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
Category: Nevada
Nevada housing market
Title Officers Charged in Robo-Signing Felonies
By Mike Colpitts Two title officers associated with Lender Processing Services have been indicted by a Nevada county grand jury on charges related to illegal robo-signings, according to the Office of the Nevada Attorney General. The two LPS employees, Gary Trafford and Gerri Sheppard, were indicted on 606 counts. The charges relate to allegations of… Continue reading Title Officers Charged in Robo-Signing Felonies
Nevada Makes Illegal Foreclosures Felony
By Mike Colpitts Responding to homeowner complaints, Nevada has become the first state in the nation to make illegally repossessing a home a felony, and may send bankers to jail for doing such. The new law was enacted after tens of thousands of homeowners complained to lawmakers about their homes being foreclosed without proof of… Continue reading Nevada Makes Illegal Foreclosures Felony
Underwater Refinancing Program Closer
By Mike Colpitts A federal program intended to help underwater homeowners should assist more than 1-million U.S. mortgage borrowers refinance their homes, according to an analysis of the Home Affordable Refinance Program expanded by the Obama administration Monday. The program’s expansion is being developed by the Federal Housing Finance Agency with mortgage lenders and the… Continue reading Underwater Refinancing Program Closer
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
Foreclosures Forecast to Hit 15 Million Homeowners
By Kevin Chiu The foreclosure crisis has produced an overpowering series of affects across the U.S., destroying businesses, taking away livelihoods, tossing millions of homeowners out of their homes and pressuring home prices in the over-whelming majority of neighborhoods lower. The crisis, first forecast by Housing Predictor almost five years ago as the first real… Continue reading Foreclosures Forecast to Hit 15 Million Homeowners
Mortgage Delinquencies Drop
By Kevin Chiu The number of homeowners behind on their mortgages has dropped as a result of a higher number of mortgage modifications, according to one of the nation’s largest providers of mortgage data. The drop in mortgage delinquencies is a positive sign for the housing market, despite an uphill battle banks and mortgage companies… Continue reading Mortgage Delinquencies Drop
Guilty Plea in Condo Fraud Scheme
By Kevin Chiu A Las Vegas man has pleaded guilty for his role in a scheme to gain control of a condominium owners association and illegally direct business to a law firm and construction business. Steven Wark, 54, admitted that he operated a fraud scheme for nearly six years starting in May 2005, in which… Continue reading Guilty Plea in Condo Fraud Scheme
Short Sales Rise to Aid Real Estate
By Kevin Chiu At least two of the U.S. largest commercial banks are increasing the volume of short sales in efforts to increase their profit margins even as more homes bloat the inventory of properties that aren’t producing profits for the lenders. The transition hasn’t been an easy one for lenders in these wild days… Continue reading Short Sales Rise to Aid Real Estate
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