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Category: foreclosures

Foreclosures Spike Upwards, Especially Repeats

Posted on March 30, 2012 in foreclosures, housing news with no comments

Lender Processing Services’ Mortgage Monitor for January 2012 shows that repeat foreclosures are at an all-time high. Foreclosure starts spiked up 28% in January compared to December and sales actually rose 29%.  The surge indicates that the backlog is beginning to move following the attorneys general settlement.  Sales in non-judicial states outpaced those in judicial [...]

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Foreclosure Investing – Foreclosures Make Up 24% of 4Q 2011 Sales

Posted on March 5, 2012 in arizona, california, foreclosures, georgia, illinois, michigan, nevada, ohio, oregon, texas with no comments

RealtyTrac reports that as of the last quarter of 2011 foreclosures and those in pre-foreclosure made up 24% of the existing home sales in the U.S.  The foreclosure sales activity was up from 20% in the 3rd quarter of 2011, but down from 26% of sales a year earlier. Total distress sales in 2011 totaled [...]

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Banking Industry Reaction to Robo-Signing Settlement

Posted on February 23, 2012 in foreclosures with no comments

While Stan Humphries, Zillow’s chief economist quipped that the mortgage settlement is just “a drop in the bucket” of what is needed for real recovery, many lender CEOs are breathing a sigh of relief and are ready to move on toward compliance with the new orders. Wells Fargo’s share of the settlement is worth $1.01 [...]

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Bernanke: Three Factors Continue to Drag Down Housing

Posted on February 23, 2012 in florida, foreclosures, housing news with no comments

Federal Reserve Chairman, Ben Bernanke continues to blame three factors for the lack of housing recovery.  Those factors include tight credit, the overhang of foreclosed property, and the large number of no equity homes in the mortgage market. The different problems are interrelated.  The problems in the housing and mortgage markets may be holding down [...]

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How Many New Jobs Will REO Rental Program Create?

Posted on February 23, 2012 in REO, foreclosures, housing news with 1 comment

Analysts at Morgan Stanley have calculated that as many as 1.8 million new jobs might be created by the bulk REO rental program that is currently being designed. Morgan Stanley reached that number by figuring that approximately 8 million more residential foreclosures will take place over the next 5 years, and if half of these [...]

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Foreclosure Filings Rise 3% in January

Posted on February 22, 2012 in arizona, california, florida, foreclosures, illinois, indiana, massachusetts, pennsylvania with no comments

RealtyTrac calculates that in January 2012 foreclosure filings—notices of default, auction notices and bank repossessions—were up 3% over December 2011.  A total of 210,941 U.S. properties received a foreclosure notice during the month. The foreclosure activity is down 19% from January 2011. RealtyTrac’s CEO, Brandon Moore, said that there is evidence that the backlogged foreclosure [...]

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What Does the $26 Billion Robo-Signing Settlement Mean?

Posted on February 14, 2012 in foreclosures, housing news, mortgage news with no comments

Here is a great article about the recent $26 billion Robo Signing deal you might have heard about in the news.  It’s by Neil Garfield on his blog LivingLies – check it out! Many hat tips to Yves Smith and others who have pointed out that the grand settlement has neither been drafted nor signed [...]

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Home Prices Dropped 4.7% in 2011: CoreLogic

Posted on February 10, 2012 in REO, arizona, california, foreclosures, georgia, housing news, illinois, michigan, minnesota, montana, nevada, new york, ohio, south dakota, vermont with no comments

The bean counters at CoreLogic calculated that home prices fell 4.7% during 2011 and that distressed housing impacted all but .9% of that drop.  It is clear that until the high volume of REO and pre-foreclosure sales subsides the housing market will continue the downward slide. Not all markets suffered a loss.  Montana home prices [...]

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Obama Administration: Millions to Get Refinance at Favorable Terms

Posted on February 7, 2012 in Fannie Mae, HAMP, HARP, economy, foreclosures, freddie mac, loan modifications with no comments

Most were expecting the President to announce a breakthrough in the AG negotiations with the major lenders over robo-signing in his State of the Union.  That announcement did not come.  Instead the President Obama announced a program to help more homeowners refinance to today’s low interest rates in order to save about $3000 per year [...]

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Fed Makes Recommendations to Improve Health of Housing Market

Posted on January 20, 2012 in Fannie Mae, foreclosures, freddie mac, housing news with no comments

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 [...]

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