By Mike Colpitts Foreclosure filings dropped 2% in May as banks and mortgage servicing companies experienced turmoil as a result of legal problems dealing with foreclosures. Filings fell a third from a year ago. Formal foreclosure auctions, the last step in the painful foreclosure process, however, were scheduled against 89,251 U.S. residential properties during the… Continue reading Foreclosures Drop, Despite Turmoil
Category: California
California housing market
Sarah Palin’s Daughter Turns Landlord
Former vice presidential candidate Sarah Palin’s daughter Bristol is becoming a landlord in Phoenix. The ex-Dancing with The Stars contestant, whose out of wedlock pregnancy alarmed the Republican religious right wing during Palins run to win the vice presidency, has moved out of her Phoenix area home, and has put it on the market as… Continue reading Sarah Palin’s Daughter Turns Landlord
Negative Home Equity Strengthens
By Mike Colpitts Homes in negative equity or with mortgages that are higher than the property’s current market value declined in the first quarter of 2011, according to a leading real estate research firm. Residential properties were down slightly from 11.1 million homes or more than 23% of properties in the prior quarter. The drop… Continue reading Negative Home Equity Strengthens
Housing Downturn Reaches Year Five
By Mike Colpitts The downturn in the U.S. residential housing market is approaching five years, which arrives in just one week with the start of June. Housing markets in California and Florida were the fist to feel the impact of the slowdown that resulted from a combination of Wall Street shenanigans and bankers creative financing… Continue reading Housing Downturn Reaches Year Five
Rigid Land Use Spiked Home Prices
By Mike Colpitts Rigid land use restrictions contributed to the housing bubble burst and still play a major role driving home values lower, according to a new study conducted by a Washington, D.C. think tank. “The majority of losses in the housing crash were overwhelmingly concentrated in metropolitan areas with restrictive land development regulations,” said… Continue reading Rigid Land Use Spiked Home Prices
Real Estate Agent Falls from Grace
By Kevin Chiu His model like good looks and Southern California sun tan are near trademark, but millionaire real estate agent John McMonigle has fallen from grace, losing his fortune and amassing $50 million in debts. The luxury home salesman appeared in bankruptcy court depressed after selling personal assets, including his Newport Beach condominium and… Continue reading Real Estate Agent Falls from Grace
Foreclosures Fall Seven Straight Months, But Still at Crisis Level
By Kevin Chiu Hampered by internal bank and mortgage servicing company delays, foreclosure notices fell to a 40 month low in April, declining 9% from the prior month and 34% from a year ago. The slowdown represented the seventh straight month of delays in the foreclosure crisis as a result of the moratorium put in… Continue reading Foreclosures Fall Seven Straight Months, But Still at Crisis Level
Homeowner Associations May Hit Record Lawsuit Volume
By Mike Colpitts Homeowner and condominium associations straddled with high debt in the real estate crash are resulting in at least thousands of member-owners refusing to pay monthly fees, and may reach record lawsuit volume in U.S. courtrooms. The development was determined during a routine Housing Predictor survey of markets monitored across the nation. The… Continue reading Homeowner Associations May Hit Record Lawsuit Volume
Homeowners Move to Fixed Rate Mortgages
By Kevin Chiu Nervous about their financial futures and holding on to their homes, consumers are shedding debt and transitioning to fixed rate mortgages in unprecedented numbers. An over-whelming 95% of refinances were fixed rate mortgages during the first quarter of the year, according to Freddie Mac. Millions of homeowners have been unable to refinance… Continue reading Homeowners Move to Fixed Rate Mortgages
Hawaii Passes U.S. Toughest Foreclosure Law
By Kevin Chiu Hawaii lawmakers followed hard hit Nevada to become only the second state in the nation to approve one of the toughest foreclosure consumer aid laws in the U.S., passing the bill as the legislature closed its latest session. Senate Bill 651 is touted as a windfall for consumers, requiring mortgage lenders to… Continue reading Hawaii Passes U.S. Toughest Foreclosure Law