ON AIR NOW
Click to Play
As the chart reveals, these unprecedented efforts have provided a modest stabilization in valuations. But the limits of government intervention are painfully clear: according to the Treasury, about half of the modifications done in 2009 were behind..
New home sales print at 288,000, missing expectations of 295,000, and coming at the third lowest number in history. The previous read of 276K was revised to 288K. New home inventory is now at 8.6 month supply.
"I’ve been warning about the crash for over 5 years now, and those who feel we are nearing a bottom need to take out their spreadsheets and plug in some historical numbers". Reggie Middleton
"This report is only good in the context of the incredibly bad report last month," say Mark Zandi, with Moody's Analytics. "But last month will be the low point in the cycle. When we look back years from now, it will be the bottom. The worst is over.
As much as GMAC and its fellow servicers no doubt hope there little document mess will fade from public view, attorneys are using it as a new weapon to fight questionable foreclosures or force servicers to negotiate principal mods
1997, MERSCORP President wrote, “Yes, There is life on MERS” Mr. Arnold stated, “Some county recorders have expressed concerns that MERS will eliminate their offices nationwide or destroy the public land records by breaking the chain of title.
When Jason Grodensky bought his modest Fort Lauderdale home last December, he paid cash. But seven months later, he was surprised to learn that Bank of America had foreclosed on the house, even though Grodensky did not have a mortgage.
Some of the nation's largest mortgage companies used a single document processor who said he signed off on foreclosures without having read the paperwork - an admission that may open the door for homeowners across the country to challenge foreclosure
U.S. home prices dropped 3.3 percent in July from a year earlier, the eighth consecutive decline, as foreclosed properties flooded the market.
According to a new report by A.S.U. in Phoenix alone foreclosures and REOs account for 67% of all home sale transactions. According to author Jay Butler, out of 8,790 resales, 3,990 were foreclosure sales. This compares to 3,865 in July...
GMAC Mortgage and other banks may hope to sell the story line that its problem is limited to a lone “rogue servicing officer.” Unfortunately, the servicing officer in question indicated in his testimony that he prepared 10,000 or more...
The median sale price of existing Phoenix-area homes declined in August for the third consecutive month, according to an Arizona State University report.
The Mortgage Bankers Association has a conference in process, and apparently (according to NC) they're "freaking out." (ed: Good - they should be if their minions have been filing false affidavits by the thousands!)
Here is a powerpoint presentation prepared by Max Gardner's BBC excerpting the deposition of GMAC Mortgage employee Jeffrey Stephen in which he essentially confirms that the firm executes up to 10,000 fake documents per month.
As we pointed out last week, a certain judge in Florida set quite a precedent when he found that JPM, as servicer for a Fannie mortgage, had committed court fraud by foreclosing while not in possession of the actual mortgage.
JPMorgan Brings Foreclosure Case In Mortgage In Which It Was Just A Servicer, Court Finds Bank Committed Fraud
Overwhelmed by the number of defaulted properties, banks have stretched out the time between the beginning of mortgage delinquency and formal foreclosure to an incredible average of 469 days - more than 15 months.
A whopping 70 percent of Americans believe it’s a good time to buy a home, according to the Fannie Mae National Housing Survey released today.
A new federal program that would be tasked with a massive refinancing of mortgages for strapped Americans has been chattered about for awhile, though The White House has never indicated that the idea is on the table.
Now I'm gonna lay forward something that's very, very dark.
Another ticking time bomb in the realm of real estate bad behavior is bound to go off sooner rather than later, and it is likely to impede normalization of values of residential property.
Wages of Americans have been falling (in real dollars) since 1970, making 1970 house-prices a reasonable point-in-time to look at as a possible, long-term equilibrium point for prices. That implies that U.S. house-prices will fall another 75%...
In stark contrast, the cenbanks’ treasuries holdings grew at the second highest rate ever, and not far off the all-time record although the net result was still a significant net sell-off of obligations.
“There is a buildup in delinquent loans that are not in foreclosure,” said Rick Sharga, senior vice president of RealtyTrac, adding that banks and lenders are slowing the process to avoid a drop in home prices. “It’s a managed slowdown...
Home prices fell in 36 states in July, nearly twice the number in May and the highest since last November when national home prices were declining," said Mark Fleming, chief economist for CoreLogic.
Now home buyer confidence is back in the dumps, which is clear from another report out today showing that for the 3rd straight month the percentage of home sellers on the market who have slashed their asking prices at least once has gone up.
The slide in U.S. home prices may have another three years to go as sellers add as many as 12 million more properties to the market.
The Market Composite Index, a measure of mortgage loan application volume, decreased 8.9 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 27.4 percent compared with the previous week.
Jay Butler, head of Realty Studies at ASU, was interviewed by ABC15 in Arizona saying that the number of underwater homes in Phoenix may be as high as 66-67%. This means a complete bloodbath for housing prices is still just beyond the horizon...
After the Cap and Tax Law is passed by the Senate and signed by President Obama everybody's house must be inspected by Energy Efficiency Police to make sure your house fits in to new guidelines. The EPA gets to take charge of house inspections and
