New York State's Foreclosure Prevention Working group is reporting that current foreclosure relief strategies are falling short and many homeowners who are getting assistance and loan modifications are falling back into foreclosure.

Full Story:  Foreclosure Relief is Failing

Can someone please tell me why you bring a vote like that to the floor without knowing for certain that it will pass?

Regardless of the bill's merits or lack there of, you don't vote on a bill that has any chance to fail in an environment where confidence is as shaky as it is right now. 

My $.02 cents, would love to know what you think.

Try:

Stop Home Foreclosure

Unrelated, but also helpful:

Foreclosure Listing Reviews

You are right Lizandjer... this is the right time to invest in real estates...

Think the recent market downturn is the perfect time to go on a spending spree snapping up rental properties?  It probably is, but this Wall Street Journal article serves as a cautionary tale about the challenges of owning and more importantly maintaining a large portfolio of rental properties. 

Redbrick Partners Looking to Sell Rental Properties

 

It has been widely reported today that the Bush administration has conceded the addition of expanded foreclosure relief provisions to the proposed bailout legislation being worked on by Congress.  Details aren't yet available, but we'll post them as they come.

Overview from the LA Times:

Foreclosure Relief to be added to the Bailout Legislation

There is a misconception out there that the foreclosure crisis is mainly due to young, irresponsible home buyers getting in over their heads.  However, a new study out by the AARP shows that the recent wave of foreclosures is affecting homeowners across all age groups. 

According to the new AARP study, 28% of all delinquencies involve borrowers 50 or older

According to the Michigan Messenger the chairman of the Republican Party in Macomb County, Michigan may be planning to use foreclosure listings to block people from voting in the upcoming election.

Macomb County has one of the highest foreclosure rates in the country.

We currently show over 2500 foreclosures listed in Macomb County as of 9/17.

You can read the full story here:  Macomb County Foreclosure Voter Scandal

Many will lose their savings or or their jobs. This may lead to continued weakness in the housing market and in general the economy, perhaps even causing more foreclosures. Maybe even the so far stable NYC real estate may take a hit causing prices their to drop or due to job losses or foreclosures. People looking to invest in foreclosed homes for example, may have trouble finding capital due to weakening borrowing environment to fund their ventures. Looks like things will get a lot worse before they get better 

How can we expect the weakness in the financial sector to effect foreclosures and the housing market in general?