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
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
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.
A landmark ruling in a recent Kansas Supreme Court case may have given millions of distressed homeowners the legal wedge they need to avoid foreclosure. In Landmark National Bank v. Kesler, 2009 Kan. LEXIS 834, the Kansas Supreme Court held that a no
Who is more likely to walk away from a house and a mortgage -- a person with super-prime credit scores or someone with lower scores?
Research using a massive sample of 24 million individual credit files has found that homeowners with high scores w
Another day, another story of a banking executive making a boneheaded move. And this one seems too unbelievable to be true. Pepper with some Madoff sandal as well.
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.
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• Washington Post Writers Group, Kenneth R. Harney
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.
Summer is over…and the rally may be over, too.
It’s back to business. No more long lunches. No more afternoons painting windows. No more soirees in the evening.
We return to our lonely métier – chronicling the decline and fall of the US economy…and the Anglo-American empire too….
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.
You know times are tough when people are getting kicked out of their house when it’s not even for sale.
That’s what happened to Anna Ramirez
after she found all of her stuff out on the front lawn of her Homestead
home last week and a strange man demanding she get out of his newly
purchased house.
[I thought housing already hit bottom?] One in four U.S. homes for sale on August 1 had their prices marked
down at least once since landing on the market, data compiled by real
estate website Trulia.com showed.
A total of 24.4 percent of homes had their prices reduced in July,
up from June's 23.6 percent. The average discount was 10 percent from
the original price, or $40,173 of a median house value, Trulia.com said
in its monthly price report obtained exclusively by Reuters prior to
its release.
The average markdown dropped slig
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Arizona had the third-highest foreclosure rate last month with one
in every 135 housing units receiving a foreclosure filing, according to
the latest market report from RealtyTrac, an online marketplace for
foreclosure properties.
Foreclosure filings — default notices, scheduled auctions and bank
repossessions — were reported on 19,694 properties statewide, up 17
percent from June and 47.5 percent from July 2008.
Indymac and most banks involved in the lending orgy, paid illegal kick backs to their brokers and corresponding lenders.
Indymac is a services of many loans, meaning they have no legal right to foreclose. Most of their loans were presold. In other
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.
The negotiations to obtain a loan modification were widely believed to be 3-4 weeks… but in truth often required 5-9 months, and as a result, the effective outcome of SB 94 and/or AB 764 would be that no attorneys could afford to take on a client who was seeking representation in the negotiations with their lender. And this would effectively deprive California’s homeowners from being able to engage legal representation.
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...
"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.
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