Even celebrities and politicians are not immune from the mortgage blues.

Ed McMahon, the longtime sidekick to television star Johnny Carson, faces the possible loss of his Beverly Hills home to a foreclosure action initiated by a unit of Countrywide Financial Corp.

U.S. Rep. Laura Richardson, a California Democrat, recently lost a home in Sacramento to a foreclosure. Not only has Richardson missed house payments, but she is behind on her property taxes, a lien was placed on her Sacramento house because of an unpaid utility bill, and she angered her neighbors by not keeping up her home.

Labels: Celebrity Finances, foreclosure, Mortgages

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Posted By: Joe on Friday, June 13, 2008
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Take a look at this map. It shows the scope of the foreclosure problem today. This is just Denver, CO and covers the years 2006 and 2007.

Lenders foreclosed on about 7,700 homes in Denver last year and officials expect 11,000 this year. Among the neighborhoods hardest hit was this corner of the Green Valley Ranch subdivision. Click on the regional map if you really want to see the scope of the problem.

Labels: foreclosure, housing market

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Posted By: Joe on Tuesday, May 13, 2008
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Posted By: Jim on Friday, May 09, 2008
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As I mentioned in a previous post that California was receiving funding for more mortgage counselors, it could not have come soon enough. As reported in Reuters, The DataQuick Information Systems report said the 31,676 foreclosures in the fourth quarter were more than double California's previous peak in 1996 and marked a 421.2 percent jump from a year earlier. The fourth-quarter default notices represented the highest number in more than 15 years, it said. I doubt the recent Federal Reserve interest rate cut will do any good.

Labels: foreclosure, Sub-Prime Mortgages

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Posted By: Joe on Monday, January 28, 2008
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Homes lose about 1% of their property value for each foreclosure within an eighth of a mile. Nevada, California and Florida have posted the highest foreclosure rates in the country for the past several months. If you are adventerious and seeking a good deal, buying a foreclosed house could save you thousands. Keep in mind the auctions are usually "as is", so do your homework.

Labels: Debt, foreclosure

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Posted By: Joe on Tuesday, December 18, 2007
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