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Economists Predict Flat Home Prices

by Tayeb Realty GroupDecember 24, 2010 Foreclosures

Twenty-three economists surveyed this month by CNNMoney.com expect home prices to be flat in 2011. Five of the economists expect prices to fall in 2011 and then climb only 2.2 percent in 2012. The problem is unemployment. John Ryding, chief economist of RDQ Economics, says the working-age population grew by 4 million in the last [...]

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Lenders ‘Foreclose’ Homes They Don’t Own

by John TayebDecember 23, 2010 Foreclosures

In dozens of incidents nationwide, confused banks have ransacked properties that were either not mortgaged at all or were mortgaged by a different lender or were a customer of the bank in question but were current on their payments. For instance, Bank of America broke into Alan Schroit’s second home in Galveston, Texas, and turned [...]

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2011′s Strongest and Weakest Markets

by Tayeb Realty GroupDecember 23, 2010 Foreclosures

Home prices are expected to rise in 40 percent of major metropolitan areas, according to Veros Real Estate Solutions, a research firm that provides information to the mortgage industry. The markets Veros expects to be strongest are: San Diego/Carlsbad/San Marcos, Calif. Kennewick/Richland/Pasco, Wash. Pittsburgh Fargo, N.D. Washington, D.C. metro area The five markets Veros expects [...]

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Arizona and Nevada Sue Bank of America

by Tayeb Realty GroupDecember 21, 2010 commercial real estate

Arizona and Nevada attorneys general filed suit against Bank of America on Friday charging that the lender misled home owners who tried to modify their mortgages. Nevada Attorney General Catherine Masto said the lawsuit is a last ditch effort to compel the bank to deal fairly with borrowers in two of the nation’s most foreclosure-prone [...]

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Geithner Backs Mortgage Service Standards

by John TayebDecember 21, 2010 Foreclosures

U.S. Treasury Secretary Timothy Geithner said Thursday that he believes the U.S. needs national standards for mortgage servicers. Geithner plans to charge the new Consumer Financial Protection Bureau with creating these new standards. He expects them to start by examining existing state standards. “We got this terribly wrong as a country,” he said. “We want [...]

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Growing Economy Big Factor for Buyers

by Tayeb Realty GroupDecember 21, 2010 commercial real estate

Economists are surprisingly positive about the impact of rising interest rates on home sales. The consensus is that while rates are up from where they were, they are still at historically low levels and rock bottom rates are only a part of what encourages people to buy homes. More important factors could be jobs and [...]

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Commercial Real Estate on the Mend

by John TayebDecember 20, 2010 commercial real estate

Despite predictions of Armageddon in the commercial real estate industry, the segment remains a moneymaker. Commercial Mortgage Backed Securities (CMBS) were among the top-performing assets classes this year. “A year or two ago these were priced for the second Depression and then some,” said Arne Espe, vice president of fixed income research at USAA Investment [...]

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Congress Calls for Foreclosure Program Revamp

by John TayebDecember 16, 2010 Foreclosures

The government should retool its foreclosure-prevention program because so far it hasn’t worked, a report released Tuesday by the Congressional Oversight Panel declares. The program “will never have the reach necessary to put an appreciable dent into the foreclosure crisis,” the report says. The report calls for the Treasury Department to set objectives and hold [...]

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Number of Underwater Mortgages Declines

by Tayeb Realty GroupDecember 16, 2010 Foreclosures

The number of people with underwater mortgages has fallen to 10.8 million, representing 22.5 percent of Americans with a mortgage at the end of September, down from 11.3 million at the beginning of 2010, according to CoreLogic, a real estate research firm. If home prices decline again, as some analysts believe they will, the number [...]

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Ways to Identify People Who Don’t Pay

by John TayebDecember 15, 2010 Foreclosures

Lending industry consultants who are helping lenders re-evaluate former customers as they attempt to recover from the economic downturn and re-grow their businesses have developed new monikers for borrowers. Some of the terms and definitions are not too flattering. These include: Strategic defaulters: walked away from underwater homes, but are good risks because they earn [...]

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