James Currell is struggling to prevent his Minnesota home from being foreclosed. But his lender isn’t a bank. It is the U.S. government. The Federal Reserve Bank of New York is facing the prospect of foreclosing on a number of properties in the coming months, from homes to commercial buildings, a result of a souring [...]
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More Bank-Owned Homes Likely to Hit the Market
It’s a bit like guessing how many pennies are in a gallon jug at the state fair, but housing analysts keep trying to count how many foreclosed homes banks and mortgage investors own. Why should we care? Unlike at the state fair, there is no prize for guessing right. Still, if we can track the [...]
More than 7m Distressed Loans Weigh on Early Signs of Housing Stabilization
Early signs of stabilization in delinquent and foreclosure inventories were overshadowed by an elevated pool of more than 7m distressed loans by the end of April, according to the latest mortgage report by Lender Processing Services (LPS: 34.33 +1.45%). The year-over-year growths in delinquent and foreclosure volumes have leveled off in recent months, with the [...]
NYT: Some homeowners stop paying mortgages – The New York Times- msnbc.com
ST. PETERSBURG, Fla. – For Alex Pemberton and Susan Reboyras, foreclosure is becoming a way of life — something they did not want but are in no hurry to get out of. Foreclosure has allowed them to stabilize the family business. Go to Outback occasionally for a steak. Take their gas-guzzling airboat out for the weekend. [...]
Fed keeps eyes out for speculative bubbles – Economic Conditions, Mortgages And Banking, Loans, Interest Rates – Builder Magazine
Federal Reserve officials at their March meeting stressed the need to make sure record-low interest rates don't feed new speculative bubbles in stocks or other assets. At the same time, some officials said the Fed's pledge to keep rates low for an “extended period” doesn't mean a fixed period of time. Rather, it depends on [...]
News Analysis – A Bold U.S. Plan to Help Struggling Homeowners
Once again, the federal government is adding to its arsenal of programs for troubled homeowners, seeking to help those who urgently need it while neither angering nor creating perverse incentives for those who do not. The new measures, announced by financial policy makers at the White House on Friday, are among the boldest to date. [...]
A Good Time to Buy? Yes, But No Need to Rush
Today’s look at the high-end housing market reveals how more sellers are beginning to get more realistic about home prices and cut deals on million-dollar homes. Many housing economists say that for borrowers who can get a mortgage and who have stable incomes, pulling the trigger on a house they like makes a lot of [...]
How Long Will Negative Equity Last?
There has been a lot of recent talk about mortgages in negative equity – underwater homes – and the impact on the housing market. In response, First American CoreLogic asked the question: When will these homes start to float? The company estimates that the typical underwater homeowner will not begin to surface until late 2015 [...]
The SoCal Real Estate Market So Far in 2010 [PODCAST]
We’re almost through the first quarter of 2010 and wanted to give you an update of what’s going on with WealthPoint. The market has been a bit different than we had hoped from our first podcast of 2010. Click below to listen to the update and see what we’re doing differently. 2010-03-25-podcast.mp3
HomeGain Releases 1st Quarter 2010 Home Prices Survey Results
HomeGain®, the first website to provide free instant home values, today announced the results of its nationwide home prices survey of over 1,400 current and former HomeGain members. The results of the HomeGain First Quarter 2010 Home Prices Survey indicates that the vast majority of real estate professionals nationwide believe that home prices will decrease [...]
