By Mike Colpitts In a sign the U.S. housing market is on the road to recovery, foreclosures dropped for the third month in a row in April, despite a traceable increase in repossessions along the eastern U.S. coast. Initial notices of default were filed against 188,780 residential properties, the lowest since July 2007. Final bank… Continue reading Recovery Pushes Foreclosures Lower 3 Months
Category: Foreclosure
Mortgage Modifications Drop One-Third
By Mike Colpitts Mortgage modifications for troubled homeowners seeking to reduce payments dropped nearly a third during the first quarter of the year, according to the independent alliance of mortgage servicers, investors and non-profit credit counselors, Hope Now. The steep drop in modifications represented 31% less than the same quarter a year earlier, with 207,000… Continue reading Mortgage Modifications Drop One-Third
Real Estate Roller Coaster Rides into Spring
By Mike Colpitts The roller coaster ride in the U.S. real estate market got more evidence of continuing as the new home builder index for single family homes declined for the first time in seven months in April, according to the National Association of Home Builders-Wells Fargo index. The home builders index declined three notches… Continue reading Real Estate Roller Coaster Rides into Spring
More Than Half of Homeowners Can’t Move
More than half of all homeowners with a mortgage are unable to move or make a change in their housing situation as a direct result of being underwater on a mortgage, according to a new Housing Predictor survey. Some 54% of those surveyed online said they were halted from making a move. The other 46%… Continue reading More Than Half of Homeowners Can’t Move
FDIC Puts Real Estate Up for Auction
By Ryan Jackson Flooded with an inventory of foreclosures, the government’s Federal Deposit Insurance Corporation (FDIC), which has taken over hundreds of failed banks since the collapse of the U.S. real estate market, is holding an online auction to sell off some of its properties. The FDIC is auctioning-off 50 Midwest homes and commercial properties… Continue reading FDIC Puts Real Estate Up for Auction
Freddie Mac Fails at Mortgage Modifications
By Mike Colpitts One of the nation’s giant mortgage lenders, Freddie Mac provided only 4,308 mortgage modifications during the month of March in the U.S., and 13,677 for the first three months of the year, according to public figures provided by the lender. The weak volume of mortgage modifications would get the government backed lender… Continue reading Freddie Mac Fails at Mortgage Modifications
$25 Billion Bank Monitor Hires Accountants
By Ryan Jackson The monitor appointed to oversee the banks $25 billion settlement with 49 state attorney generals in the robo-signing scandal has hired six accounting firms to help monitor the agreement. Forty-nine states reached an agreement with the nation’s five largest banks in February over the forged signings of millions of foreclosure documents involved… Continue reading $25 Billion Bank Monitor Hires Accountants
Short Sales Finally Speed Up
By Mike Colpitts The nation’s giant mortgage lenders will force banks and mortgage servicers to enforce new guidelines to speed up short sales. Freddie Mac and Fannie Mae will require lenders to respond to requests for short sales from mortgage borrowers within 60 days under a new mandate ordered by the Federal Housing Finance Agency.… Continue reading Short Sales Finally Speed Up
Home Prices Forecast Higher
By Mike Colpitts Home prices in a larger number of cities are forecast to inflate in value in 2012 as many U.S. cities make inroads towards a housing recovery. Signs of progress are developing in a growing number of U.S. states, including hard hit Florida, Michigan and Mississippi. Improving conditions in many cities are attributed… Continue reading Home Prices Forecast Higher
Foreclosures Drop Two Straight Months
By Mike Colpitts Demonstrating the U.S. largest five banks are following rules agreed to in their $25 billion settlement with 49 state attorney generals, foreclosures saw a drop for two straight months in March as lenders increased efforts with home mortgage holders, according to RealtyTrac. The drop in foreclosure activity showed there were 198,853 filings… Continue reading Foreclosures Drop Two Straight Months