The Southwest led the nation in foreclosures in 2006, according to ForeclosureS.com, a Fair Oaks, Calif.-based investment advisory firm.California, Colorado, and Texas were among the hardest-hit states in the region, with California topping the list at 157,417 foreclosure filings, up 94.3% from the previous year's level, the company reported. Colorado recorded 68,310 foreclosure filings last year, up 55.4%, while Texas recorded 106,845 filings, up 35.2%. Nationally, 970,948 filings were reported in 2006, up more than 50% from about 641,000 in 2005. Alexis McGee, president of the firm, said she believes the worst is over. "Home inventories are now dropping, and markets are improving," Ms. McGee said. "That means relief to overextended homeowners who bought homes they couldn't afford with the help of little money down and low-teaser-rate mortgages." The company can be found online at http://www.foreclosures.com.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
8h ago -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
8h ago -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
9h ago -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25