NEW YORK (CNNMoney.com) — More home owners than ever are losing the battle to make their monthly mortgage payments.
Over 900,000 households are in the foreclosure process, up 71% from a year ago, according to a survey by the Mortgage Bankers Association. That figure represents 2.04% of all mortgages, the highest rate in the report’s quarterly, […]

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Stocks on Wall Street fell sharply yesterday with fresh concerns over the health of financial firms that have invested heavily in mortgage-backed securities and a new report showing that more homeowners had fallen into foreclosure than ever before.
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It’s Friday desk clearing time for this blogger. “A Dallas Morning News analysis of residential foreclosures shows the housing mess extends across North Texas – from high-end urban settings to far-flung suburbs. On the plus side for buyers, foreclosures have cut into housing prices. ‘There’s a lot of deals out here,’ said Valerie Daniels, who […]

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The East Valley Tribune reports from Arizona. “Less than two years ago, Gilbert homeowners Tim and Kris Koster moved to the East Valley and shelled out $433,000 for a five-bedroom home. They recently heard a similar-sized home in the area sold for nearly $130,000 less. Looking back, it was the worst possible time to buy […]

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Everybody wants to help keep people in their houses and out of financial stress and foreclosure, right?
That’s what the Bush administration says, and that’s what top executives of major banks, mortgage companies and Wall Street investors all say.
But at the point where individual homeowners seek to refinance out of unfavorable loans or modify their mortgage […]

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LOS ANGELES (Reuters) - Michael Jackson’s famed Neverland Valley Ranch in California will be foreclosed and sold on March 19 unless the pop star pays a balance of nearly $25 million, property records showed on Tuesday.
FoxNews.com celebrity columnist Roger Friedman reported on the Web site (http://www.foxnews.com) that Jackson has been formally apprised of the […]

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Reuters - As the housing crisis deepens, major
lenders say they will help borrowers avoid foreclosure, but
nonprofit groups and others say their actions are not living up
to their promises.
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WASHINGTON (AP) — Investors could sell up to $15 billion of troubled mortgages to the government under a plan key House members are discussing to bolster the U.S. housing market.
The tentative plan would allow the government to purchase up to 1 million mortgages over five years in an effort to help struggling borrowers avoid foreclosure, […]

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