By Mike Colpitts A settlement between bankers, mortgage servicing companies and the 50 state Attorney Generals investigating robo signing foreclosures seems more doubtful of achieving by the day as bankers delay talks to stem off billions of dollars in settlements they would have to pay to reach such an agreement, estimated as high as $25-billion.… Continue reading State Foreclosure Settlements Seem Doubtful
Category: Foreclosure
Foreclosure Backlog Rises as Federal Aid Fails
By Mike Colpitts The foreclosure inventory of homes has grown to more than 30 times the volume of foreclosed homes that sell each month in the U.S. as federal efforts to stem the crisis fails, indicating that the flood of foreclosures will trouble the housing market for years to come, according to Lender Processing Services,… Continue reading Foreclosure Backlog Rises as Federal Aid Fails
Fannie Mae Pays Closing Costs
By Mike Colpitts Hoping to slash the record volume of foreclosures in its inventory, Fannie Mae, one of the nation’s two mortgage giants is offering to pay buyers’ closing costs on foreclosed homes and accepting down payments of as little as 3%. Purchasers will receive up to 3.5% in closing costs assistance. The inventive was… Continue reading Fannie Mae Pays Closing Costs
Mortgage Bond Values Double
By Chris Choi The collapse of the housing market resulted in mass foreclosures, the bailout of banks, companies going bankrupt and the stock market hitting rock bottom. The financial crisis of 2008 was caused by a series of issues, but none more directly than the rise of mortgage bonds traded by investors, who relied on… Continue reading Mortgage Bond Values Double
Shadow Inventory Falls 200,000 Homes
By Mike Colpitts The inventory of U.S. homes that have not yet been foreclosed but are in financial jeopardy recognized as the shadow inventory has declined by 200,000, according to real estate research firm Core Logic. The current residential shadow inventory is 1.8-million units, which represents a nine months supply of inventory at present sales… Continue reading Shadow Inventory Falls 200,000 Homes
Real Estate at Pennies on the Dollar
By Kevin Chiu California real estate investor Simon Volkov says stick it to the bank, and buy real estate at pennies on the dollar purchasing single family homes at wholesale prices. Volkov is a foreclosure and tax property note specialist, who urges investors to take advantage of the distress in the current marketplace to ring… Continue reading Real Estate at Pennies on the Dollar
Home Price Direction Fact and Fiction
By Kim Olson Home prices have been moving in one direction in most areas of the U.S. and that isn’t comforting homeowners. It’s a fact that most areas of the nation are seeing more home sales but only because prices have come down so much because of foreclosures, and other bank-assisted sales. What can prospective… Continue reading Home Price Direction Fact and Fiction
California Realtor President Requests Aid in Short Sales
By Kevin Chiu Short sales were hardly ever heard of before the real estate collapse, but these days bank assisted short sales, in which lenders take less than what is owed on a mortgage are failing on at least 40% of those attempted, according to a Realtors organization. In a letter published in seven California… Continue reading California Realtor President Requests Aid in Short Sales
Foreclosures Drop to 3 Year Low
By Mike Colpitts Driven by bank moratoriums on foreclosures triggered by lenders’ mistakes, foreclosure activity dropped to a three year low in February as mortgage servicing companies slowly resumed their repossession procedures. In the 26 states that have judicial foreclosure processes, where lenders temporarily called-off foreclosures as a result of faulty legal paperwork, default notices… Continue reading Foreclosures Drop to 3 Year Low
New Homebuilders Brighter Future
By Kim Olson With the real estate market soft many homebuilders, especially large corporate homebuilders are still struggling. Real estate analysts say that the recovery will continue to be slow through 2011, and may in fact be a bit longer. Inventory of newly built homes is still high, with pending and closed sales down. Prices… Continue reading New Homebuilders Brighter Future