As borrowers battled declining inventory and rising prices, November sales of existing U.S. homes fell to their lowest level in almost two years, according to the National Association of Realtors.
Total existing home sales dropped 10.5 percent to a seasonally adjusted annual rate of 4.76 million in November, down from 5.32 million the month before. Sales have not seen a pace that slow since April 2014. This is the first time in 14 months that sales have actually decreased on a year-over-year basis, Read more [...]
Fewer homeowners in the foreclosure process in the 2015 second quarter were seriously underwater – when the remaining mortgage is more than 25 percent higher than the value of the property – according to housing data firm RealtyTrac. The increase in equity for many troubled homeowners may help save some from losing their homes.
During the second quarter of this year, there were 7,44,580 seriously underwater U.S. properties, representing 13.3 percent of all homes with a mortgage. That number Read more [...]
Sales and prices of existing U.S. homes fell in September from August, according to the National Association of Realtors, but both continued to rise on a yearly basis.
Existing-home sales slumped 1.9 percent last month to seasonally adjusted annual rate of 5.29 million, down from 5.39 million in August, but rose 10.7 percent from September 2012’s pace. Sales have now increased on a year-over-year basis for 27 consecutive months.
Meanwhile, the median price for an existing-home dropped to Read more [...]
As banks became overloaded with foreclosed property after the housing bust, the number of short sales began to rise dramatically. With short sales - when a home is sold for less than the remaining mortgage balance - there is no maintenance or repair work for the bank. Foreclosures, on the other hand, can cost them thousands of dollars to sell. The bank usually does have to write off the rest of the mortgage balance with a short sale but it is often worth it to have a quicker sale with less paperwork. Read more [...]
Sales of existing U.S. homes fell in June, according to the National Association of Realtors, as a jump in mortgage interest rates turned off some buyers.
Total sales of existing homes dropped 1.2 percent last month to a seasonally adjusted annual rate of 5.08 million, down from 5.14 million in May. Compared with June 2012, however, sales are up 15.2 percent.
“Affordability conditions remain favorable in most of the country, and we’re still dealing with a large pent-up demand,” said NAR Read more [...]
Since the financial crisis hit in September 2008, there have been roughly 4.2 million completed foreclosures across the U.S. through February 2013, according to housing data company CoreLogic. That means there are an awful lot of former homeowners out there hoping to buy a home again someday. And the good news for those folks is that mortgage lenders are perfectly willing to lend to borrowers after a foreclosure – as long as they wait long enough, that is.
“The biggest hurdles for borrowers Read more [...]
During the third quarter of this year, short sales soared as underwater U.S. homeowners tried to get out before a helpful tax break expires before the end of the month.
During July, August and September of 2012, according to housing data company RealtyTrac, short sales - those where the home is sold for less than the remaining balance on the mortgage - rose 22 percent from the year before among homeowners who were behind on their payments, while short sales among those current on their loans increased Read more [...]
Remember the 'robo-signing' scandal from the fall of 2010? That was when it was discovered that many big banks were processing foreclosures without verifying they had all the proper documentation. The revelation caused a halt to many foreclosures for a few months as banks like Wells Fargo, JPMorgan Chase, Citigroup and Bank of America tried to sort out their problems. The wrongs were righted with the $25 billion National Mortgage Settlement from February of this year. Here's a look at how the settlement Read more [...]
Industry examples are now pointing to the next generation of mortgage fraud: short sale manipulation. It is happening in a variety of ways and companies like mortgage finance giant Freddie Mac are investigating how to stop it.
"Fraud is heating up like a wildfire right now," said Kathy Mehringer, risk management director and short sale advisor for Coldwell Banker Residential Brokerage in southern California as quoted in the OC Register . "We've got to be aware that this fraud is changing directions, Read more [...]
Foreclosure filings rose across the U.S. in August on a monthly basis, as lenders pushed out distressed properties that have been on hold for the past year, according to foreclosure data company RealtyTrac.
There were 19,508 foreclosure filings - which include default notices, auctions and bank repossessions - an increase of 0.8 percent from July, but still down 15 percent from August 2011.
After the robo-signing settlement, foreclosures now seem to be increasingly concentrated in "judicial Read more [...]