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Category: foreclosures

Fed Makes Recommendations to Improve Health of Housing Market

This past week two Federal Reserve officials made suggestions to improve the housing market in addition to Fed chairman, Ben Bernanke, who came out with a game-changing white paper with numerous suggestions on how to reduce foreclosures and their negative impact on home values. Federal Reserve Bank of New York president, William Dudley, espouses the [...]

Foreclosure Dockets are Crowded

LPS reported that foreclosure starts jumped 5.7% between September and October as processors served notices on 232,865 families. On the positive side, delinquencies are down significantly.  Homeowners who were 90 days late but not yet in foreclosure in October were down 19% from last January.  A total of 1.76 million homes were in that category, [...]

Fiserv Optimistic About Housing Market Stability

Even though 2011 home values dropped an average of 5.1% and prices fell in 302 of 384 housing markets tracked by the Fiserv Case-Shiller Indexes, the picture should get considerably brighter as housing approaches 2013. Fiserv’s chief economist, David Shiff, believes that the housing market will see greater stability in 2012 than in the past [...]

Fannie Mae Matches Freddie Mac in Extending Mortgage Forbearance

A couple weeks ago Freddie Mac announced that it would extend the terms of forbearance agreements in order to help more unemployed families to stay in their homes.  This past week it was Fannie Mae’s turn to help out the unemployed families in homes backed by its mortgages. According to Fannie Mae’s servicing guidelines the [...]

Foreclosures Declining in Top Foreclosure Markets, But Still High

The 1.8 million foreclosure filings recorded by Realtytrac in 2011 is 35% below the total set in 2010.  The 205,000 recorded in December was the lowest total recorded since 2005.  That’s the good news. The bad news is one in every 69 homes on average, received a foreclosure filing of some kind during the year.  [...]

Which Area is Fastest at Processing Foreclosures?

When it comes to churning through the backlog of foreclosures the western states are far more efficient than eastern states.  This is because the majority of eastern states resolve foreclosures through a lengthy judicial process while western states, by and large, are non-judicial states where trustees can process foreclosures without going to court. In three [...]

Short Sales Stabilized Neighborhoods?

A popular session at the mortgage industry Five Star MPact Conference in Dallas, Dec. 4-6 focused on the use of bulk short sales to help stabilize neighborhoods quickly in the highest impacted areas. The idea seems to be gaining favor among lenders, housing non-profits and investor groups. Participants commented that the one-up method of selling [...]

Fewer Owner-Occupied REOs are Being Purchased

New Vista Asset Management of San Diego has completed a three year study on who is buying REOs over time.  The trend is distinctly away from REOs being bought and occupied by homeowners and is moving toward higher levels of investor buying.  Eighteen of the hardest hit counties are included in the study including cities [...]

Fannie Mae and Freddie Mac Will Hold Off on Repossessions over the Holidays

As they have done in the past, Fannie Mae and Freddie Mac will spread a little Christmas cheer to homeowners in foreclosure over the holiday season.  The GSEs announced a foreclosure moratorium on all single family and 1-4 unit multifamily homes during the period December 19 through January 2. Fannie Mae’s EVP of credit portfolio [...]

Foreclosures Taking Longer than Ever

CNBC’s Diana Olick reports that foreclosures are requiring more time to be completed than ever.  Lender Processing Services (LPS) has tracked the average time from first delinquency to foreclosure at 631 days. The differences are stark between non-judicial and judicial foreclosure states.  The non-judicial states have half the inventory and move the process along at [...]