The New Stuff

The US Housing Market Sees Record Number of Foreclosures in 2010

A grim report came out last month that 2010 set a record for house foreclosures in the US. What is even worse, analysts say 2011 could surpass last year's record. Any guesses on the figures? Let me tell you, one million homes were seized by banks last year.

Realty Trac, a tracker for foreclosures, reported that nearly five million property owners were two months or more behind paying their mortgage. It is estimated the cause is high employment, and until that number drops, neither will foreclosures. Outside of Florida, the other states hit the hardest were California, Nevada and Arizona, all warm weather states with the majority in the West.

Another disturbing tidbit of information, some of the homes were foreclosed in error, as banks were gathering their figures on improper documentation. This results from something like the bank could not prove they owned the property or the person completing the foreclosure procedure was not qualified and did not read the documents. The presiding Justices stated that the foreclosures were done carelessly. US Bancorp and Wells Fargo topped the list.

These robo-loans, as they are called, caused a stir in the market which caused Bank shares to drop sharply. This having been corrected will help the real estate market rebound. Experts in the field say after this year a recovery should be in sight, though some would argue it will not happen before 2013. As for right now, it is all just speculation.


Recently Published


Warren Buffett and Donald Trump get into a billionaires' brawl over tax returns

Is this how billionaires fight?  Warren Buffett, the revered ...

Samsung Galaxy Note 7 is classy

Forget Touch ID, you can unlock the Galaxy Note 7 with your eyes

Samsung just launched the latest addition to their smartphone lineup, ...


Jimmy Fallon named as next Golden Globes host

BEVERLY HILLS, California — Jimmy Fallon has been tapped to ...


The NFL — and football highlights — are coming to Snapchat Discover

Are you ready for some football (in Snapchat Discover)? Snapchat and ...


Restaurant revolutionizes the way brownies are sold

Not all brownies are created equal. There are many variables that ...

The Academy just took a huge step toward ending #OscarsSoWhite

LOS ANGELES — For all the grief the Academy of Motion Picture ...

G. Star Swain Sings

Tourist's national anthem performance astounds onlookers at Lincoln Memorial

[embedded content] Take note, would-be pop stars: this is how you ...


Baby pics > news hits: Facebook loves 'friends and family,' cools on media

Another day, another chapter in Facebook's love/hate relationship ...

Lady Gaga and 48 more celebs honor Orlando victims in video by Ryan Murphy

Lady Gaga and 48 more celebs honor Orlando victims in video by Ryan Murphy

[embedded content] Ryan Murphy can bring together star power like ...