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...debate over who owns your body and can decide what repairs it receives, the media and the public have overlooked the fact that the U.S. House of Representatives has already ruled in H.R. 2454 that the state owns your house and can decide what repa
The Obama administration launched a program to help the depressed U.S. housing market by effectively allowing state and local housing finance agencies to borrow from the U.S. Treasury. The initiative aims to restart a source of mortgage financing for
The number of households caught up in the foreclosure crisis rose more than 5 percent from summer to fall as a federal effort to assist struggling borrowers was overwhelmed by a flood of defaults among people who lost their jobs. (Duh!)
Bank of America employees are reminded every day of how far they still have to go. Just outside the elevators of their vast third-floor command center, attached to the wall, is a cardboard thermometer that shows them inching toward their goal of sign
A Casa Grande homeowners association was placed in receivership, following allegations that board members drained funds for their own benefit - including what was described as the “theft” of more than $600,000.
More California hotels are being pushed into foreclosure as tourists and businesses alike scale back their travel plans and owners are unable to pay their mortgages. Statewide, more than 300 hotels were in foreclosure or default on their loans as
Consumer advocates say a growing number of older homeowners and a new crop of eager lenders could steer the reverse mortgage industry down the same financial course that toppled the subprime mortgage market and left taxpayers footing the bill. In
A federal agency tasked with expanding the American dream of home ownership and affordable housing free from discrimination to people of modest means has been quietly moving a chunk of that role to Wall Street since 2002. In a stealth partial privati
I don't want my Son and Daughter-in-Law to buy a house right now. My son and daughter in law both have good jobs and a newborn and are looking for larger place to buy. My wife is a real estate agent and has been shopping with them for weeks. As pri
Billions of Dollars in Defaults on No-Money-Down Mortgages Weigh on FHA's Books
The significance of the holding is that if MERS has no standing to foreclose, then nobody has standing to foreclose – on 60 million mortgages. Over half of all new U.S. residential mortgage loans are registered with MERS and recorded in its name.
As some of you already now, I blogged recently about being interviewed recently by our local NBC news affiliate. Basically, IndyMac Bank(now OneWest Bank), is holding one my clients hostage, demanding a $75k promissory note, or they will
Honorable Judges of Kansas: “MERS had no right to the underlying debt repayment secured by the mortgage” - SYLLABUS BY THE KANSAS SUPREME COURT
Now the buyers are running out of time and money. Paid $5.4 billion and an additional $890 million set aside for apartment renovations, landscaping and interest payments. Rents are down 25 percent from their peak.
Real estate analysts say that the partnership’s money will run out as soon as December and that the owners are at “high risk” of default on $4.4 billion in loans.
Bills to extend the maximum $8,000 tax
credit for first-time home buyers, which expires Nov. 30, are pending
in both the U.S. House and the Senate.
Sen. Christopher J. Dodd, a Connecticut
Democrat and chairman of the Senate Banking, Housing, and Urban Affairs
Committee, is co-sponsor of a bill with Georgia Republican Sen. Johnny
Isakson that would raise the credit amount to a maximum of $15,000.
Senate Majority Leader Harry M. Reid of
Nevada favors an extension of the current credit. He was quoted by the
Las Vegas Sun saying, "It's something we can get done."
Odds are that the credit will be extended
and broadened to cover all buyers next year, but the chances of the
amount increasing aren’t as good, observers say.
Now the summer days are dwindling down to a precious few. This morning, it is overcast and chilly here in central France. The leaves on the aspen and linden trees have turned yellow already and whenever the wind blows, they flutter to the ground as if they were trying to get away from something.
More than a half-million option ARMs scheduled to reset in the next
four years, at rates many homeowners cannot afford. His mortgage
payments have risen to $2,700 a month because of a clause he did not
notice on his contract, and are scheduled to rise above $4,000 in two
years.
Delinquency and foreclosure rates for U.S. mortgages continued to rise in the second quarter, with loans to the most qualified borrowers going bust at an unnerving clip, especially in hard-hit states such as Florida and California.
The numbers reported by the Mortgage Bankers Association show clearly that rising job losses are worsening the nation's housing troubles and threaten the Obama administration's efforts to keep owners from losing their homes.
Overall, 16 million homeowners are “upside-down” on their mortgages, up from 10 million, or 15% of owner-occupied homes, one year ago. Nearly 10% of owner-occupied homes now have mortgage debt with loan-to-value ratios of at least 125%, and roughly half of those homes have mortgage debt with loan-to-value ratios of 150% or more.
Deutsche Bank - "By Q1, 2011 a projected 48% of total mortgage borrowers will have negative equity." Nuff said.
If the banks foreclose and sell the property then the sale price becomes the indisputable mark to market on that paper, and avoiding that mark is absolutely critical or these banks would be forced to recognize their own insolvency.
Data reflecting a reversal of the seasonal benefit, as well as “a tide of new foreclosure sales” as a bank moratorium on the seizing of homes subsides, will lead to “renewed weakness” in the fall...
I surmise in real terms housing will be negative for a decade given the last bubble is never reblown. Look at the Nasdaq for a prime example.
"The number of homes listed officially on the market, while still at historically high levels, might be only the tip of the iceberg," said Stan Humphries, chief economist at real estate website Zillow.com in Seattle, Washington.
In case you did not realize just how bad the condo bust is in Florida, this story will clue you in: Florida highrise has 32 stories, but just 1 tenant.
The first graph is for Phoenix. The low priced tier has fallen the furthest, but the high tier price range isn't very high - and is impacted by the mix of houses sold.
About 1 in 10 Californians with a home loan is now in default, and there’s growing evidence that the mortgage meltdown is spreading to commercial real estate.
Turnover in the American real-estate market may be bottoming, but prices are unlikely to do so for some time. History suggests they’ll keep drifting for another year or two before they find a floor.
The House of Representatives this week passed a bill that would authorize federally-insured depository institutions and banks to lease real estate-owned homes for a limited period of time — up to five years.
Whitney Tilson of T2 Partners calls the May numbers "the mother of all head fakes." He--and the two analysts below--think house prices will resume their decline in the fall
