By Mike Colpitts The inventory of homes not yet foreclosed but regarded as unsellable as they are held back from the market known as the shadow inventory has dropped to January 2009 levels, according to real estate data firm CoreLogic. California, Florida and Illinois, where foreclosures are at some of the highest levels in the… Continue reading Shadow Inventory Slides to 2009 Levels
Category: Foreclosure
Foreclosures Show Positive Fall
By Kevin Chiu Foreclosure filings dropped 14% in November experiencing a positive fall as default notices, scheduled bank auctions and bank repossessions hit their lowest level in a year, according to RealtyTrac. However, some of the hardest hit states, including California, Arizona and Massachusetts posted year-over-year increases in November. Foreclosure auctions, the final step in… Continue reading Foreclosures Show Positive Fall
Real Estate Investors Plead Guilty in Conspiracy
By Mike Colpitts Eight real estate investors have pleaded guilty for their roles in a criminal conspiracy at real estate foreclosure auctions. The charges against the investors carry up to 30 years in U.S. federal prison and $1-million in fines. The investors agreed to enter the guilty pleas after a federal investigation led to their… Continue reading Real Estate Investors Plead Guilty in Conspiracy
Foreclosures Rise in October, But Nevada’s Chill
By Mike Colpitts Foreclosure auctions, the final step in the formal bank repossession process increased in October, rising 8% from the prior month as foreclosures in states that require courts to formally approve foreclosures moved higher recovering from bank moratoriums. But Nevada saw a major drop in foreclosures as a result of a new law… Continue reading Foreclosures Rise in October, But Nevada’s Chill
Survey Reveals Banks Should Cut Mortgages
Homeowners in desperate need of help should have their mortgages cut by banks and mortgage lenders in an effort to aid the U.S. economy, and slow the rate of foreclosures. That’s the finding from a new Housing Predictor survey, which found that a large majority feel that the same banks that got the U.S. into… Continue reading Survey Reveals Banks Should Cut Mortgages
Less than 1-Million Underwater Homeowners to Refinance
By Mike Colpitts In the Obama administration’s piece-meal approach to solving the housing market collapse, less than 1-million additional underwater homeowners are expected to receive refinances through the expanded HARP program, according to federal officials. The announcement by Federal Housing Finance Agency Director Edward DeMarco confirms a Housing Predictor analysis made just a day after… Continue reading Less than 1-Million Underwater Homeowners to Refinance
Banks Should Be Forced to Modify Mortgages
Americans believe banks have ripped all of us off big, judging by the results of the latest Housing Predictor poll. An over-whelming majority of those surveyed say banks should be forced to modify mortgages to help the U.S. economy, a new poll found. An astounding 83% said the same banks that got us into the… Continue reading Banks Should Be Forced to Modify Mortgages
Lawmaker Urges Halt of Home Demolitions
By Mike Colpitts An Ohio lawmaker is pushing fellow members of Congress to pass a proposal aimed at revitalizing neighborhoods hit by the foreclosure crisis instead of demolishing the homes as planned. U.S. Senator Sherrod Brown (D-OH) is urging fellow members of Congress to pass Project Rebuild as a record number of foreclosed and abandoned… Continue reading Lawmaker Urges Halt of Home Demolitions
States Investigate Banks Criminal Acts in Foreclosure Crisis
By Mike Colpitts New York’s Attorney General was one of the first to pull out of the 50 state negotiations with big Wall Street banks in the robo-signing scandal, and now the same state’s Attorney General is investigating criminal acts by the same firms tied to the foreclosure crisis. “This was a man made crisis,”… Continue reading States Investigate Banks Criminal Acts in Foreclosure Crisis
California Expands Hardest Hit Homeowner Aid
By Kevin Chiu As one of the Hardest Hit states in the U.S. in the housing crash, California is expanding its $2 billion program to help homeowners avoid foreclosure. But this increase will be dedicated to helping only second home or vacation homeowners. The proceeds, originally established by the California Housing Finance Agency from proceeds… Continue reading California Expands Hardest Hit Homeowner Aid