The American economy is yet to recover from the worst Recessions ever. With unemployment at an all-time high of 10%, people are unable to pay the mortgage amounts. In fact, 14% of homeowners in the US have fallen behind on payment of loans. This is a record high for ninth month in a row. That [...]
07 Dec
Posted by Julia Redstone as Finance
This time the year-end planning of taxes will require new strategies and has to be different from the lines followed previously. For a good number of people this year has meant loss of jobs or working for lesser pay. Many have lost their homes to foreclosure on top of unemployment. There have been stimulus [...]
The interconnected global economy could suffer further impairment as Dubai’s debt problems continue. It may send the already fragile US economy into a tottering state. Dubai World, which is the state-owned conglomerate, has said that it wishes to restructure the debt ratio. Dubai World has run up a liability of $59 billion already. It also [...]
03 Dec
Posted by Julia Redstone as Foreclosed Homes
Habitat for Humanity has so far focused on building houses for the needy but the present crisis has made it foray forth into purchasing foreclosed units, repairing them and offering them for sale to those with low income.
Habitat for Humanity International is known for providing new homes for the indigent ever since the previous President [...]
02 Dec
Posted by Julia Redstone as Mortgage
Patience and luck are required to win in the game of lowering mortgage payments. Yolanda Thomas was thrilled when one June day she came to know that her lender had agreed finally to lower her monthly commitments. She felt hope stirring in her that she would finally be able to cling on to her apartment [...]
01 Dec
Posted by Julia Redstone as Finance
Huge budget shortfall in Los Angeles will have a dramatic impact. Extraordinary steps would be taken for many months ahead to bring back balance to the budget. The size of the government would have to be trimmed and spending on pensions would also have to be sliced, said an important budget official of the city.
The [...]
30 Nov
Posted by Julia Redstone as Foreclosures
The important point in analyzing the housing crisis is the proportion between loan and value. Generally the sub-prime loans are held to be the prime culprits for having caused the crisis but a good number of pundits have juggled around with the numbers to come to a different conclusion. They contend that the [...]
26 Nov
Posted by Julia Redstone as Foreclosures
As the economy of America falters with increasing foreclosures and unemployment a shadow or parallel economy is emerging. The faster one shrinks the quicker does this other informal economy grow carving out a living for the deprived.
Professor Fredrich Schneider of Johannes Kepler University (Linz at Austria) focuses on economy. He said, “People have less ability [...]
25 Nov
Posted by Julia Redstone as Foreclosure Crisis
Most of the potential purchasers are below 35. They are confident that the foreclosure crisis will not cause any further drop in real estate. Out of every 20 citizens, one has plans to buy a house. Most of them are 35 or below residing either in the West or South according to a study conducted [...]
24 Nov
Posted by Julia Redstone as Finance
Economics professor Robert J. Shiller of Yale University who had foretold the dot com debacle as also the housing crash said that the windows for change that had opened are perhaps closing down.
He said, “People will accept change at a time of foreclosure crisis, but we haven’t managed to do much, and maybe complacency [...]
