by Al Heavens
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Foreclosure hits record rate
Foreclosure filings in April rose just 1 percent from March, with the same six states responsible and Pennsylvania and New Jersey remaining low in the rankings.
Yet RealtyTrac of Irvine, Calif., reported that the filing rate reached a record 1 in 374 U.S. housing units last month. Much of the activity was in the initial stage - default and auction - indicating that rising joblessness may be exacerbating the problem.
In fact, some economists believe that the chief source of foreclosures has been, in the words of Christopher Foote of the Boston Federal Reserve Bank, "not mortgages with high-DTI [debt-to-income] ratios or otherwise relaxed risk characteristics," but "the interaction of falling prices and adverse life events."
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HUD Secretary Announces Monetization of Tax Credit at NAR Real Estate Summit
WASHINGTON, DC- Shaun Donovan, secretary of the U.S.
Department of Housing and Urban Development, said that the Federal Housing
Administration is going to permit its lenders to allow homeowners to use
the $8,000 tax credit as a downpayment.
Donovan's remarks came in an address to several thousand Realtors®
gathered this morning at The Real Estate Summit: Advancing the U.S.
Economy, a special daylong session at the Realtors®
Midyear Legislative Meetings & Trade Expo here.
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