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Foreclosures

Foreclosures Down, But Late Payments Up

by John TayebAugust 31, 2010 Foreclosures

The wave of foreclosures appears to be subsiding slightly. According to data from Mortgage Bankers Association’s National Delinquency Survey:
• The percentage of loans on which foreclosure action were started during the second quarter was 1.11 percent, down 12 basis points from last quarter and down 25 basis points from one year ago.
• The percentage of [...]

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Investors Turn to Flipping for Quick Profits

by John TayebAugust 24, 2010 Foreclosures

Private equity firms and other groups of wealthy people are purchasing foreclosures at distressed prices, rehabbing them, and selling them for a quick profit. This used to be a game for amateurs, but because of the lack of other investment opportunities, the money-management pros have stepped in.
The influx of new players is pushing up auction [...]

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Five Surprising Reasons to Buy a Home Now

by Raja TayebAugust 4, 2010 Foreclosures

ForSaleByOwner.com offers five good reasons why now is a great time to buy a house:

Low mortgage rates serve as an equity shock absorber. When buyers borrow at today’s record-low rates, they start building equity as soon as they close. That means they can absorb a few ups and downs as the still-recovering housing market gains [...]

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Foreclosures Account for 31% of Sales

by John TayebJuly 2, 2010 Foreclosures

Online foreclosure marketplace RealtyTrac reported today that homes in foreclosures accounted for 31 percent of the residential sales in the first quarter of 2010. The average sales price of these properties was nearly 27 percent below the average sales price of properties not in foreclosure.
RealtyTrac expects foreclosure discounts to stay between 25 percent and 30 [...]

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Transparency Needed for Stable Financial System

by Raja TayebMay 12, 2010 Foreclosures

One of the major problems leading to the financial system meltdown was a lack of transparency, a group of analysts and business executives told REALTORS® during the Real Estate Summit yesterday at the 2010 Midyear Legislative Meetings & Trade Expo in Washington, D.C.
Institutional secrecy, whether intended or not, made it difficult to get good [...]

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Economist Says It’s Time to Raise Rates

by John TayebApril 28, 2010 Foreclosures

Some economists are saying that it’s time for the Federal Reserve to raise interest rates.
Ken Rosen, chair of the University of California Fisher Center for Real Estate, says the financial crisis is over and short-term rates today should be 2 to 3 percent. By keeping rates so low, “We are encouraging asset bubbles in the [...]

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Home Sales Rise on Tax Credit, Favorable Market

by Raja TayebApril 23, 2010 Foreclosures

Buyers responding to the home buyer tax credit and favorable affordability conditions boosted existing-home sales in March, marking the beginning of an expected spring surge, according to the National Association of REALTORS®.
Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums, and co-ops, rose 6.8 percent to a seasonally adjusted annual rate of 5.35 [...]

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Investors Urge Broad Solutions for Foreclosures

by Raja TayebApril 17, 2010 Foreclosures

The Association of Mortgage Investors (AMI) reacted to Thursday’s news that foreclosures hit record highs by commenting that this was an indication that the causes of homeowner defaults aren’t being addressed.
In a statement, the organization said: “Any solution will be incomplete if it does not give homeowners a way to reduce debt payments on all [...]

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Study: Multiple Woes Lead to Foreclosures

by Raja TayebApril 9, 2010 Foreclosures

In a Florida study that could shed light on other financially strapped households, homeowners who faced foreclosure during the housing bust were not driven into that situation by a single factor but were victims of multiple issues that left them financially strapped, according to a study for the Florida REALTORS®.
“What we found in talking with [...]

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Municipalities Can’t Spend Housing Grants

by John TayebApril 5, 2010 Foreclosures

More than 300 local governments have been unable to use their share of the nearly $4 billion Uncle Sam gave them a year ago to redevelop abandoned and foreclosed properties.
As of March 16, only 36 percent of the grant money has been placed under formal contract by a municipality. Governments must commit to use the [...]

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