Welcome to Ilyce Glink's blog! Here you'll find Ilyce's latest insights on personal finance advice, real estate advice and consumer issues. Come back often for timely and interesting posts on a wide variety of topics.
Today on the Ilyce Glink Show, we talked about Integrity Bank, the Alpharetta, Ga.-based bank that failed on Friday. It was the 10th bank to fail this year. Regions Financial Corp has assumed the assets of Integrity Bank and all of its 5 branches will reopen on Tuesday as Regions Bank branches, according to the FDIC. I answered questions about CDs held by Integrity and also how to find out ratings information on banks.
I also talked about the skyrocketing numbers of mortgage loan fraud that took place in the second quarter of the year, and answered questions on credit card debt charged up by an ex-spouse, whether it's a good idea to finance the purchase of a new car using a check from a credit card company, how to calculate the profit from the sale of a personal residence, whether "subject to" contracts are a good idea, whether a VA loan is better than a conventional mortgage and how to talk to a 93-year old dad about his assets.
RealtyTrac reports today that the number of foreclosures increased by 55 percent in July, as compared to one year earlier.
Foreclosures rose by 8 percent from June 2008.
Banks foreclose on properties when home owners fail to make mortgage payments.
Which states have the most foreclosures? Nevada, California and Florida. Arizona holds fourth place.
In Nevada, one in every 106 properties received a foreclosure notice. In California, it's one in every 182 properties. NPR reported this morning that Riverside and San Bernardino were especially hard hit.
In Florida, one in every 186 properties was foreclosed and in Arizona it's one in every 195.
Nationwide, the Cape Coral-Fort Myers, Fla., area posted the highest rate among the 230 metro areas that RealtyTrac monitored.
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