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Monterey County, California housing prices have fallen 74% in 21 months to lead the nation in lost home equity. Following closely behind are Phoenix -54%, Las Vegas -52%, Miami -48%, and San Francisco -46%...
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RealtyTrac ... today released its Midyear 2009 U.S. Foreclosure Market Report, which shows a total of 1,905,723 foreclosure filings — default notices, auction sale notices and bank repossessions — were reported...
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U.S. government officials are
weighing a plan that would let borrowers who have fallen behind
on their mortgage payments avoid eviction by renting their
homes instead, sources familiar with the administration's
thinking said.
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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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Either way, it’s a drop in the Florida Bay compared to reports that some 3.5 million homeowners face foreclosure this year — a rate close to 10,000 per day — because mortgage holders can’t pay...
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Under one idea being discussed, delinquent homeowners would surrender ownership of their homes but would continue to live in the property for several years ...
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President Barack Obama is mulling new ways to delay foreclosure for jobless homeowners who are unable to keep up with monthly payments, an administration official said.
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The amount of debt involved in these "bad deals" is vastly higher than that in the "subprime" space and if they fail to contain it (a near certainty) Round #2 of severe bank instability gets served up on us in the second half of 2009.
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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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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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FHA and VA loan applications rose to 35.9 percent in June, up from 25.7 percent a month earlier and 27 percent a year earlier.
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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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More than half of potential homebuyers say they're still not prepared
to jump into the market, and fear of losing their jobs is the No. 1
reason, a new poll shows.
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While the default rate has nearly doubled, the number of homes actually being sold at auction -- the final foreclosure stage -- has shrunk. In May, the L.A. County repossession rate was down to 1% of mortgages, from 1.1% a year ago.
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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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Florida, California, Nevada and Arizona are home to 36 of the most risky metropolitan statistical areas, but other regions are not immune, according to PMI’s chief economist and strategist David Berson.
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S&P now expects the default rate on subprime loans issued in 2005, 2006, and 2007 to be 11 percent, 30 percent, and 49 percent, respectively.
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Here we sit again but this time with the mid-to-high end properties staring into the abyss. They have not fallen anywhere near what the low-end has mostly because high-end borrowers were given more exotic, high-leverage...
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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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“This is yet another example of the banking lobby driving legislation that’s in the best interest of the banks, but harms homeowners by depriving them of their right to legal representation,”
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Here are the numbers: the average loan balance began at almost $223,000. But in the liquidation sale, the property sold for $144,000 less, on average. ...
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Another wave of foreclosures is poised to strike, possibly as early as this summer, inflicting new punishment on families, communities and the still-troubled national economy.
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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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If you do go ahead, we might as well stick you in the King’s Bench because you are about to find yourself in debtor’s prison.
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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...
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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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Yesterday, we discussed why the Case Shiller Index, which fell 18%, was not yet cause for celebration.
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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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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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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.
