Contents Pages by Subject

Housing

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DailyReckoning.com

 The housing bust, for example, has victimized nearly every home-owning individual in the country, even those individuals who own homes in the Hamptons - the posh summertime playground of Manhattan’s rich Wall Streeters.

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Fox Business

Wells Fargo holds the first and second mortgages on a condo in Florida.  As holder of the first, Wells Fargo is suing all other lien holders, including the holder of the second, which is itself. 

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Ritholtz.com/blog

 They illustrate the fundamental flaw in the notion, widely embraced, not least by the Obama administration, that loan modification is salvation for troubled homeowners, beleaguered builders and lenders. Bull, says Mark:

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thetruthaboutmortgage.com/

 Less than three percent of seriously delinquent mortgages (60+ days overdue) received a payment-reducing loan modification since the mortgage crisis got underway in 2007, according to a new study by the Boston Fed.

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NY Times Magazine

Interesting slide show of a professional photographer's take on the real estate bust across the US. 2 of the subjects are from the Phoenix area.   GREENLEAF SUBDIVISION Mortgage fraud rose to new heights nationally during the real estate boom, aided by lenient lending rules and lax oversight. For this subdivision in Dawsonville, Ga., a suburb of Atlanta, an appraiser and a developer together created false documents that led a California bank to offer nearly $5 million in mortgages for 15 homes — houses that were neither finished nor ready for occupancy. Out-of-state investors, relying on the false appraisals, purchased the properties, usually sight-unseen. The developer, Jeffery Alan Teague, was arrested after an F.B.I. investigation and is now serving more than 15 years in prison. The home buyers — many of whom most likely intended to flip the properties without ever seeing them — are now stuck with a nearly worthless asset. The neighborhood has become a d

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NYtimes.com/

 The Office of the Comptroller of the Currency said that among the 34 million loans it tracks, foreclosures in progress rose 22 percent, to 844,389. That figure was 73 percent higher than in the same period last year.

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cnbc.com/

 Manhattan apartment sales plunged more than 50 percent and the average price dropped 21.4 to 24 percent from a year ago, as the U.S. recession forced many who own a piece of the Big Apple to eat humble pie...

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Yahoo

NEW YORK (Reuters) - U.S. mortgage applications plunged to a seven-month low last week as demand for home refinancing loans tumbled 30 percent, data from an industry group showed on Wednesday.

The drop does not bode well for the hard-hit U.S. housing market, which has been showing some signs of stabilization, with sales rising and home price declines moderating in many regions of the country.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended June 26 decreased 18.9 percent to 444.8, the lowest reading since the week ended November 21, 2008.

 

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CalculatedRiskblog.com

 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.

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Ritholtz.com/blog

 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...

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