By Mike Colpitts Formal foreclosures or homes that were repossessed by their lenders accounted for 830,000 U.S. homes in 2011, a huge drop of 24% from 2010, according to real estate data research firm CoreLogic. The decline comes as a result of moratoriums enacted by the nation’s five largest mortgage lenders to study damage from… Continue reading U S Foreclosures Drop Huge
Category: Illinois
Illinois housing market
2012 Illinois Housing Market
Big job losses and business closings contribute to conditions in Illinois real estate markets as homeowners who have lost their jobs are learning that bankers’ are just around the corner to foreclose. The U.S. foreclosure crisis is devastating Illinois’ economy as mortgage holders flee their homes unable to reach modification agreements with their banks. The… Continue reading 2012 Illinois Housing Market
Feds Launch Mortgage Task Force Investigation
By Mike Colpitts More than three years after announcing he would launch a federal task force to investigate the mortgage crisis, President Barack Obama has finally launched a federal probe into the U.S. largest financial institutions. New York Attorney General Eric Schneiderman, who pulled his state out of the 50 state robo-signing investigation, sent subpoenas… Continue reading Feds Launch Mortgage Task Force Investigation
Home Prices Tumbled Less in 2011
By Mike Colpitts Home prices tumbled an average of 4.3% on a year-over-year basis through last November, according to real estate analytics firm CoreLogic. The company’s Home Price Index, released Monday, confirmed what other real estate research companies reported – that home prices fell less in 2011 than 2010. The Santa Ana, California based firm… Continue reading Home Prices Tumbled Less in 2011
Shadow Inventory Slides to 2009 Levels
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
Index Shows Housing Prices Decline
By Mike Colpitts Housing prices declined an average of 3.9% through the end of October on a year over year basis, according to the CoreLogic housing price index. The index shows that home values have dropped for three straight months, and are especially hard hit in five states. Nevada has led the nation in foreclosures… Continue reading Index Shows Housing Prices Decline
Home Prices Decline Year Over Year
By Kevin Chiu Home prices declined an average of 4.4% on a year-over-year basis in the U.S. through August, despite a slight increase in home values over summer months as a result of higher home sales, and record low mortgage rates, according to real estate research firm CoreLogic. The decline in home values echoes Housing… Continue reading Home Prices Decline Year Over Year
U.S. Expects Riots to Develop From Economic Downturn
A large majority of those surveyed expect the economic downturn to result in riots in the U.S. as factions so desperate for better times vent their anger in violence, according to a Housing Predictor poll that was just completed. High unemployment has sent an estimated 45-million Americans to the job line, and millions of others… Continue reading U.S. Expects Riots to Develop From Economic Downturn
Mortgage Defaults Edge Up in August
Mortgage defaults were filed for the first time against the largest number of homeowners in more than four years in August as foreclosures surged higher for the month, according to RealtyTrac. Foreclosure auctions and formal lender repossessions were filed against 228,098 homes during the month. The figure represented a 7% surge in lender takeovers for… Continue reading Mortgage Defaults Edge Up in August
Mortgage Fraud Declines
By Mike Colpitts Mortgage fraud loan originations are estimated to decline nearly 40% in 2011 from $12-billion in damages to the U.S. economy last year, according to real estate research firm CoreLogic. Fraud experts predict that residential mortgage fraud will total $7.4-billion this year. CoreLogic attributes the year over year drop primarily to lower mortgage… Continue reading Mortgage Fraud Declines