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For the 12th Straight Month over 300,000 properties received a foreclosure filing in February; RealtyTrac® released its February 2010 U.S. Foreclosure Market Report™, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 308,524 U.S. properties during the month of February, a decrease of 2 percent from the previous month [...]
Dennis Norman A report released by First American CoreLogic shows the foreclosure rate in the US increased in January to 3.19 percent, an increase of 60.3 percent from a year ago when the national foreclosure rate was 1.99 percent. The national rate for seriously delinquent mortgage’s (mortgages that are 90+ days delinquent) increased in January as well to a rate [...] Overall Activity Up 15 Percent From January 2009, REOs Up 31 Percent From January 2009; More Than 300,000 Properties Receive Foreclosure Filings for 11th Straight Month RealtyTrac® today released its January 2010 U.S. Foreclosure Market Report™, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 315,716 U.S. properties during [...] Dennis Norman Top 20 Cities Are From California, Florida, Nevada and Arizona; Utah, Illinois, Oregon, Idaho Cities Indicate Foreclosure Problem Is Spreading. Today RealtyTrac® released its year-end 2009 Metropolitan Foreclosure Market Report which shows that cities in four Sun Belt states accounted for all top 20 foreclosure rates in 2009 among metro areas with a population of [...] Dennis Norman The foreclosure rate in the U.S. for the month of November, 2009 was 3.09 percent, a 77.6 percent increase from November, 2008 when the rate was 1.74 percent according to a report by First American CoreLogic. In addition, the report showed that the number of borrowers that are seriously delinquent on their [...] Dennis Norman December’s foreclosure actions mark tenth straight month of over 300,000 notices and drive the 2009 total to over 3.9 Million notices on over 2.8 Million properties. This morning RealtyTrac® released its year-end U.S. Foreclosure Market Reporttm for the year 2009. The report shows a total of 3,957,643 foreclosure filings (default notices, scheduled foreclosure auctions and [...]
Scam Involved Lawyers, Mortgage Brokers, and More Than $14.6 Million in Loans PHILADELPHIA—A 15-count indictment was filed today against five defendants charged in a $14.6 million mortgage fraud scheme that resulted in at least 35 fraudulent mortgage loans, announced United States Attorney Michael L. Levy, Special Agent-in-Charge of the FBI Janice K. Fedarcyk, and Pennsylvania Secretary [...] Dennis Norman Unfortunately the bad news on the US housing market just keeps coming. This morning RealtyTrac® released its U.S. Foreclosure Market Reporttmfor the third quarter of 2009, which shows that foreclosure filings (default notices, scheduled auctions and bank repossessions) were reported on 937,840 properties in the third quarter which represents a 5 percent increase from [...] Dennis Norman The foreclosure rate in the U.S. for the month of August, 2009 was 2.86 percent, a 73.3 percent increase from August, 2008 when the rate was 1.65 percent according to a report released yesterday by First American CoreLogic. In addition, the report showed that the number of borrowers that are seriously delinquent on their [...] To alleviate some suffering by homeowners, the Obama Administration introduced the “Making Homes Affordable” plan last March. Unfortunately, the plan has not yet had the intended effect. Article by the Grand Law Firm Economists debate whether or not the country is actually currently in a recession. Some say that there are positive signs that we have reached [...] The Federal Deposit Insurance Corporation (FDIC) is launching an initiative to help consumers and the banking industry avoid unnecessary foreclosures and stop foreclosure “rescue” scams that promise false hope to consumers at risk of losing their homes. This initiative includes outreach, referral services, and an information tool kit. Arming consumers with information will heighten consumers’ awareness of foreclosure [...] While there have been positive reports recently about the housing market, specifically existing home sales and, to some extent, a stabilization of prices, unfortunately there is plenty of bad news on the housing market as well. For one, the number of foreclosures in the U.S. remains at near record highs. RealtyTrac(R) released their August 2009 U.S. Foreclosure [...] In an unprecedented move, leaders from the nonprofit sector, philanthropic community, financial industry and government have joined forces in creating a highly innovative and effective approach to reclaim neighborhoods devastated by high concentrations of foreclosed and abandoned property. The National Community Stabilization Trust, a new nonprofit organization, will help re-knit the fabric of neighborhoods torn apart [...] Dennis Norman TransUnion released the results of its analysis of trends in the mortgage industry for the second quarter of 2009 and the associated impact on the U.S. consumer. Part of this report focused on delinquencies on mortgages and the rate of mortgage delinquency. The report showed that mortgage loan delinquency (the ratio of borrowers 60 or [...] Dennis Norman By: Dennis Norman Back in April I first did a post on avoiding foreclosure and loan modifcation scams but record numbers of homeowners facing foreclosures and foreclosure scams on the rise I thought it was worth talking about again. The Federal Reserve , in a public service announcement, published “5 Tips for Avoiding Foreclosure Scams”: Work only [...] Dennis Norman By: Dennis Norman The government has taken steps to curtail the rate of foreclosures and help those homeowners that are facing foreclosure with the “Helping Families Save Their Homes Act of 2009″ and the “Making Home Affordable” program however the number of homeowners facing foreclosure is setting records. As I stated in a post a couple of [...] Dennis Norman By: Dennis Norman Realtor.Com and the National Association of REALTORS(R) released the results of it’s National Home Ownership Survey today. Employment concerns and the ability to make mortgage payments are the greatest barriers to home ownership today. This is particularly true for those people 25-49 years of age. Dennis Norman By: Dennis Norman Today the Office of the Comptroller of the Currency (OCC) and the Office of the Thrift Supervision (OTS) released their mortgage metrics report for 1st quarter 2009. The report covers the performance of 34 million home loans in the US. The report shows that delinquencies and foreclosures continue to increase during the [...] First off, my usual disclaimer…I am not an attorney and this is not intended to be legal advice or a legal opinion. Dennis Norman Now that we have that out of the way lets talk about options that may be available to you if you are one of the 20% of homeowners that a recent study [...] Dennis Norman By: Dennis Norman According to a report issued by RealtyTrac(R), foreclosure filings (default notices, scheduled auctions and bank repossessions or REO’s) were reported on 321,480 U.S. properties for May. This is a decrease of 6% from April but is still up nearly 18% from a year ago. The states of Nevada, California and Florida continue [...] Dennis Norman By: Dennis Norman According to a report issued by the Center for Responsible lending, the number of homes that have had foreclosure proceedings begun on this year broke the 1 million mark this past weekend. The Center for Responsible lending website has a rather depressing “foreclosure meter” that shows, in real time (sort of), [...] According to the Metropolitan Foreclosure Market Report for first quarter 2009 issued by RealtyTrac(R) foreclosures for the quarter are up almost 24% from a year ago nationwide. The twenty six metro areas with the highest rates of foreclosure are all within only four states: California, Florida, Nevada and Arizona. By: Dennis Norman Dennis Norman Over the past few days I have heard stories of people that have lost their homes through foreclosure and then, as if that was not enough, were told by their tax preparer that they owed thousands of dollars in taxes for “forgiven debt”. As bad as this sounds it is reality…or at least was reality. Let [...] By: Dennis Norman According to a report this week by Realty Trac(R) there were 274,399 US properties in some stage of foreclosure during the month of January. This represents a 10% decrease from December but is still an 18% increase over a year ago. Do the math and it works out to a sobering 1 in [...] |
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