IS this the October Surprise?? MGIC Leads Rally as U.S. Adds More Jobs Than Forecast

MGIC Leads Mortgage Insurers' Rally as U.S. Adds More Jobs Than Forecast - Bloomberg: "Private payrolls that exclude government agencies climbed 67,000 in August, Labor Department figures in Washington showed today. The median estimate of economists surveyed by Bloomberg News was for a gain of 40,000. Shares of mortgage insurers, which pay lenders when homeowners default and foreclosure fails to recoup costs, have surged this year amid speculation the economic recovery would ease the pace of delinquencies.

“The fact that the employment report was a little better than expected today is probably what’s driving them,” said Jim Ryan, a Chicago-based analyst with Morningstar Inc. “Foreclosures will only be cured by more jobs.”

MGIC of Milwaukee reported today that its primary delinquent inventory in August shrank to 225,310 from 229,012 at the beginning of the month. Mortgage insurers have>>>KEEP READING"

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OBAMA ANNOUNCES FHA to help unemployed homeowners

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Obama Administration Plans Mortgage Aid, Donovan Says

Aug. 30 (Bloomberg) -- The Obama administration plans to set up an emergency loan program for the unemployed and a government mortgage refinancing effort in the next few weeks to help homeowners after home sales dropped in July, Housing and Urban Development Secretary Shaun Donovan said.

“The July numbers were worse than we expected, worse than the general market expected, and we are concerned,” Donovan said on CNN’s “State of the Union” program yesterday. “That’s why we are taking additional steps to move forward.”

The administration will begin a Federal Housing Administration refinancing effort to help borrowers who are struggling to pay their mortgages, and will start an emergency homeowners’ loan program for unemployed borrowers so they can stay in their homes, Donovan said.

“We’re going to continue to make sure folks

EDITORS NOTE: notice the word LOAN - they are not addressing the fraud it another refi... banks are bailed out and homeowners are enslaved into debt

Foreclosures drop, but new delinquencies rise - MarketWatch

Foreclosures drop, but new delinquencies rise - MarketWatch:

"It will take a strong recovery in employment for there to be a permanent improvement in delinquencies, he said.

'Only when we see a consistent increase in employment will we see an increase in sales and starts, and a sustained improvement in the delinquency numbers. Until we see the increase in the number of households that comes with an increase in the number of paychecks, all measures of the health of the housing industry will continue to be weak,' Brinkmann said.

The combined percentage of loans in foreclosure or at least one payment past due was 13.97% on a non-seasonally adjusted basis in the second quarter, down from 14.01% in the first quarter, according to the MBA report. In the second quarter of 2009, the percentage was 13.16%."

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Lowest Home Ownership Rates since 1960's

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Watching today's news coverage and reading the USA Today's article about the drop in homeownerhip; several things became apparent. The prediction of my realtor friends and dire warnings of the housing depression was mild compared to today's estimates....

6 MILLION - repeat 6 Million out of 8 million homeowners lagging in payments now will ultimately lose their homes to foreclosure.

Face it most Americans love owning their own home and until recently it has been a great financial decision to own a home, less expensive than renting and a matter of pride...But now; not only are some people are afraid to buy, the banking industry is making it harder to qualify for a home, and the government is not addressing the actual unemployment rate in a real and substantive way.

Things need to turn around fast to help protect our neighborhoods and communities.

Right now in our local city you can buy a foreclosed home for between 50 and 100 thousand..... There are bargains out there, but be careful because there are also many homeowners that having been evicted may be suing the bank and trying to get their home back... not the money the home. Remember that many evicted wrongfully have homes that have sentimental value. This promises to be another mess coming down the pike for those that buy without checking title or ignoring problems with title.


According to this Prisonplane Blog :

"About 18.9 million homes in the U.S. stood empty during the second quarter as surging foreclosures helped push ownership to the lowest level in a decade.

The number of vacant properties, including foreclosures, residences for sale and vacation homes, rose from 18.6 million in the year-earlier quarter, the U.S. Census Bureau said in a report today. The ownership rate, meaning households that own their own residence, was 66.9 percent, the lowest since 1999."

If you have read my previous blogposts; you will see that I think fraud has much to do with this foreclosure crisis, housing market crisis, or as some term it, blight on our local communities. Whatever the name for it, there are solutions for your situation. People need to stand up and fight for their homes and for reforms in banking and government.