CoreLogic: House Prices declined 1.9% in October
• CalculatedRiskBlog.comCoreLogic ... today released today released its October Home Price Index (HPI) which shows that home prices in the U.S. declined for the third month in a row.
Contents Pages by Subject
Housing
As Mortgage Rates Go Parabolic, Home Prices Will Plumb The Depths
• ZeroHedge.comAs a result, ceteris paribus, home prices will have to decline by about 10% to compensate for the pick up in rates in just the last month.
Foreclosure-Gate: Foreclosure Activity Plunges By Record Amount
• ZeroHedge.comForeclosure Activity Plunges By Record Amount In November As Fraud Forces Banks To Halt Evictions
A Home Safety Net With McMansion-Size Holes: Taking The Obama Cure
• NYPost.comThe White House plan to save as many as 13 million cash-strapped families from losing their homes in foreclosure was a huge flop -- so flawed it may have made the housing crisis even worse.
Foreclosure-Gate: Republican Members of FCIC to Shift Blame From Banks
• NakedCapitalism.com/In reality, both the runup to the crisis and its aftermath were on of the greatest wealth transfers from the citizenry at large to a comparatively small group of rentiers in the history of man.
Foreclosure-Gate: BofA Will Ding Your Credit If You Ask - Where’s My Note?
• Ritholtz.comLet’s imagine the following scenario: You have a Jumbo mortgage with Bank of America. You are a good customer, do your banking with BofA, and you have never missed a payment. In fact, you always send your mortgage in on time.
Pixie Dust Loses Magic as Foreclosures Slam Utopian Disney Town
• Bloomberg.comWalt Disney Co. built Celebration, Florida, as an idealized version of a circa-World War II small town, where litter-free streets are lined with white picket fences and front porches entice neighbors to sit after dinner.
Foreclosure-Gate: Your House Has Been Stolen By MERS
• Market-ticker.orgOne of the big puzzles of the ongoing foreclosure crisis concerns the whereabouts of the "wet ink notes" -- the IOUs signed by borrowers. In foreclosure cases across the nation, the banks have been filing "lost note affidavits"...
Household Real Estate assets declined $650 Billion in Q3 2010
• CalculatedRiskBlog.comIn Q3 2010, household percent equity (of household real estate) declined to 38.8% as the value of real estate assets fell by almost $650 billion. Household Equity stood at over 80 percent in 1952...
Something Smells: Government & Fannie Mae Want To Help Housing Investors
• CNBC.comMultiple sources now tell me that the Administration, specifically over at the Department of Housing and Urban Development, is considering ways to get more investors into the housing market, possibly with the help of Fannie and Freddie.
$9,000,000,000,000 in Total Home Value Has Been Lost Since June, 2006
• Businessinsider.com/A new report from Zillow puts an absolutely jaw-dropping figure on the housing crash: $9 trillion. That's the total home value destroyed since June 2006.
Home Values May Drop by $1.7 Trillion This Year: Zillow
• BloombergU.S. home values are poised to drop by more than $1.7 trillion this year amid rising foreclosures and the expiration of homebuyer tax credits, said Zillow Inc., a closely held provider of home price data. This year’s estimated decline, more than the
Foreclosure-Gate: Google Map Foreclosure Tricks
• Ritholtz.comI wanted to demonstrate the full extent of Foreclosures in the US, so after setting GMaps on foreclosure listings, I slowly zoomed out of the map. Voila! Most foreclosures that are for sale in the USA are now showing on your screen.
Caught by mistake in foreclosure web
• APMarconi was in the shower when he heard a loud banging on his door. By the time he grabbed a towel and hustled to his front step, a US marshal's sedan was peeling out of his driveway. Nailed to Marconi's front door was a foreclosure summons from
Karl Denninger: You're Paying Your Mortgage..... Why?
• Market-ticker.orgThis lawsuit out of Texas alleging that Bank of America not only tried to collect on a Paid In Full mortgage but refused to listen to the fact that it had been paid in full and in fact threatened that the owners were "going to lose their home.
Foreclosure-Gate: Some Lenders Sell Foreclosed Homes Without Title
• NakedCapitalism.com/When you thought you’d seen every possible stuff-up in mortgage land, a new one comes to light.
Nouriel Roubini Predicts Another $1 Trillion in Housing Losses
• dealbook.nytimes.com/Ms. Goodman comes to the dark conclusion that more than 11 million borrowers are in danger of losing their homes, or roughly one out of five borrowers.
Foreclosure-Gate: Judges Are Waking Up
• Market-ticker.orgWells is coming in trying to foreclose on the property, claiming that the debtor (homeowner) isn't paying and thus can be evicted. A totally normal thing, right? Well, it would be, except that Wells is unable to prove it owns the note.
More Proof: The Bubble Was in Credit, Not Housing
• Ritholtz.comDid the US suffer from a giant Housing bubble?
Foreclosure-Gate: Securitization and the broken chain of assignments
• NakedCapitalism.com/Now look at the mess we have here. How, pray tell, are the plaintiffs going to prove how the note traveled from originator to its purported current owner in the absence of having the note endorsed with a full and unbroken chain of assignments?
15 Charts You Must See Before Buying A House
• Businessinsider.com/Mortgage Bubble: Four years into the crash the fundamental question remains: Will we spend the next 10 or 20 years paying off the mastodon debt used to purchase this bubble? The sane answer is "no." The official answer is "yes."
Foreclosure-Gate: Courts Frown on People Masquerading as Attorneys
• Market-ticker.orgNow it comes out that perhaps Pennsylvania processed thousands of foreclosures where the person who signed and prosecuted the foreclosures may not have been an attorney!
If We’ll Take This Abomination ... We’ll Take Anything
• davidicke.com/We need a mass refusal to vacate homes foreclosed by the banks because of the economic catastrophe caused by the banks
Foreclosure-Gate: Non-Lawyers Prosecuted Foreclosures Before Courts
• NakedCapitalism.com/But even more important, the lack of attorney involvement would render the foreclosures void. Pennsylvania courts have found “proceedings commenced by persons unauthorized to practice law are a nullity”.
Foreclosure-Gate: Bank of America Garners Unwanted Attention
• Market-ticker.orgIt was more than enough to blow them to Mars - and that was one transaction.
Foreclosure-Gate: N.Y. Judge’s Testimony Contradicts ASF Assertions
• NakedCapitalism.com/Deutsch kept asserting that the failure of the parties to the securitization to adhere to their own contracts was not in fact a problem, there was no court evidence, these concerns were the mere natterings of worry-wart academics.
Foreclosure-Gate: Yves Smith Nails It Again
• Market-ticker.org & NakedCapitalismIncreasingly, consumer lawyers are recognizing that they can often successfully challenge foreclosures in which the loan was securitized by examining whether the party trying to foreclose really has the standing to do so, which is legal-speak for...
Are Accountants The Weakest Link In Unraveling Foreclosure-Gate
• ZeroHedge.comVirtually the entire residential mortgage securitization system in America is hinging on fraud, as few if any of the recent structured finance packages actually were in possession of the necessary mortgage promissory notes...
Dan Phillips: Creative houses from reclaimed stuff
• Dan Phillips via TEDIn this funny and insightful talk from TEDxHouston, builder Dan Phillips tours us through a dozen homes he's built in Texas using recycled and reclaimed materials in wildly creative ways.
Q3 Sales Volume Plunges As Discount On Foreclosed Homes Hits 5 Year High
• ZeroHedge.comThe discount on foreclosed homes has hit a five year high, as interest in even ultra bargain properties has collapsed following the expiration of the homebuyer tax credit.
