Three mortgage mistakes to avoid

The mortgage market is in a state of tumult these days. Rates are bizarrely low, but many homes are worth much less than the mortgage balances they secure. People are still losing their homes left and right, but millions of mortgage applications of creditworthy borrowers are being rejected every year. Against this backdrop, it’s really …

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Experts Advocate Stabilizing Neighborhoods with Short Sales

“Foreclosures are going to go up before they go down,” according to Craig Nickerson, president of the National Community Stabilization Trust. Nickerson says estimates put foreclosure tallies at 850,000 this year, as high as 1.5 million in 2013, and then back to the levels we’re at today by 2015. With all these distressed properties potentially …

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Unemployment Rate Slips to 9.1%

After heading higher for three straight months, the nation’s unemployment rate declined to 9.1 percent in July, down from 9.2 percent in June, according to figures released Friday by the U.S. Department of Labor. The economy added 117,000 jobs last month. July’s numbers beat analysts’ forecasts. They were expecting the employers to add between 85,000 …

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HUD’s Inventory of REOs More Than Double a Year Ago

HUD has released a report detailing recent business activity at the Federal Housing Administration (FHA). It shows that the federal agency’s inventory of REO homes has ballooned as sales from this portfolio fell sharply during the final months of 2010 and early part of this year. The number of repossessed single-family properties held at the …

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