Category: New Jersey

New Jersey housing market

Foreclosures Fall Seven Straight Months, But Still at Crisis Level

By Kevin Chiu Hampered by internal bank and mortgage servicing company delays, foreclosure notices fell to a 40 month low in April, declining 9% from the prior month and 34% from a year ago. The slowdown represented the seventh straight month of delays in the foreclosure crisis as a result of the moratorium put in… Continue reading Foreclosures Fall Seven Straight Months, But Still at Crisis Level

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

Paying Homeowners Money to Stay Works

By Mike Colpitts A former Wall Street banker, who started a company to save homeowners with mortgages from foreclosure has enrolled just short of 10,000 borrowers in its RH Reward program that is paying cash rewards to hurting homeowners. The plan works with banks and other financial institutions, including hedge funds to work with upside… Continue reading Paying Homeowners Money to Stay Works

Mortgage Company President First Sentenced in Financial Crisis

By Mike Colpitts More than three years after the financial crisis erupted on Wall Street, a New Jersey based mortgage company president is the first person to be sentenced to federal prison in the government’s efforts targeting criminals in the financial crisis. The sentence was imposed as a result of a major conspiracy to defraud… Continue reading Mortgage Company President First Sentenced in Financial Crisis

Revolt Grows as More Homeowners Stop Paying Mortgages

By Mike Colpitts Millions of homeowners are living in their homes without paying mortgages as more mortgage holders revolt against banks and mortgage servicing companies in America’s growing foreclosure crisis. Some mortgage borrowers are trying to work with banks and mortgage companies. Others have tired over the hassles it takes to work with lenders to… Continue reading Revolt Grows as More Homeowners Stop Paying Mortgages

$100 Home Deal Not Dead

The federal $100 home deal that started out in one of the nation’s hardest hit foreclosure centers is expanding into more states. The move is part of government efforts to revitalize neighborhoods devastated by the foreclosure crisis. The program was launched in Cleveland, Ohio allowing non-profits to take control of homes that were foreclosed as… Continue reading $100 Home Deal Not Dead