The number of foreclosure starts grew during the second quarter of this year from the year before, according to housing data company RealtyTrac Inc. While that may not sound positive, it may actually be the best thing for the housing market today.
Initial foreclosure notices rose 6 percent in the second quarter from 2011, marking the first year-over-year increase since 2009. Foreclosure starts increased in 31 of the 50 states, with California seeing an 18 percent jump in its initial foreclosure Read more [...]
Many economists and housing market analysts have been expecting another wave of mortgage foreclosures to hit soon, now that the robo-signing mess has been sorted out. Yet, according to new reports from LPS Applied Analytics and CoreLogic this week, the foreclosure waters are still fairly calm.
Foreclosures did rise 8.1 percent in March from the month before, based on findings from LPS, but they were still down 31.1 percent from March 2011. The LPS March Mortgage Monitor also found that mortgage Read more [...]
Mortgage finance companies Fannie Mae and Freddie Machave adopted new rules concerning short sales, a move encouraged by their regulator, the Federal Housing Finance Agency (FHFA) in order to avoid more foreclosures.
Short sales give troubled homeowners an alternative to foreclosure, when banks allow them to sell their homes for less than the balance owed. This can often be in the banks' interest as well, as they are able to recoup at least part of their loans, instead of having to foreclosure Read more [...]
More than 47 percent of all home sales in December were either bank-owned properties or short sales, according to the latest report from Campbell/Inside Mortgage Finance. In November, the percentage was down, at 44.5 percent.
Of course, some states saw more foreclosure sale action than others. In California, Nevada and Arizona, more than 60 percent of their sales were of distressed homes. Yet even in places where the housing crash was not as destructive, states like Texas, Louisiana and Oklahoma, Read more [...]
Not only has Bank of American joined the fray of lenders suspending some of its foreclosure proceedings, it has now expanded that halt to all 50 states, rather than just the 23 that GMAC and JPMorgan Chase have stopped in. Who knows if other banks will soon make similar announcements, but at this point one thing is clear: foreclosure sales will slow in the near future. What will that do to U.S. home prices?
Well according to Mark Zandi, Moody's Analytics chief economist as quoted in a CNN piece,
"Home Read more [...]
The battered real estate market has finally made its way all the way to the top. The Mortgage Bankers Association recently had to sell its 10-story headquarters building in Washington D.C. While they are being very mum about the whole deal, we do know that the building was sold to CoStar Group Inc. for $41.3 million. We also know that the MBA paid $79 million for the property in 2007 and financed the purchase with a $75 million loan from a group of banks headed up by PNC Financial Services Group Read more [...]