Buyer power is new reality of housing market

The American dream of homeownership is still attainable. Buyers just have to deal with a new set of realities.

source; http://www.msnbc.co/, associated press

http://www.msnbc.msn.com/id/32739806/ns/business-economy_in_turmoil/

Treasury says millions more foreclosures coming

WASHINGTON (Reuters) - Only 12 percent of U.S. homeowners eligible for loan modifications under the Obama administration's housing rescue plan have had their mortgages reworked, and millions more foreclosures are coming, the Treasury Department said on Wednesday.

source; By Glenn Somerville http://www.reuters.com/

http://www.reuters.com/article/newsOne/idUSTRE5883S620090909

AG Settles With Defendant In Foreclosure Rescue Scheme

Attorney General Martha Coakley has settled a suit with Marie Bettie Mereus, a straw buyer who participated in a massive foreclosure scheme targeted at troubled homeowners facing foreclosure.

source; Banker and Tradesman

http://www.bankerandtradesman.com/news134537.html

Number of Homeowners Late in Paying or in Foreclosure Soars

The number of Americans who are in serious delinquency on their mortgage rose to a record 9.24% last quarter, according to the Mortgage Bankers Association, as the increasing job losses and still-struggling economy forced more people out of their homes.
Meanwhile, the number of people who were in the foreclosure process rose to 4.3% from 3.85% from the previous quarter.

Source: Ken Sweet FOXBusiness

http://www.foxbusiness.com/story/markets/economy/update----homeowners-late-paying-foreclosure/