The institution that forecloses doesn't actually own the paper. They submit a robosigned or otherwise fraudulent set of documents to cover for the fact that they are not actually holders of the debt they claim to have. That is, they foreclosed but.
The Fed estimated that the value of household real estate fell $260 billion to $16.37 trillion in Q4 2010. The value of household real estate has fallen $6.3 trillion from the peak - and is still falling in 2011.
Results from the 2010 census, released Thursday, show for the first time just how overbuilt the state's housing market became and which parts of the Valley were affected the most.
This is the sixth straight month of year-over-year declines, and the seventh straight month of month-to-month declines. The index is now 1.6% below the previous post-bubble low set in March 2009...
The more this sort of whitewashing of abuses goes on, the closer the US gets to its Egypt moment.
The Phoenix-area housing market remains incapable of moving on from a devastating crash in home values that began about five years ago, according to new home-resale data from Arizona State University.
“While a small part of February’s decrease can be attributed to it being a short month and bad weather, the bottom line is that the industry is in the midst of a major overhaul that has severely restricted its capacity to process foreclosures.
What does this mean for residential real estate prices? I’ll attempt some quick, back of the envelop calculations here. Raise the cost of financing by 40%, and you can knock 40% off the value of your property. That is off of today’s prices...
Encouraged to reverse-mortgage the place with only the older spouse's name on the note, which has the effect of increasing the monthly payments to you. Then that spouse dies and the younger one has to pay off the entire balance or lose the house.
There are real people - millions of them - who got rooked by these actions. It is not just about whether you were paying your house payment before you got foreclosed on. It is also about whether the investors or the homeowner were screwed out of...
Housing-data analyst Tom Ruff of the Information Market said he was "starting to see a bottom forming" for the market.
California real estate agents say that lenders are unresponsive to efforts to sell under-water homes, killing four out of every 10 “short sale” transactions that go under contract, a state survey shows.
CoreLogic ... today released negative equity data showing that 11.1 million, or 23.1 percent, of all residential properties with a mortgage were in negative equity at the end of the fourth quarter of 2010...
Whether they recognize it or not, this deal is a suicide pact for the attorneys general in states that are suffering serious economic damage as a result of the foreclosure crisis.
Balloons eh? Remember how I've been talking about Balloon modifications in the context of HAMP? Well, guess what - they're still there. These are the very loans that blew up in the 1930s and cost huge numbers of Americans their homes.
In a world where the rule of law no longer means anything, you simple make it up as you go along.
There is little certainty about the exact price point oil needs to hit for the housing market to see an impact, but previous history suggests it is certain to start to feel the pinch more and more as gas prices rise.
How can you possibly settle when you don’t know the extent of the abuses? Yes, I know this is intended to be a whitewash, but in the stress tests, the Administration engaged in a lot of persuasive-looking theatrics to somewhat disguise the fact...
The reasons why provide further proof that this proposal is just another example of throwing taxpayers under the bus to save the banks from suffering the consequences of their incompetence and criminality.
Many investors are simply examining the short term attractiveness of a cheap price and forgetting that they are buying in a desert community that relies heavily on cheap oil. Cheap oil is now a thing of the past.
The NYT implied that the Obama administration, which includes not a single economist who recognized the danger of the housing bubble, still does not understand the bubble.
But other regulators, including the Office of the Comptroller of the Currency, which oversees national banks, and the Federal Reserve, do not favor such a large fine, contending a small number of people were the victims of flawed foreclosure...
The invidious cowards who inhabit Washington are unwilling to restructure the largest banks and GSEs. The reluctance comes partly from what truths restructuring will reveal. As a result, these same large zombie banks and the U.S. economy will...
Squatters, who live on 28 stories, have created order within the skyscraper. Sentries with walkie-talkies guard entrances. Each inhabited floor has electricity, jury-rigged to the grid, and water is transported from the ground floor.
In January, 358 new-home permits were issued in the region, a 20-year low for the month. New home sales totaled 387.
For those of you who feel these global events are unrelated to your neighbors foreclosed house across the street, listen closely. This “Real Estate Depression” has occurred with the most favorable interest rate environment possible...
Contracts for pending sales of previously owned U.S. homes fell faster than expected in January to the slowest pace in three months, data from a real estate trade group showed on Monday.
It suggests what we have long argued: that failures to convey loans as required by securitization documents are widespread, if not pervasive. Now that servicers and foreclosure mills are finding that a lot of judges no longer take them at their word.
Tom Miller may not realize that keeping homeowner victims in the dark while negotiating with the perpetrators is the wrong way to approach criminal activities. But the rest of us do.
China approved property tax trials on some homes in Shanghai and Chongqing, adding to measures announced earlier this week in its campaign to curb real-estate speculation and asset bubbles. Both cities will begin trials for the levy today, following