut off debate and bring it to the floor; Democrats came 12 votes short of that mark.
Tuesday, February 26
Home Foreclosure Rates Continue Astronomical Climb
According to RealtyTrac, 45,327 homes in the US that were foreclosed and auctioned off in January. 278 of those homes are here in Iowa.
Nationally the foreclosure rate in January jumped 57% (as compared to January of 2007)with Nevada, California, Florida, arizona, and Colorado leading the pack. Iowa is #34.
This upward trend is 8% higher than December of 2007.
if you missed the report in the Des Moines Register about rural homeowners in danger of foreclosure, check this out.
Nationally the foreclosure rate in January jumped 57% (as compared to January of 2007)with Nevada, California, Florida, arizona, and Colorado leading the pack. Iowa is #34.
This upward trend is 8% higher than December of 2007.
if you missed the report in the Des Moines Register about rural homeowners in danger of foreclosure, check this out.
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