Latest news with #foreclosure
National Post
a day ago
- Business
- National Post
Study Finds Foreclosure and Recession Fears Point to Housing Slowdown
Article content ADA, Okla. — Legal requests related to foreclosures have reached their highest level in five years, coinciding with a new LegalShield survey showing that more than 70 percent of homeowners and prospective buyers worry that a potential recession and tariffs could disrupt their housing plans. Article content Article content LegalShield also saw a marked drop in inquiries related to home purchases and housing construction, suggesting a potential slowdown in the overall housing market. Article content 'The hard data from consumers calling lawyers matches their fears about the economy: their homes are at risk and things may get worse,' said Warren Schlichting, LegalShield CEO. 'The other concerning finding is a drop in consumers asking for help to buy a home and a decline in questions from builders.' Article content Foreclosure Surge Reflects Mounting Economic Strain Article content Calls to LegalShield provider lawyers about foreclosures spiked in May to the highest level since April 2020. Article content 'Our data highlights a convergence of pressures: buyers from the homebuying surge a few years ago want help with rising insurance premiums, property tax reassessments, and adjustable-rate mortgage resets,' said Matt Layton, senior vice president of consumer analytics. 'People are reaching out to LegalShield provider lawyers to save their homes, and they're scared of the next shoe to drop in the economy.' Article content Signs of the Times: Home Sales and Construction Inquiries Sink Article content In a potential sign of a coming slowdown in housing transactions and construction, LegalShield saw significant declines in inquiries about buying and selling existing homes and home building. Article content LegalShield fields approximately 150,000 calls monthly from consumers nationwide covering more than 90 areas of law, including real estate-related issues. Article content In May, legal activity related to housing sales fell to its lowest level since July 2023, the last time the Federal Reserve raised interest rates. Both buyers and sellers face mounting friction amid affordability challenges due to mortgage rate uncertainty, elevated home prices and inventory challenges. Article content LegalShield's Housing Construction Index, which tracks closely with Housing Starts reported by the U.S. Census Bureau, is now at its lowest level since March 2020 and down 4.1% this year suggesting a potential slowdown in new home building. Article content Legal Problems Driving Buyers Away Article content The nationwide survey, conducted in May, found that over a third of current homeowners (38%) experience costly legal issues related to their property, and 30% of all respondents have walked away from buying a home due to preventable legal problems. Homeowners say they regret not consulting an attorney in their homebuying process (44%). Article content 'Perhaps now more than ever, consumers need to consider how to protect themselves and their asset if they are able to buy a home in the midst of these economic headwinds,' said Schlichting. 'Instead of calling a lawyer after something goes wrong, smart homeowners are starting to get legal advice upfront—before they buy, before they renovate, before problems become expensive disasters.' Article content The LegalShield survey was conducted in May 2025 and surveyed 802 adults, ages 25-80, who live in the United States. The sample was balanced by age, among other demographic variables, according to the U.S. Census. Article content About LegalShield: Article content For more than 50 years, LegalShield has provided everyday Americans with easy and affordable access to legal advice, counsel, protection, and representation. Serving millions, LegalShield is one of the world's largest platforms for legal, identity, and reputation management services protecting individuals and businesses across North America. Founded in 1972, LegalShield, and its privacy management product, IDShield, has provided individuals, families, businesses, and employers with tools and services needed to affordably live a just and secure life. Through technology and innovation, LegalShield is disrupting the traditional legal system and transforming how and where people receive legal guidance and services, with access to hundreds of qualified, trusted attorneys and law firms. LegalShield and IDShield are products of Pre-Paid Legal Services, Inc. To learn more about LegalShield and IDShield, visit and Article content Article content Article content Article content
Yahoo
a day ago
- Business
- Yahoo
Study Finds Foreclosure and Recession Fears Point to Housing Slowdown
Five-year high: Calls from homeowners to lawyers about foreclosure surge More than 70 percent of homeowners and buyers worry a recession and tariffs will derail homeownership plans 44 percent of homeowners regret not using a lawyer during the homebuying process to protect their asset ADA, Okla., June 27, 2025--(BUSINESS WIRE)--Legal requests related to foreclosures have reached their highest level in five years, coinciding with a new LegalShield survey showing that more than 70 percent of homeowners and prospective buyers worry that a potential recession and tariffs could disrupt their housing plans. LegalShield also saw a marked drop in inquiries related to home purchases and housing construction, suggesting a potential slowdown in the overall housing market. "The hard data from consumers calling lawyers matches their fears about the economy: their homes are at risk and things may get worse," said Warren Schlichting, LegalShield CEO. "The other concerning finding is a drop in consumers asking for help to buy a home and a decline in questions from builders." Foreclosure Surge Reflects Mounting Economic Strain Calls to LegalShield provider lawyers about foreclosures spiked in May to the highest level since April 2020. "Our data highlights a convergence of pressures: buyers from the homebuying surge a few years ago want help with rising insurance premiums, property tax reassessments, and adjustable-rate mortgage resets," said Matt Layton, senior vice president of consumer analytics. "People are reaching out to LegalShield provider lawyers to save their homes, and they're scared of the next shoe to drop in the economy." Signs of the Times: Home Sales and Construction Inquiries Sink In a potential sign of a coming slowdown in housing transactions and construction, LegalShield saw significant declines in inquiries about buying and selling existing homes and home building. LegalShield fields approximately 150,000 calls monthly from consumers nationwide covering more than 90 areas of law, including real estate-related issues. In May, legal activity related to housing sales fell to its lowest level since July 2023, the last time the Federal Reserve raised interest rates. Both buyers and sellers face mounting friction amid affordability challenges due to mortgage rate uncertainty, elevated home prices and inventory challenges. LegalShield's Housing Construction Index, which tracks closely with Housing Starts reported by the U.S. Census Bureau, is now at its lowest level since March 2020 and down 4.1% this year suggesting a potential slowdown in new home building. Legal Problems Driving Buyers Away The nationwide survey, conducted in May, found that over a third of current homeowners (38%) experience costly legal issues related to their property, and 30% of all respondents have walked away from buying a home due to preventable legal problems. Homeowners say they regret not consulting an attorney in their homebuying process (44%). "Perhaps now more than ever, consumers need to consider how to protect themselves and their asset if they are able to buy a home in the midst of these economic headwinds," said Schlichting. "Instead of calling a lawyer after something goes wrong, smart homeowners are starting to get legal advice upfront—before they buy, before they renovate, before problems become expensive disasters." The LegalShield survey was conducted in May 2025 and surveyed 802 adults, ages 25-80, who live in the United States. The sample was balanced by age, among other demographic variables, according to the U.S. Census. About LegalShield: For more than 50 years, LegalShield has provided everyday Americans with easy and affordable access to legal advice, counsel, protection, and representation. Serving millions, LegalShield is one of the world's largest platforms for legal, identity, and reputation management services protecting individuals and businesses across North America. Founded in 1972, LegalShield, and its privacy management product, IDShield, has provided individuals, families, businesses, and employers with tools and services needed to affordably live a just and secure life. Through technology and innovation, LegalShield is disrupting the traditional legal system and transforming how and where people receive legal guidance and services, with access to hundreds of qualified, trusted attorneys and law firms. LegalShield and IDShield are products of Pre-Paid Legal Services, Inc. To learn more about LegalShield and IDShield, visit and View source version on Contacts LegalShield Media Contact: Hollon Kohtz, Director of Communicationshollonkohtz@ Sign in to access your portfolio
Yahoo
a day ago
- Business
- Yahoo
New study warns that one type of US home foreclosures could surge by staggering 380%: 'Hidden risks'
Weather-related foreclosures across the United States could jump 380% over the next 10 years, reported CBS MoneyWatch. By 2035, weather-driven events could account for up to 30% of all foreclosures, compared with roughly 7% today. The research from First Street, a climate impact analysis firm, shows how rising repair costs and insurance premiums are creating a perfect storm for American homeowners. Weather-driven foreclosures happen when extreme conditions damage homes so badly that owners can't afford the repairs or insurance costs. Unlike traditional foreclosures caused by job loss or financial hardship, these stem directly from floods, hurricanes, wildfires, and other weather disasters. The problem hits families with low and moderate incomes the hardest since most of their wealth is tied up in their homes. When a storm destroys your house and insurance doesn't cover the full cost, foreclosure often becomes the only option. These foreclosures are a concealed financial risk that most lenders don't consider when approving mortgages, per the report. Banks typically look at your income, debt, and credit score but not whether your future home sits in a flood zone or wildfire path. First Street projects lenders will lose $1.2 billion this year alone, with losses climbing to $5.4 billion annually by 2035. For every 1% increase in insurance costs, it estimates foreclosure rates jump by roughly 1% nationwide. "Such losses represent the 'hidden risks' of climate change that lenders often fail to account for in their underwriting practices," CBS MoneyWatch wrote while paraphrasing Jeremy Porter, head of climate implications at First Street. This oversight leaves both homeowners and banks vulnerable when disaster strikes. Florida faces the biggest risk, with eight of the top 10 counties for the highest projected credit losses. Duval County alone could experience $60 million in losses from 900 foreclosures in a severe weather year. Do you think America is in a housing crisis? Definitely Not sure No way Only in some cities Click your choice to see results and speak your mind. However, the impact goes beyond coastal areas. Heavy rainfall and river flooding threaten inland communities too, especially where flood insurance coverage remains spotty. The real problem lies in insurance gaps. The Federal Emergency Management Agency's flood maps cover just under 8 million properties, but First Street estimates nearly 18 million homes face flood risk. That leaves millions of homeowners without proper coverage. "About half the people with significant flood risk aren't mapped into [FEMA's] Special Flood Hazard Area," Porter explained. "So it leads to a state where we have a lot of underinsurance across the country." Properties outside official flood zones saw foreclosure rates 52% higher than those inside protected areas when flooding occurred from 2002 to 2019. "If you don't protect yourselves, then when the event does occur it's completely on you. You end up having to pay out of pocket and you may go into foreclosure," Porter said. When buying a home, ask about flood risk even if you're not in an official flood zone. Consider flood insurance regardless of requirements, and factor potential weather-related costs into your budget. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
Yahoo
2 days ago
- Entertainment
- Yahoo
Elon Musk regains ownership of Gene Wilder's former LA home after foreclosing on Willy Wonka star's nephew
Elon Musk has reclaimed ownership of Gene Wilder's iconic Bel-Air home from the late Willy Wonka star's nephew Jordan Walker-Pearlman, who had defaulted on the loan he had received from the tech billionaire to purchase the property in 2020. Musk, 53, who first acquired the single-family LA home in 2013 for $6.7 million, originally planned to sell the dwelling in 2020, claiming at the time that he planned to 'own no house.' It was then revealed that the Tesla CEO had lent Walker-Pearlman and his wife, Elizabeth Hunter, $6.7 million to buy the home from him. However, it was later reported that the couple had fallen behind on loan payments, leading Musk to move to foreclose on the home in July 2024. Musk planned to hold a public auction for the property that December, but January 2025 records now indicate that the home was purchased for $7.5 million through an LLC owned by Musk, according to Walker-Pearlman, 58, a film director and screenwriter himself, lived with Wilder and the actor's then-wife, Gilda Radner, in the home during his youth, according to The Hollywood Reporter. He later moved back in in 2020 with Hunter, following the 2016 death of his uncle at the age of 83. During their time living at the home, the couple managed to 'restore the house to much of how Gene had it (with modern editions and no shag carpeting) during his golden period there,' Walker-Pearlman told The Hollywood Reporter. While the terms of the foreclosure sale and the change of ownership remain confidential, Walker-Pearlman added that 'everything was orderly and convivial.' The joint Hollywood writers' and actors' strikes in 2023 had apparently impacted him financially, resulting in him falling behind on his loan. He previously told the outlet that there was no ill will between him and Musk over the foreclosure notice. 'It was an opportunity that allowed me to film my autobiographical movie, The Requiem Boogie, in the house where so many childhood memories in it actually took place. It has been a very special and magical four years. Collectively and in coordination with Mr. Musk and his team, we took the steps we are taking now,' Walker-Pearlman said in a 2024 statement. He and his wife had initially tried to sell the house themselves, listing it for $12.95 million in August 2024, but were unable to find a buyer. The price tag was then slashed to $9.5 million in November 2024. That same month, however, Walker-Pearlman and Hunter received a notice that the home would be sold at auction in December. It stated that the unpaid balance of the loan, as well as 'reasonable estimated costs, expenses, and advances,' was set at $7,512,523.10, per Wilder, best known for his roles in Willy Wonka and the Chocolate Factory (1971) and Young Frankenstein (1974), reportedly purchased the 2,750 square-foot compound for an estimated $300,000 shortly after the success of the latter film. He lived there for decades before selling it in 2007 for $2.7 million. Musk eventually added the property to his vast real estate portfolio in 2013.
Associated Press
5 days ago
- Business
- Associated Press
We Buy Houses Company Rust Belt Cash Offer Opens New Office in Buffalo, NY
06/23/2025, Buffalo, NY // KISS PR Brand Story PressWire // Rust Belt Cash Offer is excited to announce the opening of its new office at 50 Fountain Plaza, Suite 1400, Buffalo, New York. This expansion allows the company to serve even more homeowners in the city and offer a faster, easier, and stress-free alternative to the traditional home-selling process. As a trusted home-buying company with over four years of experience revitalizing communities across Western New York, Rust Belt Cash Offer is committed to guiding sellers through a simple and transparent process that puts their needs first and eliminates uncertainty. RB Cash Offer buys houses for cash, regardless of condition, and puts sellers in control of the terms. There is no need to schedule costly repairs, no agent commissions to worry about, and no hidden fees. Whether your property is move-in ready or needs work, you can sell your house for cash in as little as seven days and choose the closing date that fits your timeline, ensuring you walk away with the full offer amount. Homeowners in Buffalo facing foreclosure, dealing with inherited properties, or navigating challenging market conditions can now benefit from the flexibility and speed that Rust Belt Cash Offer brings into every transaction. From the first conversation to the final signature, it covers all closing costs, coordinates directly with reputable local escrow companies, and handles the details so sellers can focus on their next chapter. If you need 'cash for my house' quickly or simply want to 'sell my house as is,' it is ready to provide a fair, no-obligation offer within 24 hours of your initial inquiry. What sets RB Cash Offer apart is its deep connection to the local community and its commitment to client transparency. Local homeowners can verify its credibility through the company's BBB profile and stay informed by following RB Cash Offer's Facebook Page. For real success stories and client testimonials, they can visit RB Cash Offer's YouTube channel. Selling a home can be emotionally challenging, especially during major life transitions like divorce, downsizing, or relocation. That's why every member of Rust Belt Cash Offer is dedicated to making the process as easy and respectful as possible. Since launching the company in 2019, owner Carlos Torres has been driven by a mission of offering more than just a financial transaction. By eliminating the middleman and the need for staging, multiple showings, or uncertain timelines, Rust Belt Cash Offer streamlines the selling process. Homeowners receive a straightforward cash proposal, backed by a team that knows the region's market dynamics and shares its community spirit. The new Buffalo office will serve Erie, Niagara, and Chautauqua counties, offering personalized consultations, transparent market analyses, and seamless closings without agent fees or commissions. To get started on an immediate cash proposal or learn more about how to 'sell my house as is,' visit About Rust Belt Cash Offer Rust Belt Cash Offer is a real estate solutions and investment firm specializing in buying homes for cash, regardless of condition. Founded in 2019, the company combines local expertise with compassionate service to simplify home sales for homeowners in Buffalo, NY, and its surrounding communities. ### Media Contact Rust Belt Cash Offer 50 Fountain Plz #1400, Buffalo, NY 14202 (716) 800-2274 Source published by Submit Press Release >> We Buy Houses Company Rust Belt Cash Offer Opens New Office in Buffalo, NY
