Foreclosure filings were reported on 2.3 million U.S. properties in 2008, an increase of 81 percent from 2007 and up 225 percent from 2006, according to the RealtyTrac U.S. Foreclosure Market Report released January 15, 2009. The soaring number of forclosures have sent ripples through the housing and banking industry with the affects being felt by millions.
According to RealtyTrac, California, Florida, Arizona posted the highest 2008 foreclosure totals. A total of 523,624 California properties received a foreclosure filing in 2008, the nation’s highest state total. Foreclosure activity in the state increased nearly 110 percent from 2007 and nearly 498 percent from 2006. With 385,309 properties receiving a foreclosure filing in 2008, Florida documented the second highest state total. Florida foreclosure activity increased 133 percent from 2007 and nearly 412 percent from 2006. Arizona’s 2008 total of 116,911 properties receiving a foreclosure filing was third highest among the states. Foreclosure activity in Arizona increased 203 percent from 2007 and 655 percent from 2006. Other states with Top 10 totals for 2008 were Ohio, Michigan, Illinois, Texas, Georgia, Nevada and New Jersey.
With mounting job losses and a weakening economy, forclosures and mortgage delinquencies are expected to continue to rise. The nation’s unemployment rate shot up at the end of the year, reaching 7.2 percent in December — its highest level since early 1993, according to a Labor Department report release January 9, 2009. That puts U.S. job losses at 2.6 million for 2008.
However, with all this doom and gloom in the housing market, there is a glimmer of hope for senior homeowners 62 years of age and older. That hope comes in the form of a HUD Home Equity Conversion Mortgage (HECM) or Reverse Mortgage. Those who have obtained a reverse mortgage need not be concerned with the increasing forclosure rates and whether or not they can make their mortgage payments. With a HECM reverse mortgage, there are no monthly payments required.
Borrowers remain in their homes for life and never have to worry about making a mortgage payment again. All they need to do is keep the property in good repair, pay their property taxes and keep their homeowners insurance current and paid.
For seniors who currently do not have a reverse mortgage, now may be the time to explore the option. It does not matter if a senior is currently late on their mortgage. They may still qualify for a reverse mortgage. To qualify all borrowers on title must be 62 years or older, occupy the property as their primary residence and not currently be in a bankruptcy. That’s it!
MLS Reverse Mortgage has helped save several seniors who were months away from losing their homes.
So, in these tough economic times, there is still hope for seniors looking for mortgage payment relief or cash out to enjoy life’s pleasures.
Learn more online: http://www.mlsreversemortgage.com
Posts Tagged ‘Their’
Forclosures Have Met Their Match? Reverse Mortgages
Friday, July 30th, 2010What Do Wealthy Home Buyers Want From Their Real Estate Agent?
Friday, May 7th, 2010Wealthy home buyers who buy multi-million dollar homes are typically self-made millionaires with new money, according to a recent online survey of 683 Coldwell Banker Previews International property specialists. The study revealed the top professions of these affluent customers. According to the respondents, 88 % of their customers are business or corporate executives, 37 % are physicians, 31 % are lawyers, 30 % are financial professional and 14 % are entertainers, entertainment executives or professional athletes.
Wealthy home buyers require their real estate agents to be equipped with special skills, according to the Coldwell Banker’s survey. Given the magnitude of the financial transactions involved in luxury home purchases, 78 % of sales associates said that the top most need their clients require from their real estate agents is privacy and confidentiality. The luxury customers also want their real estate agents to exercise discretion while dealing with their multi-million dollar transactions. Almost 70 % of respondents polled that their wealthy clients want their real estate professionals to offer customized services while 44 % said that the luxury home buyers want their agents to have good network and work relationship with executive assistants, CPAs and attorneys.
Wealthy home buyers also want their agents to know the inside scoop on the real estate market, according to 36 % of the respondents in the Coldwell Banker’s survey. Seventeen percent of the sales associates surveyed indicated that one of the necessary skills for real estate professionals working with affluent customers was the ability to provide emotional support to their clients. And according to 11 % of respondents, luxury customers want their real estate agents to establish personal rapport with their clients.
The study also included queries on the “must have” amenities that the affluent clientele want in their luxury homes. Wealthy home buyers want media rooms in their homes, according to 60 % of respondents and another 60 % polled that their affluent customers want “wired” homes. However, there are a few home design elements that are out among luxury home buyers. Gourmet kitchens, granite countertops and wet bars are no longer counted as luxuries by wealthy home buyers, according to the survey respondents.
The survey also found that the multi-million dollar home buyer pays a typical down payment of 20 % to 30 %, while a quarter of clients put down 30 % to 50 % of the sale price.
Kitchen benchtops and their types
Friday, April 2nd, 2010Selecting one of the most suitable bench tops is unquestionably an imperative decision while creating or designing a new kitchen. The feel and look of the design as well as the material functionality needs to be considered.
You will have lots of binding choices for kitchen benchtops, together with wood, half round nose, bevel, bull nose and round nose. The bench top material used decides what you have in the sorts of binding. Getting along with rounder varieties would be a good idea if you have young children and wishing to stay them away from nasty bumps on heads. In order to hold all kinds of tastes as well as budgets the manufacturers have been making the following types of bench tops that are available in a large number of colors.
Laminate kitchen bench tops will be your economical and flexible choice, and a variety of finishes and looks will be availed in them to splendidly match most decors. Laminate bench tops may well be your one of the cheapest options in wide array of colors and finishes. But laminate bench tops stop you from placing hot pots directly on them, besides being prone to scratching.
Timber kitchen bench tops are perfectly suitable for rustic-style kitchens being made of timber. They tend to be of strong and sturdy material and won’t blunt your knives. On the other hand, they can be an expensive option.
Granite benchtops communicate a streamlined appearance to the kitchen. Fashionable or classic, colonial charm or inner-city style…whatever be your style, granite bench tops provide a durable, low maintenance, elegant surface. Granite is stain resistant, scratch resistant, strong, and heat resistant and also comes in a wide range of thicknesses and arrays. Same are the benefits with limestone bench tops, and sandstone bench tops. Stone kitchen bench tops allow you to design a variety of bench top shapes with countless versatile advantages.
Marble kitchen bench tops will show luxury and entice you for their wonderful looks. On the other hand, they might not be matching in toughness as granite kitchen bench tops and other stone benchtops have. With them, don’t expect a scratch or stain resistant stuff and be ready to shell-out more, as they are luxurious choice.
Stone kitchen bench tops offer complete warranty and being stain, heat and scratch resistant, make an ideal choice for all lifestyles. High flexural strength, remarkable toughness, variety of colors, an array of patterns and extremely resistive properties; all of these factors have contributed to the increasing popularity of stone bench tops.