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Inspector General: Foreclosure aid program flawed
WASHINGTON — The Treasury Department rushed out a major revamp of its foreclosure-prevention program in 2010, limiting the plan’s ability to help people who are unemployed or owe more than their homes are worth, a government watchdog says. Treasury’s Hardest Hit Fund, which distributes money to state housing agencies for a range of programs, has […]
Some states saw spike in foreclosures in February
LOS ANGELES — Foreclosure activity surged last month across about half of the nation’s states, as banks tackled a backlog of homes with mortgages that had gone unpaid yet remained in limbo due to delays stemming from foreclosure-abuse claims. The increase occurred across 26 states where the courts supervise the foreclosure process. In contrast, the […]
Bernanke: Weak housing has hurt consumer spending
WASHINGTON — Ben Bernanke said declines in home prices have forced many Americans to cut back sharply on spending and warned that the trend could continue to weigh on the U.S. economy for years. The Federal Reserve chairman drew the connection between home values and consumer spending, which fuels 70 percent of economic activity, on […]
U.S. foreclosure activity hit 7-month high in Oct.
LOS ANGELES — More U.S. homes entered the foreclosure process in October than in the previous month, with Florida, Pennsylvania and Indiana registering among the largest monthly increases, new data show. Some 77,733 properties received an initial default notice last month, up 10 percent from September, foreclosure listing firm RealtyTrac Inc. said Thursday. The number […]
Fewer homeowners underwater in the third quarter
NEW YORK — The number of homeowners who owe more than their houses are worth fell for the third straight quarter this summer. About 10.8 million households, or 22.5 percent of all mortgaged homes, were underwater in the July-September quarter, housing data firm CoreLogic said Monday. That’s down from 23 percent, or 11 million households, […]
Pennekamp Park in Key Largo marks 50th anniversary
KEY LARGO, Fla. — Fifty years after it was designated the first underwater park in the U.S., John Pennekamp Coral Reef State Park looks much like it did when it was founded: Tropical fish swim through the coral reef and kayakers can still get lost in the maze of mangrove swamps. And that’s no small […]
