Nashuatelegraph.com: Don’t look for help from lawmakers

Nashuatelegraph.com: Don’t look for help from lawmakers

Lawmakers seem to be taking a wait and see approach to the potential "mortgage crisis".

“We have an obligation to prevent fraud and abusive lending,” Federal Reserve Chairman Ben Bernanke said in a speech Tuesday. “At the same time, we must tread carefully so as not to suppress responsible lending or eliminate refinancing opportunities for subprime borrowers.”

However, John Robbins, chairman of the Mortgage Bankers Association, predicts foreclosures among borrowers with the riskiest credit will amount to 0.25 percent of U.S. mortgages.

“No seismic financial occurrence is about to overwhelm the U.S. economy,” Robbins said in a speech last month.

In keeping with the metaphor your blog reporter is starting to see some fault shaking in the florida real estate markets, particularly in bradenton and sarasota, but
as long as the lenders do not shut off the spigot I see plenty of buyers on the side line looking to scoop up short sales.

Foreclosures skyrocket Ca and FL lead

California and Florida led the way with foreclosure activity in May
Five months in a row California has lead the list most foreclosure filings of any state, with 39,659 in May.

Florida was second in foreclosure activity with 21,704 foreclosure filings. Activity in Florida increased 52% from April 2007 and up 144% from May 2006, One in every 336 households — fourth highest among all the states.

Affordable housing is starting to show up in the Sarasota and Bradenton markets which is part of the reason sales have increased there. Affordable housing might not be too far off in parts of San Diego. Although, areas of Carlsbad are still seemingly strong.

Our observation is that homes located near good schools in Carlsbad still seem to have a bid under them.

source of the statistics is realitytrac