Category: Foreclosure

Should U.S. Become Biggest Landlord

By Mike Colpitts Under a proposal the Obama administration is making, the U.S. federal government would become the nation’s biggest landlord by renting out almost 250,000 foreclosed homes Freddie Mac, Fannie Mae and the Federal Housing Administration currently own. The proposal could make the Federal Housing Finance Agency, started by the Obama administration to administer… Continue reading Should U.S. Become Biggest Landlord

Market May Lead Home Prices in Recovery

By Mike Colpitts Home and condominium prices soared higher for the first time in more than five years in Miami as existing sales in the metropolitan region rose at a rapid pace in July, according to the Miami Association of Realtors. The spike in average home prices may signal a major turn around for the… Continue reading Market May Lead Home Prices in Recovery

Fannie Mae & Freddie Mac Own Almost 200,000 Foreclosures

By Kevin Chiu Giant U.S. mortgage lenders Fannie Mae and Freddie Mac own nearly 200,000 single family homes in their bloated inventories of foreclosed properties, according to a review of the government sponsored enterprises. The nation’s largest lenders, which were originally started as a way to purchase mortgages and then re-sell them as securities on… Continue reading Fannie Mae & Freddie Mac Own Almost 200,000 Foreclosures

Mortgage Delinquencies Rise as Foreclosures Drop

By Mike Colpitts Mortgage delinquencies increased during the second quarter of the year, but formal foreclosures saw a drop as a result of banking legal issues, problems related to the robo-signing scandal and other troubles, according to the Mortgage Bankers Association. Default rates on mortgages covering one-to-four unit residential properties rose to 8.44% on outstanding… Continue reading Mortgage Delinquencies Rise as Foreclosures Drop

Home Sales Decline to Year Low

By Kevin Chiu Home sales declined for the third time in four months in July, falling to a new low for the year, indicating that what most real estate analysts have been saying for months is coming true—that the housing market is in for a long protracted recovery. Existing home sales fell 3.5% for the… Continue reading Home Sales Decline to Year Low

Foreclosure Rates Finally Fall

By Mike Colpitts Legal foreclosure filings, including default notices, bank repossessions and scheduled auctions fell for the tenth straight month in July, but the market showed a major difference in the type of slowdown, according to Realty Trac. The string of declines was initially caused by the robo signing scandal, but the downturn has transformed… Continue reading Foreclosure Rates Finally Fall

States Balk at Banks Foreclosure Deal

By Kevin Chiu A move by five of the U.S. largest banks to reportedly limit their liability over illegal foreclosures is being rejected by at least three states now investigating lenders for their roll in the robo signing scandal. Massachusetts Attorney General Martha Coakley added the state’s name to the growing list of states refusing… Continue reading States Balk at Banks Foreclosure Deal

MERS Order May Provide Greater Transparency

By Mike Colpitts An order from the nation’s electronic registration company that halts banks and mortgage servicing companies from foreclosing on homes in MERS name may result in greater transparency for homeowners in foreclosure and could actually be of help to consumers. “I think it’s a good step in the right direction,” said National Consumer… Continue reading MERS Order May Provide Greater Transparency

Home Sharing Gains Popularity

By Kevin Chiu Home sharing is gaining in popularity as consumers look for ways to save money with the economy sputtering and more homeowners losing their homes to foreclosure. People are turning up at agencies across the U.S. looking for a place to live, where they can save some money to eventually either rent a… Continue reading Home Sharing Gains Popularity