Just recently, the two government-controlled mortgage giants, Freddie Mac and Fannie Mae declared a six-week freeze for all evictions and foreclosures which would last through the holiday season until January 9. Freddie Mac and Fannie Mac own $5.2 trillion of the nation’s $12 trillion home mortgage market. Bloomberg News reports that this was [...]

This year, an estimated number of 50,000 property owners in New York suffered from foreclosure, specifically in Mid-Hudson Valley and the western part of the state.
The growing number of foreclosures is starting to be a threat to the local government as it can affect their finances — 44% of the revenue comes from tax properties [...]

Such was the plight of a Chicago family with ten people, 8 of which are children. They were forced out of their rental apartment, which they did not know already fell to foreclosures, and into homelessness. The Chamber’s family was renting a unit in a building in Lawndale when the landlord eventually abandoned his [...]

Tennessee foreclosures in October 2008 went down by 2.6 percent to 491 homes compared to 504 in October 2007. However, the total number of distressed homes for 2008 is higher by 8.9 percent than in 2007.

Heading Home Minnesota is an ambitious statewide plan to end homelessness in Minnesota counties and cities. An integral part of this plan is Heading Home Hennepin, designed by 70 Hennepin County community leaders aimed at providing housing opportunities to homeless people by 2016. For two years, Hennepin has started to see the benefits of their efforts with the considerable drop of people with no permanent address. The problem is, with the current economic crisis affecting the nation resulting to a great number of foreclosures, this program is now faced with a great impediment to success.

Earlier this year, Ohio State passed into legislation its foreclosure prevention programs. Part of the fund for this project will finance the Homeowner Helpline Program implemented through its counties and cities. $2.7 million from this program went to Franklin County and will be used in part for the Franklin Country Foreclosure Mediation project. This project aims to establish proper communication between lenders and delinquent homeowners as part of the ongoing process to stop foreclosures.

Even with the staggering $700-billion bailout of troubled financial corporations, the wave of foreclosures is still continuing and the expected stimulation of profitable lending has not occurred.

Federal Deposit Insurance Corp. Chairwoman Sheila Bair has urged the U.S. Treasury Department to consider a $50 billion bailout program. The program, which will use the $700 billion funds in the financial rescue plan, aims to encourage banks to modify and lower mortgage payments and allow homeowners to continue living in their homes.

A day after Democratic candidate Barack Obama won the election, the stock market had a free fall, with the Dow Jones Industrial Index dropping by nearly 500 points, the Nasdaq losing 5.6% and with the S&P 500 losing 5.3 percent.

As California foreclosures continue to rise, the inventory of unsold foreclosed homes has increased to more than 5,000 units as of October 20.