Foreclosure Connections Blog

The UK has been hit by a similar housing crisis that it is affecting the US. Specialists have predicted that if the crisis is not stopped at the beginning it could be far worse than the US foreclosure crisis, as the British economy is more reliable on the real estate industry.

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The whole crisis in the US is giving hope to India. America is the number one outsourcer of India´s IT/ITeS business, and recent reports are showing that due to the cheap labour in India and the economy crisis that has hit the US by the high oil prices and the foreclosures recession, American companies are now moving whole sectors and operations to India.

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America is facing one of the biggest real estate foreclosure crisis ever and some have even compared the crisis to the great recession. The auto industry, builders, homeowners, lenders and students got hit by the crisis, and yet no resolution seems to be taken by the government. It looks as if the government is waiting for something to act, and why is that? Elections of course!!

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The foreclosure crisis has affected thousands of homeowners, lenders, builders, as well as students who cannot qualify for student loans due to the high standards posed by mortgage companies. It seems that now its time for the auto industry to be affected by the real estate forclosure crisis. With banks and auto lenders tightening their loans and worried of getting caught by the recession, hundreds of American consumers are not being able to get the desired loans.

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As a result of the current real estate foreclosure crisis many lenders have repossessed more homes that they could afford, and as a result many homes are abandoned and vacant. The average rate of vacancy in the US is now at 3 percent and the problem is not only affecting lenders but are affecting the health of thousands of neighborhoods across the country. Recent reports show that many vacant homes are presenting health risks including many abandoned green-pool that are a handy nest for mosquitoes.

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The current real estate crisis in America is far from over and it is affecting thousands of lenders, neighborhoods, the building industry and especially home owners. But the effects of the crisis are even worse the present problems. Homeowners that are going through foreclosure today will suffer even more in the future by the bad credit, and most of them will have to wait five years to be able to get a new mortgage. The current foreclosure crisis is becoming the future credit crisis and it will have innumerous consequences to many sectors of our economy in a near future.

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San Diego police arrested four people related to a gigantic foreclosure scam that tricked 400 home owners into paying rents and fees to a San Diego based group. The scam was based on a false foreclosure rescue plan where home owners would pay a fee to the company with the promise of help on getting their homes back, but the company did nothing to prevent the foreclosures.

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The current mortgage crisis has been already compared to the great depression, and it is affecting thousands of lenders, homeowners, the building industry and even giants of the home industry such as Lowe’s and Home Depot. But recent reports had shown that the foreclosure crisis is not only causing people to lose their homes, but also their marriages and their families. The devastation trend starts when the owners cannot afford to their mortgages and starts taking their frustrations on each other.

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It was predicted that Home Depot (HD) and Lowe´s (LOW) would get hammered by the housing crisis. But not as hard as they thought. With the rising oil, rising food prices and the real estate foreclosure crisis, customers are not buying at all.

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John Davis, a Des Moises real estate investor has been banned from making real estate businesses in Iowa. The Polk Country District Court banned Davis from selling, renting, lease or invest on the states real estate market.

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