Foreclosure Price 34 Percent Below Average Price of Non-Foreclosures RealtyTrac,today released its third-quarter 2011 U.S. Foreclosure Sales Report,which shows that sales of homes that were in some stage of foreclosure or bank owned accounted for 20 percent of all U.S. residential sales in the third quarter of 2011,down from 22 percent of all sales in the second quarter and down from 30 percent of all sales in the third quarter of 2010. [...]
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 | Based on what we’ve heard,the settlement between major banks and states’Attorneys General (AGs),the federal Department of Housing and Urban Development,and the Department of Justice would represent an important step forward in addressing foreclosure abuses. The settlement would include key reforms to clean up unfair mortgage servicing practices. It would also provide an important template for ways banks can use principal reduction to reduce unnecessary foreclosures and put the country back on a path to economic recovery. [...] This morning,RealtyTrac released their 2011 year-end U.S. Foreclosure Market Report which shows that 2,698,967 foreclosure filings (default notices,scheduled auctions and bank repossessions) we’re reported on 1,887,777 properties in the U.S. during the year,a decrease of 34 percent from the year before and marking the lowest level since 2007! [...] The U.S. mortgage loan delinquency rate was 8.15 percent of all home loans in November,up 2.7 percent from the month before and down 9.6 percent from a year ago,according to the “First-Look”report issued by Lender Processing Services,one of the countries largest loan servicers and aggregators of loan performance data. The foreclosure rate,on the other hand,was 4.16 percent in November,a 3.0 percent decrease from the month before and a 2.0 percent increase from a year ago. [...] This morning,RealtyTrac released their U.S. Foreclosure Market Report for November 2011 which shows that foreclosure filings (default notices,scheduled auctions and bank repossessions) we’re reported on 224,394 properties in the U.S. during the month,a three percent increase from the previous month and a decrease of 14 percent from the year before. During the month,1 out of every 579 homes in the U.S. had a foreclosure filing. [...] WASHINGTON – Lisa Wright,46,and Cathy Saffer,52,of Pompano Beach,Fla.,were charged today with a conspiracy to defraud homeowners and banks in a foreclosure rescue scheme,announced the Department of Justice. Also charged was Barrington Coombs,57,a certified public accountant of Weston,Fla.,who participated in the scheme. A federal grand jury in the Southern District of Florida returned an indictment charging Wright and Saffer with one count of conspiracy,three counts of mail fraud and three counts of wire fraud. The grand jury charged Coombs with one count of conspiracy and one count of wire fraud. [...] The U.S. mortgage loan delinquency rate was 7.93 percent of all home loans in October,down 2.0 percent from the month before and down a whopping 14.6 percent from a year ago,according to the “First-Look”report issued by Lender Processing Services,one of the countries largest loan servicers and aggregators of loan performance data. The foreclosure rate,on the other hand,was 4.29 percent in October,a 2.5 percent increase from the month before and a 9.4 percent increase from a year ago. [...] Over the past few years many people that had never faced financial trouble found themselves in foreclosure,doing a short-sale or deed in lieu or filing bankruptcy as a result of the burst of the housing bubble,record unemployment and a weak economy in general. People in this situation,many of whom were homeowners for years,were forced to lived with relatives or friends,or rent until they were able to get through their financial crisis. Now,many of these folks have been able to get back on their feet and want to buy a home again but don’t know when,or if they will be able to get a home loan again due to their past. [...] This morning,RealtyTrac released their U.S. Foreclosure Market Report for October 2011 which shows that foreclosure filings (default notices,scheduled auctions and bank repossessions) we’re reported on 230,678 properties in the U.S. during the month,a seven percent increase from the previous month but a decrease of nearly 31 percent from the year before. During the month,1 out of every 563 homes in the U.S. had a foreclosure filing. [...] This morning,Trans Union released a report showing the national mortgage delinquency rate (the rate of borrowers 60 or more days past due) increased to 5.88 percent (from 5.82 percent in the 2nd quarter) during the third quarter of 2011,after falling in the previous quarter by the largest rate in two years. This is the first time mortgage delinquency rates have increased since the end of 2009. [...] In late September I wrote about a plan presented by acting Comptroller of the Currency,John Walsh,to address the “robo-signing”issue as well as other improper practices in the foreclosure process that have surfaced. Mr. Walsh’s plan includes an independent review of the files of borrowers that feel they were a victim of a wrongful foreclosure practice as well as the potential for compensation or other relief for borrowers that were found to have been subject to improper foreclosure practices. Just this week it was announced that eligible borrowers may not apply for a review of their file and,if irregularities are found,file a claim for compensation. [...] This morning,RealtyTrac released their U.S. Foreclosure Market Report for 3rd quarter 2011 which shows that foreclosure filings (default notices,scheduled auctions and bank repossessions) we’re reported on 610,337 properties in the U.S. during the quarter,a very slight (less than 1 percent0 increase from the previous quarter but a decrease of over 34 percent from the year before. During the quarter,1 out of every 213 homes in the U.S. had a foreclosure filing. [...] A report released this morning by CoreLogic shows that the current residential “shadow”inventory as of July 2011 declined slightly from 1.7 million units in April to 1.6 million units,and was down from 1.9 million units a year ago. This current shadow inventory represents a 5 month supply. CoreLogic includes in it’s shadow [...] MortgageDaily.com’s Mortgage Litigation Index came in at 190 total cases during the 2nd quarter of 2011,making it the all-time high since the index’s introduction in 2007. This is a 26 percent increase from the prioir quarter and is more than double a year ago. Lawsuits challenging the foreclosure process were on the rise (such [...] Signs point to trouble ahead for the housing market as recent growth in foreclosure filings suggest REO Inventories may balloon in coming months according to the Radar Logic July 2011 Monthly Housing Market Report. On the heels of a couple of upbeat articles I’ve been able to write about the market,I get hit [...] Robo-signing is one of those terms I never heard until the news of improper foreclosure practices by some of the nation’s largest lenders started hitting the news in the past year and now the word has become synonymous with bad foreclosure practices. As a result,in April of this year the Office of the Comptroller [...] I keep saying that,until the foreclosure rate gets back down closer to a “normal”rate and the REO inventory is absorbed to the point where they are no longer putting such immense downward pressure on home prices,we are not going to see any sort of sustainable recovery in the housing market. It [...] National Association of REALTORS® (NAR) President,Ron Phipps,wrote a letter to Shaun Donovan,Secretary of the Department of Housing and Urban Development,Timothy Geithner,Secretary of the Treasury Department and Edward DeMarco,Acting Director of the Federal Housing Finance Agency with suggestions on how to improve the Real Estate Owned (REO) asset disposition programs [...] This morning,RealtyTrac released their U.S. Foreclosure Market Report for August 2011 which shows that foreclosure filings (default notices,scheduled auctions and bank repossessions) we’re reported on 228,098 properties in the U.S. in August,a 7 percent increase from the previous month but a decrease of almost 33 percent from the year before. [...] A report released today by CoreLogic shows that 22.5 percent (10.9 million) of all homeowners in the U.S. with a mortgage were in a negative equity position in the second quarter of 2011,down slightly from 22.7 percent the prior quarter. Negative equity is also referred to as being “underwater”or “upside down”and [...] Federal Reserve Governor Elizabeth A. Duke,while speaking at the Federal Reserve Board Policy Forum last week,discussed the effect on the housing market that properties acquired by banks and lenders through foreclosure (REO’s) and suggested that if some of this inventory was converted to rental property by the lenders,this may have a positive [...] This morning,RealtyTrac released their U.S. Foreclosure Sales Report for the 2nd quarter of 2011 which shows that foreclosure sales accounted for 31 percent of all home that were sold in that quarter,down from nearly 36 percent in the previous quarter but up almost 30 percent from the year before when it [...] HomeSteps,the home-sale division of Freddie Mac,announced “Condo Cash”,a special limited-time offer to pay up to $1,500 in future condo fees for eligible buyers purchasing a condominium being sold through the Freddie Mac HomeSteps program. [...] SACRAMENTO,Calif. — A real estate investor pleaded guilty last Friday in U.S. District Court in Sacramento to conspiring to rig bids and commit mail fraud at public real estate foreclosure auctions held in San Joaquin County,Sharis A. Pozen,Acting Assistant Attorney General of the Department of Justice’s Antitrust Division,and Benjamin B. Wagner,[...] WASHINGTON –Four Florida men were arrested this past week on charges that they defrauded homeowners in Massachusetts and elsewhere in connection with a home loan modification scam,announced Assistant Attorney General Lanny A. Breuer of the Justice Department’s Criminal Division,U.S. Attorney Carmen M. Ortiz for the District of Massachusetts and Christy Romero,[...] Ah,some good news! RealtyTrac released their foreclosure report for July this morning showing a total of 212,764 U.S. properties received foreclosure filings (default notices,scheduled foreclosures and bank REO’s) during the month,a 4 percent decrease from the prior month and a 35 percent decrease from July 2010. This is the lowest [...] RealtyTrac released their Midyear 2011 Metro foreclosure report showing that foreclosure activity decreased on a year-over-year basis in 178 out of the nation’s largest 211 metropolitan areas which is some much needed good news! [...] A “first-look”report issued by Lender Processing Services,one of the countries largest loan servicers and aggregators of loan performance data,shows mortgage delinquencies increased 2.4 percent in June from the month before and decreased 14.7 percent from the year before. According to the report,the U.S. foreclosure pre-sale inventory rate declined 0.2 percent [...] Radarlogic,real estate data and analytics company that frequently disagrees with the National Association of REALTORS® view of the housing market,released their RPX Monthly Housing Market Report for May 2011 yesterday and in it had a scorecard showing how their rather bleak predictions they made at the end of 2010 for the 2011 [...] | ||||
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