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“Poorly Maintained Bank-Owned Homes” Have “Destroyed Home Values In Minority Neighborhoods” Disproportionately According To Report On “Lender Discrimination In Treatment Of Foreclosed Homes” By National Fair Housing Alliance (NFHA)
14 04 2011Comments : 1 Comment »
Tags: African American, Asset Managers, Bank-Owned, Fair Housing, Foreclosures, Hispanic, Minorities, National Fair Housing Alliance, Neighborhood Revitalization, Neighborhoods, Reports
Categories : Asset Managers, Bank-Owned, Defaults, Delinquencies, Economic Statistics, Federal Government, FHA, Foreclosures, Housing Market, HUD, Mortgage Industry, Purchases, Realtors, REO Insider, REO's, Reports
Nevada, Arizona And California Had Nation’s Highest Foreclosure Rates In 1st Quarter 2011 As Foreclosure Filings Drop Due To “Robo-Signing Scandal”; Severe Mortgage Delinquencies Increase
14 04 2011
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- Nevada, Arizona and California were 1-2-3 in the 1st quarter and March 2011 as the states with the highest foreclosure rates
- The worst metropolitan area remains Las Vegas, where one of every 31 homes had a foreclosure filing during the quarter, about six times the national norm
- Modesto, Calif. (one in 46), Stockton, Calif. (one in 47), Vallejo. Calif., and Phoenix (both one in 48) filled out the top five
- The foreclosure crisis seems to be easing as foreclosure notices filed during the first three months of 2011 fell 27% compared with 2010
- Only 681,000 properties (1 out 191) received a notice of default, a scheduled auction or a foreclosure sale
- Nationally, 215,046 borrowers lost their homes, down 17% year-over-year, a 3-year low
- Sales of existing and new homes were very weak and home prices are still sliding
- However, the foreclosure improvement has been artificial, fueled by banks reacting to the “robo-signing” scandal
- The banks have cut back on filings until they can clean up their procedures
- It is estimated that without the cutback there would have been 900,000 filings during the quarter instead of 681,000
- This would have resulted in 280,000 to 300,000 bank repossessions instead of 215,000
- And the banks are modifying fewer loans to make them more affordable
- Hope Now, a coalition of servicers, community groups and mortgage investors, reported only 87,000 loans in February were modified, compared with 110,000 in December 2010
- The one bright spot is the month-over-month drops in both new foreclosures and in the number of 60 days late payments
- But 90-day or greater delinquencies is increasing, with these borrowers falling 527 days past due, on average
- In New York and New Jersey it is taking more than 800 days from notice of default to a sheriff’s sale
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Tags: Arizona, California, Delinquencies, Foreclosures, Nevada, REO Inventory
Categories : Defaults, Delinquencies, Fannie Mae, Federal Government, FHA, Financing, Foreclosures, Freddie Mac, Housing Market, Mortgage Industry
“Renovation Lending Institute” Housing Market Update: HUD Reports That Home Sales And Housing Prices Remain Weak And Struggling “To Regain Stable Footing” In March 2011
4 04 2011
“There’s no question that this month’s figures show a troubling dip in home sales and housing prices,” said HUD Assistant Secretary Raphael Bostic.
“…these statistics clearly show that housing markets across the country continue to struggle to regain stable footing. We must remain steadfast in our efforts to support homeowners and communities in ways to help advance market stabilization and a transition towards health.”
- Housing market remains fragile as data through February paint a mixed picture of recovery. Home prices remain weak under continued strain from foreclosures and distressed home sales, according to CoreLogic data now available in the Housing Scorecard. Mortgage delinquencies continued a downward trend compared to early 2010 and foreclosure starts and completions remain below peak. However, as lenders review internal procedures related to foreclosure processing, many foreclosure actions have been delayed. The decline is likely to be temporary as lenders eventually revise and resubmit foreclosure paperwork in the coming months.
For more: http://portal.hud.gov/hudportal/HUD?src=/press/press_releases_media_advisories/2011/HUDNo.11-050
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Tags: Economy, Home Sales, Housing Market, HUD, Prices
Categories : Defaults, Delinquencies, Economic Statistics, Federal Government, FHA, Home Sales, Homes, Housing Market, HUD, Mortgage Industry, Purchases
California Housing Market In Feb 2011: 56% Of Total Home Sales Are “Distressed” With REO Properties At 33%; Median Sales Price For REO Properties Is $199,000, Almost 50% Less Than “Non-Distressed” Home Prices
25 03 2011
Distressed housing market data:
- The total share of all distressed property types sold statewide increased in February to 56 percent
- This wa up from 54 percent in January and up from 55 percent in February 2010
- The total share of REO (real estate-owned) sales was 33 percent in February, up from 32 percent in December
- This was down from 36 percent in February 2010
- The total share of short sales increased to 23 percent in February, up from 22 percent in January
- This was up from 19 percent in February 2010
- The statewide median price of non-distressed properties sold in February was $370,000
- This was $95,000 or 34.5 percent higher than the short sale median price of $275,000 recorded in February
- The February2011 REO median price was $199,900 or 53% of median price of non-distressed homes
For more: http://www.car.org/newsstand/newsreleases/febpending/
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Tags: CA Assoc of Realtors, CAR, Distressed, Home Sales, Median Home Sales, REO
Categories : California, Defaults, Delinquencies, Federal Government, Financing, Foreclosures, Home Sales, Mortgage Industry, Realtors, The 203k Guy
“Short Sale Or Foreclosure”: Homeowners Who Short Sale With No Default On Loan Face The Least Negative Impact On Credit; Must Wait 3-7 Year With Foreclosures And Defaults
24 03 2011
Short sale with FHA Loan
- Can purchase right away with no mortgage default
- 3 year wait if in default at the closing
- Reduced wait if the borrower has re-established good credit and can show extenuating circumstances
Short Sale With Fannie Mae Loan
- 2 year wait if the borrower puts 20 % down
- 4 year wait if the borrower puts between 10% to 20% down
- 7 year wait if the borrower puts less than 10% down
- 2 year wait if the borrower can show extenuating circumstances and puts more than 10% down
Short Sale with Freddie Mac Loan
- 4 year wait before being able to get a loan
- 2 year wait if the borrower can show extenuating circumstances
Foreclosure with an FHA Loan
- 3 year wait before being able to get a loan
- Reduced wait if the borrower can show extenuating circumstances and re-establishes good credit
Foreclosure with a Fannie Mae Loan
- 7 year wait from the completed foreclosure sale date
- 3 year wait if the borrower can show extenuating circumstances. Additional underwriting requirements apply for 4 years after a 3 year waiting period.
- 7 year wait for a 2nd home, cash out re-financing, or an investment property
Foreclosure with a Freddie Mac Loan
- 5 year wait from the completed foreclosure sale date
- 3 year wait if the borrower can show extenuating circumstances
** As a side note a deed in lieu of foreclosure follows the same guidelines as FHA’s foreclosure policy, the same as Fannie Mae and Freddie Macs short sale policy.
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Tags: Defaults, FHA Foreclosures, Foreclosures, Homebuyers, Short Sales, Shortsales
Categories : Bank-Owned, Credit Reports, Defaults, Delinquencies, Fannie Mae, Federal Government, FHA, Financing, Foreclosures, Freddie Mac, Homes, The 203k Guy
Total # Of US Mortgages In Foreclosure “Pre-Sale Inventory” Increased 7.4% In Past Year Ending February 28, 2011 To 2,196,000 Loans (4.15% Of Total Loans)
21 03 2011Lender Processing Services released a “first look” at February 2011 month-end mortgage performance statistics derived from its loan-level database of nearly 40 million mortgage loans.
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Total U.S foreclosure pre-sale inventory rate: 4.15%
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Month-over-month change in foreclosure presale inventory rate: -0.2%
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Year-over-year change in foreclosure presale inventory rate: 7.4%
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Number of properties in foreclosure pre-sale inventory: (B) 2,196,000
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Number of properties that are 30 or more days delinquent or in foreclosure: (A+B) 6,856,000
For more: http://www.lpsvcs.com/NewsRoom/Pages/20110321.aspx
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Tags: Delinquencies, Foreclosures, Mortgage Loans, Statistics
Categories : Defaults, Delinquencies, Financing, Foreclosures, Homes, Mortgage Industry, The 203k Guy
Renovation Lending Expert Skip Schenker Discusses The “Shadow Inventory” Of Up To 11 Million Homes That May Go Into Foreclosure (Video)
21 03 2011
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Skip Schenker of the Renovation Lending Institute talks about the “Shadow Inventory” that could include up to 11 million homes that could default and go into foreclosure. Research shows that 95% of all loans that are 60 days late, or 5 million homes, are at risk of default.
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Tags: Delinquencies, Foreclosures, Shadow Inventory, Skip Schenker, Videos
Categories : Defaults, Delinquencies, Federal Government, Foreclosures, Homes, Mortgage Industry, Purchases
Skip Schenker Of The Renovation Lending Institute Discusses Deteriorating National “Cure Rates” For Homeowner Mortgage Delinquencies At March 2011 REOMAC Seminar (Video)
20 03 2011
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Skip Schenker of the Renovation Lending Institute speaks at the REOMAC Dinner Meeting on March 10, 2011. He discusses 2010 statistics on “cure rates” where only “29% of homeowner who are 30-days late on their mortgage end up bringing the mortgage current”. The statistics are much worse for 60-day and 90-day lates.
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Tags: Cure Rates, Delinquencies, Foreclosures, REOMAC, Skip Schenker, Videos
Categories : 203k, Defaults, Delinquencies, Economic Statistics, Fannie Mae, Federal Government, Financing, Foreclosures, Mortgage Industry, Realtors, Videos
California “Short Sales” Continue To Be A “Difficult” Homebuyer Process As Only 60% Close While Typical Response Time Exceeds 60 Days And Can Be Up To 6 Months
10 03 2011
- Fewer than three of five short sales close in California according to the California Assoc. Of Realtors (C.A.R.)
- 94% of the Realtors in the survey participated in a short sale transaction during 2010
- They cited lenders and servicers unresponsiveness, onerous procedures, and long processing delays
- 70% of Realtors said closing their most recent short sale transaction was “difficult” or “extremely difficult,”
- Reasons for this included:
- Lack of standardization
- Long approval process
- Lack of lender approvals
- The process should be 45-days
- Typical response time for lenders is at least 60 days
- Many times their response time exceeds 6 months
- 63% of Realtors said that lenders took more than 60 days to return a written response of the approval or disapproval
- Only 4% said they received a written response in less than 14 days
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Tags: Defaults, First-Time Homebuyers, Realtors, Short Sales
Categories : Asset Managers, Bank-Owned, Defaults, Home Sales, Mortgage Industry, Purchases, Realtors, Short Sales
REO Homes: Forecasts Show Foreclosures Nationally Could Top 11 Million Homes In Next 5 Years To 10 Years
26 02 2011
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Tags: Charts, Defaults, Foreclosures, REOS
Categories : Defaults, Fannie Mae, FHA, Foreclosures, Freddie Mac, REO's, Uncategorized
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