By Mike Colpitts The boom bust cycle of California real estate holds historic lessons that every where else in the U.S. can learn from as the nation sustains the housing crisis driven by the sharpest foreclosure epidemic on record. California has seen home values drop an average of 43.7% since the housing crisis started in… Continue reading California Real Estate Bust Offers U.S. Hope
Category: Foreclosure
Homeowner Foreclosure Scams Spike
By Mike Colpitts Homeowner foreclosure rescue scams surged nearly 60% in the first three months of the year following the introduction of new federal foreclosure prevention programs, according to a national non- profit group working to help homeowners at risk of losing their homes. The Homeownership Preservation Foundation says fraudsters are busier than ever in… Continue reading Homeowner Foreclosure Scams Spike
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
Housing Starts Unexpectedly Slide
By Mike Colpitts Despite record warm weather making it attractive for new home builders, housing starts saw an unexpected slide in March, but new home building permits rose to the highest level in three and a half years, according to the Commerce Department. The drop in new home construction caught economists off guard as starts… Continue reading Housing Starts Unexpectedly Slide
Short Sales Double Leap
By Ryan Jackson Bank assisted short sales or mortgage holders who are approved to sell their homes for less than what is owed on a mortgage leaped to double the number of short sales approved in 2009 last year. There were 227,570 short sales approved in 2011 accounting for a 12% increase from the previous… Continue reading Short Sales Double Leap
Housing Peaks at 60% Deflation
By Ryan Jackson Nevada has led the U.S. in foreclosures for more than five years straight and it has also suffered the highest loss in average housing deflation, according to an audit conducted by Housing Predictor. With Las Vegas at the center of action, Sin City has sustained 62 months as the nation’s foreclosure capital… Continue reading Housing Peaks at 60% Deflation
Underhanded Banking Tactics in Full Swing
By Ryan Jackson Unethical tactics used by banks and lender mortgage servicing companies to get homeowners to leave their homes are still being used, despite new guidelines issued to banks as a result of the $25 billion agreement between the nation’s largest five lenders and state attorney generals, according to the founder of an online… Continue reading Underhanded Banking Tactics in Full Swing
Mortgage Modifications Drop Off
By Mike Colpitts Mortgage modifications experienced a 20% drop off in February in the private sector as lenders picked up the pace of foreclosures following the government’s $25 billion agreement with the nation’s biggest banks. The drop off in permanent mortgage modification tabulated by Hope Now, a private non-profit organization leading the effort to gain… Continue reading Mortgage Modifications Drop Off
Mortgage Rates Forecast Higher
By Ryan Jackson The improving U.S. economy is forecast to push mortgage rates higher, driving the cost of home loans much higher before the end of 2012, according to a consensus of economists. The analysis was part of the Urban Land Institute’s survey released for 2012 through 2014. Economists expect inflation as measured by the… Continue reading Mortgage Rates Forecast Higher
Mortgage Executives to Plead Not Guilty
By Mike Colpitts Three top executives formerly with the second largest U.S. mortgage company charged by the SEC with hiding their company’s deteriorating financial condition from investors as the firm was failing will plead not guilty to federal charges, according to an attorney for one of the accused executives. The SEC charged Thornburg Mortgage Inc.… Continue reading Mortgage Executives to Plead Not Guilty