The number of newly started foreclosure cases on Long Island jumped 54 percent last month from January, although the number of actual lender repossessions of homes continued to fall, according to RealtyTrac, an online marketer of foreclosures. Long Island had 933 new cases - 607 in Suffolk and 326 in Nassau - compared with 606 in January, the report showed. The rate of new February cases shows Long Island is almost back to where it was a year ago, when lenders opened foreclosure proceedings on 999 homes, according to the data.

via newsday.com

A group of housing developers, solicitors and surveyors are alleged to have defrauded the now-nationalised high street bank Bradford & Bingley out of £40m in a buy-to-let mortgage scam. Yesterday, nine people were arrested in dawn raids by more than 50 fraud squad officers from the City of London Police. And more arrests are expected to follow as the investigation, which focuses on mortgages taken out on more than 500 properties in the south of England between 2005 and 2007, continues.

via independent.co.uk

The River Severn snakes its way through Bridgnorth, making it one of the county’s most easily-recognised towns. Steam trains chug through, en route to stations along the Severn Valley Railway line, while day-trippers make the most of the town’s unique hillside railway.
But, according to Bridgnorth MP Philip Dunne, the town’s finest feature is the people who live there. He said: “What makes Bridgnorth so special are its people. There is a strong sense of community identity and involvement in local good causes.

via shropshirestar.com

In an effort to stem the rising foreclosure rate plaguing the economy, a House committee met Tuesday to learn more about the steps mortgage servicers are taking to assist homeowners. "I am concerned there isn’t doing enough being done to modify loads and preventing foreclosures," said Rep Maxine Waters (D-Calif.), chairwoman of the Subcommittee on Housing and Community Opportunity Hearing said in her opening statement.
More than 2.3 million homeowners faced foreclosure proceedings last year, an 81% spike from 2007, according to data from RealtyTrac released last week.

via foxbusiness.com

Fannie Mae and Freddie Mac won't be leaving the federal government's nest anytime soon. President Obama is leaning heavily on the teetering mortgage finance titans to help stabilize the housing market, even as it pumps hundreds of billions of dollars into them to keep them afloat. As the housing crisis deepens, the question of the companies' long-term future has been set aside.
"The Obama administration has indicated that Fannie and Freddie will continue having a key role in the nation's economy as we go forward," James Lockhart.

via money.cnn.com

The British Bankers’ Association (BBA) has reported a slight rise in the number of mortgages approved by its members for house purchases, in January. By volume, approvals rose to 23,376, compared to 22,416 in December, however, the figure was still 43% down on a year earlier. According to the BBA, High Street banks are currently providing more than two-thirds of new mortgage lending and January’s figures show that demand is being “underpinned” by lower borrowing costs and falling property prices.

via financemarkets.co.uk

A conservative watchdog organization contended Monday that Assembly Speaker Barbara Buckley’s bill to reduce foreclosures will lead to lenders charging higher interest rates, pricing more people out of homes. Geoffrey Lawrence, a policy analyst for the Nevada Policy Research Institute, said Buckley’s bill would force lenders “to take a hit” in negotiating with buyers for better deals on their mortgages. Then banks, to make up for reduced profits, would have no choice but to offer fewer loans or charge others more to secure their loans.

via lvrj.com

Economists say prices will rise by five or six per cent in Sydney suburbs where the median house price is below half-a-million dollars thanks to demand by first-time buyers. Auction volumes picked up yesterday as the market swings into gear for the year after a lacklustre end to 2008 when Sydney property prices slipped more than four per cent. Weekly clearance rates in the past fortnight reached a peak of 70.8 per cent but the number of properties auctioned was low.

via news.com.au

The Obama administration's efforts to help struggling homeowners will aid "responsible" borrowers, not deadbeats or speculators, Housing Secretary Shaun Donovan said Sunday. President Barack Obama announced the plan Wednesday, saying it will help up to 9 million people keep their homes in a housing market ravaged by foreclosures. But critics, including several leading Republicans and some commentators, said the $75 billion proposal will unfairly help some people at the expense of others.

via cnn.com

THE Australian dream of owning a home is more affordable now than it has been for five years following lower interest rates and greater Government subsidies, a report says. The Housing Industry Association and Commonwealth Bank First Home Buyer Affordability index improved by 39.2 per cent to 153.6 points in the December quarter from 110.3 index points for the September quarter. First home buyers last had housing this affordable in the March quarter 2003, according to the index.

via news.com.au

State Republican leaders have railed against the federal stimulus package, but the extra money Georgia is receiving will indirectly help save homeowners from getting a supplemental property tax bill later this year. It will also limit the amount of additional budget cuts state agencies will have to make. Gov. Sonny Perdue reversed course on Tuesday and signed legislation that promises counties $428 million to pay for the homeowners’ tax relief grants they doled out last fall.

via ajc.com

THE Australian dream of owning a home is more affordable now than it has been for five years following lower interest rates and greater Government subsidies, a report says. The Housing Industry Association and Commonwealth Bank First Home Buyer Affordability index improved by 39.2 per cent to 153.6 points in the December quarter from 110.3 index points for the September quarter. First home buyers last had housing this affordable in the March quarter 2003, according to the index.

via news.com.au

Northern Ireland’s Co-Ownership scheme is being thrown a lifeline in the form of a £50m boost from Ulster Bank.
And it is good news for the province’s beleaguered first time buyers as the multi-million pound windfall, to be made available later this month, is expected to provide up to 600 new Co-Ownership mortgages. The move has been praised by Department of Social Development Minister Margaret Ritchie, who said: “I call on other banks to follow the lead given by Ulster Bank.”

via belfasttelegraph.co.uk

SWAPPING house is the latest trend in the high-end Gold Coast property market, as tough economic times make it harder for people to sell million-dollar homes. Luxury boats and cars are also being thrown into the deals to help make up the equity as desperate vendors start thinking outside the square. In one example, a Ferrari was added to the house to bring up the trading value while in a second case a farmer swapped his property for a place in Hedges Avenue whose owner wanted to return to the land.

via news.com.au

To date, only contracts entered into between October 14, 2008 and June 30, 2009 are eligible for the boost. However, the latest data from the Australian Bureau of Statistics showed a steep jump in the number of people borrowing either to buy or build a house. "The positive performance for December across every housing loan category deserves a loud round of applause," Mortgage Choice managing director Paul Lahiff said.

via news.com.au