Weekly Real Estate News Update 11-19-2008

Here are the real estate news headlines for this week.

For local real estate information see my web site here.


Big jump in foreclosure counseling; Inman News

A report from the U.S. Department of Housing and Urban Development found a 55 percent increase in the number of families receiving foreclosure prevention counseling between 2006 and 2007, with growth expected to be much higher in 2008. HUD's report, "The State of the Housing Counseling Industry," revealed that of the approximately 136,000 families that completed this counseling during 2007, 45 percent were able to remain in their homes while 14 percent ultimately lost their home through foreclosure. Outcomes for the remaining 41 percent of clients are not known.



FDIC Details Plan To Alter Mortgages; Washington Post

Officials at the Federal Deposit Insurance Corp. yesterday detailed a plan to prevent 1.5 million foreclosures in the next year by offering financial incentives to companies that agree to sharply reduce monthly payments on mortgage loans.



Aid to Fannie, Freddie May Top Expectations; Washington Post
The first of the Bush administration's major financial takeovers, the seizure of Fannie Mae and Freddie Mac, is poised to get more expensive and some analysts are warning that it may ultimately cost more than the government has suggested.


Bernanke Says Central Bankers Ready for More Actions; Bloomberg
Federal Reserve Chairman Ben S. Bernanke said central bankers worldwide are prepared to take additional actions as needed to unfreeze credit markets, citing continued strains even amid ``tentative improvements.'' ``The continuing volatility of markets and recent indicators of economic performance confirm that challenges remain,'' Bernanke said today at a panel discussion hosted by the European Central Bank in Frankfurt. ``For this reason, policy makers will remain in close contact, monitor developments closely and stand ready to take additional steps should conditions warrant.''



Citigroup to lay off another 10,000 – report; CNN Money.com

Citigroup is getting ready to lay off thousands of workers and raise credit card interest rates, according to a published report Friday. The battered financial services company will be laying off 10,000 workers, on top of the 23,000 job cuts it has already made over the last four quarters, reported The Wall Street Journal. Citigroup will also be adding three percentage points to the interest rates of some credit card customers, the newspaper said.