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Category: housing news

HAMP Working on 63% of Eligible Second Mortgages

Posted on April 18, 2012 in HAMP, housing news with no comments

A new Treasury Department report indicates that through February the HAMP program had started loan modifications for 63% of all eligible second mortgages. Servicers started 71,133 second-lien modifications of the 113,774 eligible loans. More than 15,600 of them have been fully forgiven. Of the $29.9 billion allocated for HAMP, roughly $2.7 billion is set aside [...]

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$100 Billion in REO Rentals a Possibility

Posted on April 18, 2012 in REO, foreclosures, housing news with no comments

CoreLogic’s April MarketPulse report says that the single family rental market is extremely strong right now, so strong that CoreLogic expects the REO-to-rental program to boost the market to $100 billion or more per year for the next several years.  The current single family rental market is worth $3 trillion and represents 21 million units.  [...]

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4th Quarter 2011 Mortgage Picture Improves Gradually

Posted on April 12, 2012 in foreclosures, housing news, loan modifications, mortgage news, short sales with no comments

The quarterly report of the Office of the Comptroller of the Currency reports regularly on first-lien residential mortgages representing about 60% of the mortgage market.  In the 4th quarter 2011 shows only marginal improvement from the previous quarter. The percentage of improving loans rose .1 percent to 87.9 percent of all first-lien mortgages.   However, loan [...]

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Federal Reserve Issues REO to Rental Policy Statement

Posted on April 12, 2012 in REO, foreclosures, housing news with no comments

The Federal Reserve has delivered its instructions to lenders regarding the sale of bulk REO residential properties to investors to use as rentals.  The Federal Reserve Policy Statement indicates that Fed policy has always been to see the disposal of bank-owned property at the earliest possible date.  In light of the extraordinarily large number of [...]

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Investor Activity is Heating Up

Posted on April 12, 2012 in foreclosures, housing news, investor tips with no comments

The National Association of Realtors® annual Investment and Vacation Home Buyers Survey confirms that investor buying activity has picked up significantly in the past year.  Investment home sales surged a whopping 64.3 percent to 1.23 million units in 2011 compared to 749,000 million in 2012.  Vacation home sales increased by 7 percent and owner-occupied home [...]

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What’s the “Worst” Housing Market in the Country?

Posted on April 10, 2012 in georgia, housing news with no comments

No—it’s not Detroit.  It’s not even Las Vegas.  According to the latest S&P Case-Shiller Home Price Index, Atlanta’s housing market is the “worst” in the country.  Atlanta sat at the top of the Case-Shiller chart in home price depreciation for 2011. According to David Blitzer, head of the Case-Shiller indices, “Atlanta continues to stand out [...]

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Home Price Declines Directly Related to Distressed Market

Posted on April 10, 2012 in connecticut, delaware, foreclosures, housing news, nevada, vermont with no comments

The CoreLogic Home Price Index for February shows a decrease in home price nationwide of .7 percent over January and .8 percent year-over-year.  This is the seventh month of declining home values according to the index.  On the encouraging side, the decline is not as steep as it was during the height of the recession. [...]

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Foreclosures Outpace Loan Modifications

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

For the first time since October 2009 foreclosure sales outpaced loan modifications in January 2012.  There were 78,734 foreclosure sales nationwide in January while HOPE NOW reports 74,000 modifications through the HAMP program (17,992 loan modifications) and proprietary servicer programs (approximately 56,000 loan mods) combined. During January 60 day delinquencies remained flat at about 2.77 [...]

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More REOs on Market While Price Drops Moderate

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

One of the most consistent patterns during the housing crisis is that as bank-owned properties on the market rise, home values fall in the most affected markets.  Analysts at Clear Capital have detected a deviation from that trend in the February housing sales.  The new trend could bode well for recovery. Dr. Alex Villacorta, director [...]

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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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