The slow return of millions of REO homes to the market will keep home prices from recovering. RealtyTrac's James J. Saccio warns: "At the first quarter foreclosure sales pace, it would take exactly three years to clear the current inventory...
These "record keeping" lapses are not an occasional error or problem; they're systemic and intentional. Now, having been caught, the excuses have become manifest and outrageous.The borrower does not deserve to be raped simply because...
Sales of new one-family houses in April 2011 were at a seasonally adjusted annual rate of 323,000 ... This is 7.3 percent (±16.6%)* above the revised March rate of 301,000, but is 23.1 percent (±9.7%) below the April 2010 estimate of 420,000.
The nation’s biggest banks and mortgage lenders have steadily amassed real estate empires, acquiring a glut of foreclosed homes that threatens to deepen the housing slump and create a further drag on the economic recovery.
It’s not uncommon for vacant homes to be stripped of copper and appliances. That’s why it isn’t nuts to keep homeowners in place even when they are severely delinquent if the local property market is so backed up that a home won’t be sold...
The increased competition for foreclosure homes is pushing up prices, which may bode well for the housing market at large. Foreclosure homes at rock-bottom prices have kept the region's median home price suppressed for several years.
Foreign buyers could be buoying the sagging United States real estate market, according to the National Association of Realtors’ 2011 Profile of International Home Buying Activity.
Investors want to rehab these places and flip them as soon as possible, but today they are being forced to put them up for rent as first-time buyer demand is still weak.
There are plenty of problems in California, but nothing like Florida. Florida has 57% the number of mortgages as California, but more delinquent loans. In most ways, dividing this by states is arbitrary - except the foreclosure process matters.
As MERS legal status has come under questions, a few local registers of deeds (the officers in charge of local recording offices) have made estimates of the losses to their county and have come up with significant numbers.
Again, important to note, these are tiny differences, in terms of expectations, and the previous month. But what it shows is that the market is not gradually getting better, but rather remaining weak.
5. According to Zillow, more than 55% of all single-family homes with a mortgage in Atlanta have negative equity and more than 68% of all single-family homes with a mortgage in Phoenix have negative equity.
From my reading of Florida Law this woman and any other like her are within her rights to shoot the invaders and have no duty to confirm their identity or purpose as there is a presumption that the person so invading has the felonious intention...
"Phoenix is on its way," Burns said at the real-estate think tank's national spring conference held in downtown Phoenix. "The area has job growth and is firmly in Stage 2."
The market is saturated with investors. In fact, you have investors selling to investors trying to squeeze out profits since household incomes in the region are low and facing the pressures of a declining middle class.
“Batter up,” he said as he finished one stack and eyed the next. With scores of cases remaining on the day’s “rocket docket” earlier this week and tens of thousands more awaiting judgment in this courthouse, there was little time to pause.
I believe the FED has a decision to make now about housing. Either they start to buy MBS again, attempting to force mortgage rates down to new all time low levels–or–they simply let housing “go.”
And the most interesting number was the number of houses under construction, which hit a fresh all time low on an annual, seasonally adjusted basis, or 418k.
Foreclosure-Gate poses a threat to Wall Street, the big banks, and the political establishment. If the public ever gets a complete picture of the personal, financial, and legal assault on citizens at their most vulnerable, the outrage will be endless
And there is good reason why. The “errors” happen too often for them to be by accident. And as we have stressed, servicers are highly routinized. They aren’t set up to do much of anything on a one-off basis.
This seeks to present the concerns as mere noise in the media, rather than a result of troubling incidents and widespread abuses. In addition, notice the failure to mention the elephant in the room: chain of title issues, which are so widespread...
Two years ago, the average U.S. homeowner that was being foreclosed upon had not made a mortgage payment in 11 months. Today, the average U.S. homeowner that is being foreclosed upon has not made a mortgage payment in 17 months.
A report at the Dylan Ratigan show confirms what we’ve argued for some time is happening: that banks are not making mods to viable borrowers because servicing is more profitable.
To say that housing losses are a financial disaster is a modest understatement. I do not think that most people really comprehend how true this is. The main reason this is so is first, leverage and second, the fact the US economy...
I’ve been involved in real estate and stocks for 30 years. I’ve been analyzing the economy for just as long. And, in that time period, and in my studies, I have never seen an economic recovery without a corresponding recovery in the construction...
The head of the Federal Deposit Insurance Corp. is warning that flaws may have “infected millions of foreclosures” and questioned whether other regulators’ inquiries into problems at the nation’s mortgage-servicing companies...
There is a separate market for higher end (and Uber high-end) properties that have been trying to get sold for several years. Finding buyers is very hard. Prices have come down a bunch. As much as 50%; but there is still too many properties.
As regulators prepare to drop the level at which they will guarantee loans — here in Monterey County, the level will drop by a third to $483,000 — buyers and sellers are wondering why they should be punished simply for living in an expensive region.
And there were those who thought that the $20 billion demanded by state and federal officials of banks caught in various acts of robosigning fornication was a joke.
The $6.5 trillion lost in the bursting of the housing bubble is not a "paper loss," it is tragically real.