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 [...]
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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 [...] CALIFORNIA REAL ESTATE INVESTORS AGREE TO PLEAD GUILTY TO BID RIGGING AT PUBLIC FORECLOSURE AUCTIONSDepartment of Justice Office of Public Affairs FOR IMMEDIATE RELEASE WASHINGTON — Eight California real estate investors have agreed to plead guilty for their roles in two separate conspiracies to rig bids and commit mail fraud at public real estate foreclosure auctions in Northern California, the Department of Justice announced. [...] A report issued yesterday by Equifax reveals just how severe the impact of shadow inventory (homes that have been, or should be, foreclosed on but have not been put back on the market for sale yet) and REO’s (properties owned by lenders after acquiring through foreclosure) are on a housing market recovery. [...] A report issued by Lender Processing Services, one of the countries largest loan servicers and aggregators of loan performance data, shows that while mortgage delinquencies continue to decline, lenders are taking longer to foreclose resulting in a drop in foreclosure sales. In fact, there are still significantly fewer foreclosure sales than there were before [...] 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 decreased 0.1 percent in May from the month before and down over 18 percent from the year before. Other good news in the report is the U.S. foreclosure pre-sale inventory [...] A report released this morning by CoreLogic shows that the current residential “shadow” inventory as of April 2011 declined to 1.7 million units, down from 1.9 million units a year ago. This current shadow inventory represents a 5 month supply, same as the supply a year ago. [...] RealtyTrac released their foreclosure report this morning for May 2011 which shows foreclosure filings (default notices, scheduled foreclosures and bank REO’s) were reported on 214,927 homes in May which is a 2 percent decrease from the month before and a 33 percent decrease from May 2010. [...] A report released today by CoreLogic shows that 22.7 percent (10.9 million) of all US homeowners with a mortgage were in a negative equity position in the first quarter of 2011, down slightly from 23.1 percent (11.1 million) the prior quarter. Negative equity is also referred to as being “underwater” or “upside down” and [...] RealtyTrac released their foreclosure report this morning for the first quarter of 2011 showing that foreclosure homes (sales of bank-owned homes and those in some stage of foreclosure) accounted for 28 percent of all U.S. residential sales during the quarter. This is up slightly from 27 percent the prior quarter and the highest percentage [...] 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 April, changing the downward trend we have seen in the prior few months. The good news in this report is that the U.S. foreclosure pre-sale inventory [...] According to a survey conducted by Harris Interactive® on behalf of Trulia and RealtyTrac, 45 percent of American adults say the government is not doing enough to prevent foreclosures. Only 17 percent think the government is doing too much and 16 percent say just the right amount is being done. [...] Negative equity is the dominant factor driving the real estate market according to CoreLogic in it’s “U.S. Housing and Market Trends” report that was released today. According to the report, as of the 4th quarter of 2010, over 11 million (23 percent) of U.S. homeowners with a mortgage were in a negative equity position, [...] HomeSteps, the home-sale division of Freddie Mac, announced today it is launching a nationwide sales promotion on it’s inventory of foreclosed homes starting today. The promotion, titled “The HomeSteps Summer Sales Promotion”, is offering up to pay buyer’s closing costs, up to 3.5 percent of the sales price and a bonus to the selling agent [...] The U.S. foreclosure rate for April 2011 declined 9 percent from the month before and 34 percent from the year before, according to a report released by RealtyTrac this morning. This marks the seventh-consecutive month the foreclosure rate decreased on a year-over-year basis and brings the foreclosure rate to a 40-month low. [...] Spring storms in April caused 8 areas of the U.S. to be declared a National Disaster area, and another 9 more so far in May. Damage from tornadoes and wind from these storms as well as flooding has caused thousands of homeowners financial hardship. For those affected borrowers in these areas that have FHA loans, [...] |
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