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CDC Takes Advantage of Mediation on Loan Default
Curt Baker
Indiana Statewide Certified Development Corporation Executive Director Jean Wojtowicz recently had surprising results utilizing a little known tool available to all CDC offices to help in liquidation - Third Party Mediation.
Commercial foreclosures up, but mostly for small properties
Austin Business Journal - by A.J. Mistretta ABJ Staff
It's no secret that home foreclosures are rising in Central Texas, just as they are elsewhere around the country.
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IN THE NEWS
Tuesday, April 29, 2008
N.C. home foreclosures up 26% in 1Q
Charlotte Business Journal
Home foreclosures in North Carolina increased nearly 26 percent in the first quarter, according to RealtyTrac Inc.
The California company says there were 10,283 foreclosure filings -- default notices, auction sale notices or bank repossessions -- in the state in the last quarter.
North Carolina had one foreclosure filing for every 392 households in the quarter, placing it No. 25 among the states in the rate of foreclosure.
Nevada was first, with one filing for every 54 households.
The Charlotte-Gastonia region had one foreclosure filing per every 219 households, up nearly 1 percent from the first quarter of last year.
Nationwide, foreclosure filings increased 111.9 percent year over year. One in every 194 U.S. households received a foreclosure filing during the latest quarter.
The state Office of the Commissioner of Banks estimates that foreclosures will jump about 20 percent across North Carolina this year. They increased about 10 percent in 2007, according to state data.
RealtyTrac's statistics are different from the state's because of differences in methodology that lead the company to count multiple foreclosure filings on the same address.
RealtyTrac's data says foreclosures increased by two-thirds last year in North Carolina.
Filings have risen substantially nationwide as many homeowners are unable to make payments on adjustable-rate mortgages. After low initial rates, their mortgages have reset at significantly higher rates.
State officials estimate about 50,000 adjustable-rate mortgages were originated in North Carolina in 2006. Most were made to subprime borrowers who lack the earning power to afford higher payments.
The Center for Responsible Lending in Durham estimates 17.5 percent of the subprime mortgages made in North Carolina in 2005 and 2006 will end in foreclosure.
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