Report: More than 860,000 foreclosures nationally in 12 months
According to a report by CoreLogic, a provider of information, analytics and business services, the United States saw more than 860,000 completed foreclosures between January 2011 and January 2012. There were 69,000 completed foreclosures in January 2012, 65,000 the previous month. In January 2011, the completed foreclosure rate was 80,000.
Approximately 1.4 million homes, or 3.3% of all homes with a mortgage, were in the foreclosure inventory as of January 2012, compared with 1.5 million, or 3.6% in January 2011. (The foreclosure inventory is the stock of homes in the foreclosure process.) Nationally, the number of loans in the foreclosure inventory decreased by 145,000, or 9.5%, in January 2012 compared with January 2011.
“We are encouraged by the noticeable progress we are seeing over the last several months in the mortgage industry," said Anand Nallathambi, CEO of CoreLogic. "During the last several years the industry has faced enormous challenges working through difficult and complex issues. We are hopeful that these recent improvements are early signals of revitalization in the mortgage market."
The five states with the largest number of completed foreclosures for the 12 months ending in January 2012 were: California (155,000), Florida (86,000), Arizona (65,000), Michigan (65,000) and Texas (57,000). These five states account for 49.7% of all completed foreclosures nationally.
The five states with the highest foreclosure rates were: Florida (11.8%), New Jersey (6.4%), Illinois (5.3%), Nevada (5.0%) and New York (4.7%).
The five states with the lowest foreclosure rates were: Wyoming (0.7%), Alaska (0.8%), North Dakota (0.8%), Nebraska (1.1%) and Texas (1.3%).
These are definitely good
These are definitely good news and it's great to see a positive progress in the mortgage market.Hopefully, these positive dynamic will proceed and soon we will see better and even more impressive results.Anyway, I'm always sad to hear about foreclosures because to me it's awful to loose a roof over head.860 000 foreclosures is not a small ammount and I try to understand why so many people face foreclosure.Maybe it doesn't worth to take a mortgage that you will not be able to pay off?Maybe a lot of people are too confident that they will be able to pay off the debt and take mortgages that they can not pay?I am sure that they should be more rational and take affordable mortgages that they are able to pay off to avoid foreclosure. http://cashadvancesus.com/
Lampert’s ESL to assume Sears vendor payment obligations
In a move to ensure that vendors continue to supply Sears its goods, Sears Holdings Corp.’s top shareholder ESL Investments, a hedge fund owned by Edward Lampert, has agreed to assume some payment obligations.
In a filing with the U.S. Securities and Exchange Commission on Wednesday and reported by Reuters, Sears said ESL made a deal on Jan. 26 with a financial institution to acquire 80% interest in an agreement designed to ensure payment to vendors in the event of a bankruptcy filing by a company.
In January, Reuters reported that business lender CIT Group would again stop providing loans to suppliers of Sears over concerns about the retailer’s financial well-being.
As of Jan. 28, ESL held a participation interest of $93.3 million in the financial institution’s agreements relating to the company. Sears is neither a party nor will become a party to any of these agreements, according to the filing.
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Racor reaches for ladder-storage innovation
A product that easily and securely stores ladders overhead was unveiled by Racor at the 2012 International Home + Housewares Show.
Called the “Racor Ladder Lift” the new product uses a rope and pulley system along with a fixed hook that is mounted on the ceiling. Easily lift and lower a 150lb ladder up to 12 feet by simply lifting the ladder onto the fixed hook, attaching the strap to the bottom of the ladder, and pulling the rope.
The concept frees up valuable wall space, where ladders typically hang.
"Consumers are looking for innovative solutions for their storage problems," said Craig Zurko, marketing manager for Racor. "People have told us they weren’t happy with the topical ladder hooks on the market today. They stick out too far from the wall and they were tired of car doors hitting the ladder that was hung along the wall as they got out of their cars."
The pulleys and the fixed hook do most of the work making a typical 80 lb. ladder only feel like it is 10 lbs.: an 8:1 mechanical advantage. A unique locking mechanism holds the rope securely in place to prevent accidental release.
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