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Housing

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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

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arclein

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

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NY Times

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.
 

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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…. 

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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. 

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NY Times

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.

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McClatchy News

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.

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MSNBC

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.

 

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Reuters

[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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East Valley Tribune

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.

 

Written By:

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

Letters to the Editor • Global
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CalculatedRiskblog.com

 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.

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mandelman.ml-implode.com/

 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.

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CalculatedRiskblog.com

 "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.

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Michael Shedlock / Mish

 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.

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