Oct 17
The housing market, which has struggled with an oversupply of homes for years, is facing a new problem: a lack of attractive inventory. FOR SALE properties down 20% There were more than 2.19 million homes listed for sale at the end of September, down 20% from a year earlier, according to a new report from …
Sep 27
Late last year, banks were warned that they needed to guarantee that the paperwork necessary to start a foreclosure process on a family was both accurate and complete. Since then, the banks have slowed down the foreclosure process while they re-examined their procedures. They are now confident that all the required documentation is in order. …
Sep 17
Foreclosure starts increased in five West Coast states from the previous month: California, Arizona, Washington, Oregon and Nevada. In California notice of default filings jumped nearly 70% from the previous month. BofA initiated foreclosure procedures at a rate that more than doubled in August, jumping 116% from the previous month. Wells Fargo and U.S. Bank also showed increases …
Jul 28
Policy makers don’t understand how big the foreclosure problem is…. Bob Simpson, president and chief executive of Investors Mortgage Asset Recovery Co., or IMARC, said the nation’s gross domestic product and employment levels are just a few economic indicators impacted by the ongoing foreclosure fiasco. Simpson said the sand states – Arizona, California, Florida and Nevada …
Mar 26
For Buyers wanting a ‘good deal’ Most buyers want to make sure they get a ‘good deal’ when they purchase something, and purchasers of real estate are no different. That is why many decide to buy a distressed property (a foreclosure or a short sale). The National Association of Realtors (NAR) recently reported foreclosures, on …
Mar 25
Foreclosed homes 26% of all sales in 2010 Foreclosure sales continued to account for ‘a lotta-lotta’ property sales. They made up 26% of all home sales last year, down from 29% in 2009, but still higher than 2008 levels when foreclosures accounted for roughly 23% of all home sales. Homes sold at 28% average discount Buyers …
Feb 18
The bank-man comes with a vengence: Washington ranks #12 in the nation for the number of foreclosures. Nevada, California, Arizona have top 10 metro rates… Florida drops The Los Vegas-Paradise, Nevada metro area maintained the nation’s highest January foreclosure rate among metropolitan areas with a population of more than 200,000: one in every 82 houses receiving a foreclosure …
Feb 03
The Number of Religious Facilities Unable to Pay Their Mortgage Is Surging Traditionally, lenders considered churches a good risk because of tithing, as well as the moral compulsion felt by most pastors to pay down debt. Historically, churches wanting to build turned to their governing bodies or to specialized lenders that originated fixed-rate 25-year to …
Dec 02
As reported by Bloomberg News, U.S. homes in the foreclosure process sold for about 32 percent less than non-distressed properties in the third quarter. According to a report from RealtyTrac Inc., a quarter of all U.S. transactions involved those types of homes - those involving bank-owned real estate, residences in default, or those scheduled for auction. …
Oct 03
Just when you thought it couldn’t get worse… and then it did. Foreclosure and eviction scams at GMAC Mortgage, JP Morgan Chase, Bank of America, Wells Fargo and other too-big-to-fail financial firms swimming in both American taxpayer cash and the Federal Reserve Bank’s divine intervention are revealed. In December 2009, a GMAC Mortgage employee said in …
