Real estate scam doubles

Many sellers and buyers are frustrated about the increasing number of scam in the country. Real estate companies claim that more and more people complain about real estate frauds. The usual scam looks like this. A company puts listing for sale on the Internet and the people can see it. Then a person – usually a foreign finds the house to buy and tries to contact the owners of the house. That person puts the house on Craigslist using the real owner’s name and gives a very low price. Then the application is filled in and the scammers ask to send the first month rent deposit in order to get keys. Everything is done by e-mail and the clients never see the real house. Of course the money is sent but no a house is got.

It’s a pity but more and more people get into the trap and pay out money only because they want to have some property. But not only potential buyers suffer, but the real home owners too as their names are used. The recent case happened in Wyoming, when a woman wanted to rent her a house, and every morning saw some strangers trying to get into her house and taking pictures.

The only way to avoid any scam is to be very careful about Internet listings.

Mortgage payment delays

According to credit reporting agency TransUnion, in the last 3 months of the year 2009 the percentage of mortgage payments delays cracked the record – about 7% of payments were more than 2 months overdue. That’s the highest figure for the last three years. 

Some researchers think that we shouldn’t worry too much about this figure as that’s the usual trend – at the end of each year consumers have problems paying their bills due to run out of cash because of holiday purchasing. But if the tendency continues in the first quarter 2010, it will lead to increase in foreclosures.

The highest rate of delinquency is stated in Nevada, then goes Florida followed by Arizona and California. The lowest rate of delinquency was in North and South Dakota.

According to the agency, foreclosures will go up throughout the year resulting in 8 percent. Nevada will still be in the worst situation because one out of five mortgage borrowers can become delinquent by July.