The Independent Foreclosure Review was supposed to be a full and fair investigation of the big banks’ foreclosure abuses. But Monday morning, the very regulators who launched the program 18 months ago announced that it had all been a massive mistake and shut it down.
Saying the word recovery over and over won’t change the fact that the U.S. housing market is continuing its nose dive. David Blitzer of S&P tells the BBC, “Keeping with the trends set in late 2010, January brings us weakening home prices with no real hope in sight for the near future.”
More than half of the state's homeowners with a mortgage—51.4 percent—spend more than 30 percent of their monthly income on housing costs, according to 2005-2009 estimates from the U.S. Census Bureau's American Community Survey. ... (more)
Bank of America said Monday it will resume foreclosures in 23 states. The country’s largest bank stopped processing foreclosures nationwide while it investigated a mess of paperwork that cast doubt on the validity of home seizures. A self-imposed ban remains in 27 states.
Human rights investigators are adding yet another alleged war crime to existing accusations of Israel’s war-time exuberance, as Amnesty International officials believe Israel’s military forces engaged in “wanton destruction” of civilian homes during the bloody assault on Gaza.
The U.S. Department of Housing and Urban Development plans to demolish thousands of public housing units in New Orleans this weekend, despite an urgent need for affordable homes in the city. This video explains why, and what you can do about it.
If you’re caught up financially in the housing bubble (who isn’t these days?), you might want to skip this item. Home prices have fallen by 3.2 percent—the sharpest drop in 20 years, while the median price for homes has gone down for the 12th consecutive month—another record. That’s not good news for a market eager to return to the good ol’ days of easy loans and overpriced homes.