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Foreclosure activity continued its upward trajectory nationwide and in the majority of metro areas in the first half of the year, James Saccacio, chief executive officer of RealtyTrac...
Nearly 5,800 houses and condos were lost to foreclosure in the two-county Phoenix region, up nearly 38 percent from May and up 40.8 percent from a year ago. It was the highest monthly total since foreclosures began to surge in 2006.
The 1.5 million homes which have already been lost to foreclosure are just the tip of the iceberg compared to the 13 million total foreclosures expected over the five years from end-08 to 2014.
NEW YORK -- New York City is buying one-way plane tickets for homeless families to leave the city and head to Georgia or anywhere else they want to go
The original loan-to-value ratio for these borrowers stood at a reasonable 84%, but second and third liens left homeowners with a combined loan-to-value ratio of about 150% by the time of the foreclosure sale date.
Most of the Media and Wall Street economists have had the inherent tendency to get this data wrong . . . the latest batch of releases is no different . . . Consider these charts before you conclude that Residential RE is improving:
Today's chart is pretty self-explanatory. It's the price of a single family house (with data from RedFin) in Palm Springs, CA. Watch it do a round trip from 2001 to 2009.
If New Home Sales are so strong, then can anyone explain why prices are still plummeting? Median home prices dropped 12% year-over-year, and 5.8% from the prior month. The MSM will never show you this chart!
“Foreclosures are bad. When you start seeing homes going for sale on your street, or foreclosures, or houses being foreclosed on, it really affects, psychologically the economy of the area. People stop spending money...
“Until we see job losses abate and foreclosures begin to decline, rather than increase as we expect, there is unlikely to be a catalyst for the builders,” Torma said. “It’s going to continue to be a challenging environment.”
“There were 18.7 million vacant homes in the U.S. during the second quarter as the steepest recession in 50 years sapped demand for real estate and banks seized properties from delinquent borrowers.
The foreclosure resales for sale today are from 30-day loan defaults that first happened from 1 to 1.5 years ago — the heart of the Subprime Implosion. This highlights how much housing supply is in the foreclosure pipeline at any given time.
The HARP is an Obama Administration initiative aimed at helping borrowers refinance their underwater mortgages. Loans owned or serviced by Fannie Mae or Freddie Mac...
You’ll notice that from peak unemployment in 1992 to the trough in housing prices in 1996 there was nearly a 4 year lag. Assuming this pattern, we still do not have the peak unemployment figure since we keep moving up.
From the ninth floor of a downtown office building on Wilshire Boulevard, Jack Soussana delivered staggering numbers of mortgages to homeowners during the real estate boom, amassing a fortune. By Mr. Soussana’s own account, his customers fared less happily. He specialized in the exotic mortgages that have proved most prone to sliding into foreclosure, leaving many now scrambling to save their homes.
Nearly all overpriced asset classes revert not merely to their historic trend line, but typically collapse far below them. I have no reason to believe Housing will be any different;
Renetta Atterberry thought she had lost her East 102nd Street house. So she was shocked to learn in January -- five years after her mortgage company filed for foreclosure -- that it was still in her name.
Worse, the long-vacant rental home had been vandalized and she faced a raft of housing code violations. Since then, she has been saddled with debts of about $12,000 to pay for demolition and back taxes.
As unemployment rises above 10% and more Americans are faced with their homes being underwater, the bottom in this market is years away and will be a drag on our economy like never seen before.
Construction of new U.S. homes rose in June to the highest level in
7 months as builders rushed to pour foundations for homes that must
be completed by the end of November for first-time buyers to take
advantage of a special tax break.
It is truly unbelievable that builders would be ramping construction into this market environment. I thought I had seen everything stupid under the sun, but this, among all else, takes the cake...
Incidentally, much of the media reportage on this was simply innumerate — the numerical equivalent of illiteracy. Not just a little wrong, but totally, embarrassingly incorrect.
Yves here. Huh? This is beyond Orwell, it's patently silly. The intent is to prop up prices by keeping stressed borrowers from selling their houses...
Yesterday, we discussed why the Case Shiller Index, which fell 18%, was not yet cause for celebration.
There are now significantly more prime loans than subprime loans seriously delinquent. And prime loans tend to be larger than subprime loans, so the losses from each prime loan will probably be higher.
The reduced collapse speed (another one of those famed 2nd derivatives) is primarily a function of foreclosure moratoriums. The overall trend in housing remains weak, with soft demand, excess inventory and heavily indebted...
Syrupy-voiced customer service representatives chide her for landing in the wrong department. She learns that the documents her company sent in have simply vanished — for the third time since November.
Did you keep your bomb shelter around after the 50s? You might need it for shelter from this economic storm - the one that all the pundits claim is "over" when in fact we are simply sitting in the eye of a Cat 5 hurricane...
What made her think the market would come back when rates were going higher, availability of credit was down, incomes were down, unemployment was up and willingness and availability of people to spend was down, she had no answer.
When I ran this report, there are 348 homes in Pasadena that are in pre-foreclosure. What does this mean? It means these places have those infamous notice of defaults I keep talking about which will hit the market like a tsunami...
If you are underwater on your house and take a deal like this, you are as dumb as a box of rocks and have just consented to being bent over the table and violated repeatedly. That our government would propose "allowing" such a thing is fomenting financial rape upon The American Public
