| US Foreclosure Filings Rise 12 Percent in February (Update3)
March 26 (Bloomberg) -- U.S. foreclosure filings last month jumped 12 percent compared with a year ago as owners struggled with declining home values and higher adjustable mortgage rates. More than 130,000 homes entered foreclosure last month, according to a report from RealtyTrac, an online listing of foreclosed properties. That's the second-highest since RealtyTrac began collecting data in January 2005. The worst housing slump in more than a decade is pushing down home prices and hampering the ability of owners to refinance mortgages. Borrowers with poor or incomplete credit are also vulnerable to mortgages that are resetting at higher rates than introductory or so-called teaser rates. ``The rise in foreclosures over the past year probably only marks the beginning of the problem,'' Jan Hatzius, a Goldman, Sachs & Co.
Quick guide to mortgage affordability
It might be stating the obvious, but the essential first step to buying your house is to work out how much you will be able to borrow. Rapidly rising house prices have made it hard for first-timers to get on the property ladder, as the amount buyers need to borrow has increased. In fact property prices have outstripped earnings by a record amount. Sale prices for homes in England and Wales increased 12.2% in March year-on-year, while some of the upmarket areas saw price rises of over 20%. And, as if the unexpected interest rate hike in January was not bad enough, some analysts are predicting rates could rise as high as 6% later this year! Download our free Home Buyers Guide here Mortgage and transaction costs have also soared Then there is the fact simply applying for a mortgage is now twice as expensive as it was just three years ago.
TO man's whereabouts are still a mystery to all
Police scoured for the answer in motels and parking lots. The family of the missing Thousand Oaks man conducted a desperate search for more than three months, focusing on many of the places that Jeff Howard had visited and any technology he used. .
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