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The talks aim to settle allegations that banks including Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial, seized the homes of delinquent borrowers and broke state laws by employing so-called "robosigners," workers who signe
The worst market in terms of negative equity is Las Vegas. Nearly 73 percent of all loans are underwater! This is simply incredible. Much of the Las Vegas bubble was built from home equity from places like California.
It’s typically at this age (20-29 year old) when a young person moves away from home and, in doing so, a new household is created. The catch is that the unemployment rate for this age cohort is well into the teens.
RealtyTrac is forecasting that Houses with $5 million+ mortgages will likely be the next class of loans to go belly up. While the overall numbers are small, they expect to see a sharp rise in foreclosures this year.
The era of record-low mortgage rates is over. The average rate on a 30-year loan has jumped from about 5 percent to more than 5.3 percent in just the past week. As mortgages get more expensive, more would-be homeowners are priced out of the market
You have no idea how hard it is for me to report survey results like this. In spite of all that has happened over the past four years, American's refuse to face reality on any level. I guess propaganda beats reality hands down.
Last month, a record 5,556 homes across metropolitan Phoenix were foreclosed on by lenders, reports the Information Market. That's a 30 percent increase from February. Pre-foreclosures climbed to 8,045 last month, up from 7,604 ...
Good thing the FASB has allowed all this worthless paper to be carried at par or else we might all realize just how the market trades on vapors, myth and lots of hope.
There are 920 football fields of available office space in Manhattan. More than 180 major buildings totaling $12.5 billion in value — from Columbus Tower at 1775 Broadway to the office tower 400 Madison Avenue — are in trouble, meaning in many cases
About 1 in 10 Californians with a home loan is now in default, and there’s growing evidence that the mortgage meltdown is spreading to commercial real estate.
Turnover in the American real-estate market may be bottoming, but prices are unlikely to do so for some time. History suggests they’ll keep drifting for another year or two before they find a floor.
The House of Representatives this week passed a bill that would authorize federally-insured depository institutions and banks to lease real estate-owned homes for a limited period of time — up to five years.
Whitney Tilson of T2 Partners calls the May numbers "the mother of all head fakes." He--and the two analysts below--think house prices will resume their decline in the fall
Construction of new U.S. homes rose in June to the highest level in
7 months as builders rushed to pour foundations for homes that must
be completed by the end of November for first-time buyers to take
advantage of a special tax break.
It is truly unbelievable that builders would be ramping construction into this market environment. I thought I had seen everything stupid under the sun, but this, among all else, takes the cake...
Incidentally, much of the media reportage on this was simply innumerate — the numerical equivalent of illiteracy. Not just a little wrong, but totally, embarrassingly incorrect.
The housing bust, for example, has victimized nearly every home-owning individual in the country, even those individuals who own homes in the Hamptons - the posh summertime playground of Manhattan’s rich Wall Streeters.
Either way, it’s a drop in the Florida Bay compared to reports that some 3.5 million homeowners face foreclosure this year — a rate close to 10,000 per day — because mortgage holders can’t pay...
Under one idea being discussed, delinquent homeowners would surrender ownership of their homes but would continue to live in the property for several years ...
Phoenix home prices fell 35% from February 2008 to February 2009, according to the S&P/Case-Shiller 20-city home price index. That’s the largest decline of any of the 20 largest cities in the US. Phoenix home prices are down 51% from their peak.
Home prices in Miami and Los Angeles have fallen back to the first half of 2000.
Home prices dropped sharply in February, but for the first time in 25 months the decline was not a record, another sign the housing crisis could be bottoming.
Allowing people to seek mortgage relief in bankruptcy court is opposed by Republicans and enough Democrats to block it. They remain worried that the legislation would unleash a torrent of loan defaults...
Inquiring minds are watching a pair of videos from Southern California. Allegedly, banks acquired brand new homes in foreclosure processes, the homes were not quite finished and the banks razed these homes rather than fix code violations.
The Composite 10 index is off 31.6% from the peak, and off 2.1% in February.
In Scottsdale, 35 percent of existing-home sales are foreclosures; the foreclosure rate for Maricopa County is 52 percent.
Despite the 25 percent nationwide decline since the 2007 peak, U.S. house prices have still only fallen halfway to fair value. So whatever you think of Obama's plan, don't count on a quick housing-market turnaround.
About 28 percent of mortgage borrowers now owe more than the value of the houses, according to Zelman & Associates. And with equity stocks down 45 to 50 percent, their assets have shrunk more alarmingly, making them less good risks.
The ringleaders are still at-large and are, in fact, busy hatching a plan to dwarf the earlier mistakes.
The housing situation is deteriorating even further with the recent report showing that the median price is now back to $250,000; at this level we would have to go back to February of 2002 which means we have erased 6 years of price gains. And we ar
