Foreclosure notices declined in January, but still remain at record high levels for the year, according to the latest Realty Trac monthly report. Some 315,716 properties were tagged with notices during the month nationwide. The decline in notices marked a 10% drop from December numbers, but shows that one in every 409 housing units is… Continue reading Foreclosure Numbers Decline
Category: Foreclosure
Two Years Later Foreclosure Crisis Far From Ending
By Mike Colpitts Two years after Housing Predictor was the first real estate research firm to forecast the foreclosure epidemic the crisis is caught up in a maze of bureaucratic red tape, squabbling in Congress and political turmoil. Since the crisis began bankers have made an estimated 5-million foreclosures, and it is only forecast to… Continue reading Two Years Later Foreclosure Crisis Far From Ending
Mortgage Modifications Lag
Bureaucratic stumbling blocks and red tape have hampered the government’s mortgage modification plan, helping only a small number of Americans stay in their homes, Treasury Department officials acknowledged. The Obama Administration’s Home Affordable Modification Program (HAMP) has permanently modified only 66,000 homeowner mortgages from more than 4-million that may be eligible for the plan. Another… Continue reading Mortgage Modifications Lag
Answer: Saving the Real Estate Market
There are no perfect choices as President Barack Obama sits down with his financial advisors to talk over just what they’ll do next in the housing mess. Some choices are just better than others. Wall Street greed and bankers blunders got us to this point with the economy, and straightening out the mess is like… Continue reading Answer: Saving the Real Estate Market
No Hurry for Those at Risk of Foreclosure
Senator Jack Reed D-Rhode Island Senator Dick Durbin D-Illinois Senator Sheldon Whitehouse D-Rhode Island No Hurry for Those at Risk of Foreclosure By Mike Colpitts Two months after the proposal to force bankers to work with homeowners at risk of foreclosure was introduced in Congress the bill is bogged down in committee. A House Financial… Continue reading No Hurry for Those at Risk of Foreclosure
Housing Recovery on the Way
Powered by the highest number of home sales in more than two years, the housing market appears to be on the road to recovery at least to some consumers. First time buyers pushed to close purchases before the looming government deadline expired for an $8,000 tax credit. Rock bottom priced triggered a flood of… Continue reading Housing Recovery on the Way
Forty-Eight States in Taxing Turmoil
Forty-eight of all 50 U.S. states are in economic turmoil as a result of the housing bust and the financial crisis. States have laid-off employees, slashed budgets and cut back on services, including schools and emergency services such as police and fire department personnel. “Forty-eight states are in budget crisis,” according to New York Governor… Continue reading Forty-Eight States in Taxing Turmoil
Market Bottom: They Just Don’t Get It!
By John Hines Economist The bottom of the real estate market is a fleeting place that has seen the initial stages of recovery tease markets in the worst hit areas of the country, including California, Florida and Nevada. As home sales rise, bankers hold off on making foreclosures and keep lending standards so high that… Continue reading Market Bottom: They Just Don’t Get It!
Foreclosures Dip Slightly
Recorded foreclosure notices saw a 3% dip in the last month nationally, but are still up nearly a fifth from year ago levels, according to the latest RealtyTrac monthly report. There were 332,292 notices of default, foreclosure auctions and bank repossessions filed during October. The figure represents a three month consecutive decline in foreclosure notice… Continue reading Foreclosures Dip Slightly
Private Bankers Gaining Ground
By Kevin Chiu Blamed for selling mortgages to anyone who could sign their name during the real estate boom, the majority of mortgage brokers have been forced out of business and now only originate a small percentage of home loans. However, private mortgage bankers are filling the opening in the marketplace. Leery of increasing bad… Continue reading Private Bankers Gaining Ground