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’Hope for second-homeowners
Are you not eligible for the US government’s Home Affordable Modification Plan — the Hamp?
Are you a second homeowner, or investor in homes, underwater and struggling to pay your mortgage?
Then never fear,
Anatomy of a Hamp modification
Did you ever want to see what a mortgage modification from the US government’s Home Affordable Modification Plan (Hamp) looks like?
Here’s your chance. Calculated Risk has got hold of some loan modification documents from Wells Fargo.
Ireland’s Doctor Doom
Meet University College Dublin economist Morgan Kelly. He’s predicting Irish house prices will fall a solid 80 per cent in coming years.
From the Irish Times:
In a presentation that drew several collective intakes of breath,
Break clause
Too good to be true.
Widely reviled Highly successful estate agency Foxton’s has breached its banking covenants. BC Partners – the private equity firm that bought the company at the peak of the market gave a press conference yesterday.
UK house prices – nearly where they should be
… where they should be if you’re a fan of mean reversion anyway. But still nowhere near as low as they will be if previous downward trends are to be believed (more like nearly halfway there).
To wit,
UK house prices drop 14.6% year-on-year
UK house prices fell by 1.4 per cent in October, according to the latest Nationwide House Price Survey, marking the 12th consecutive monthly decline in house prices and bringing the year-on-year drop to 14.6 per cent.
Slump hits London’s richest homeowners
Homeowners in some of London’s wealthiest areas are feeling the full impact of the property slump, data published by the Land Registry yesterday showed. Last month, house prices in Kensington and Chelsea – which were rising at an annualised rate of 33.5 per cent a year ago – fell by 2.0 per cent,
Greenspan sees bottom to house price slump
Alan Greenspan, former Federal Reserve chairman expects that US house prices will begin to stabilise in the first half of next year, the Wall Street Journal reports. “Home prices in the US are likely to start to stabilise or touch bottom sometime in the first half of 2009,”