In the wake of the greatest foreclosure avalanche in American history, federal banking regulators settled with 14 major mortgage servicers over alleged foreclosure abuses. Part of the settlement included the opportunity for foreclosure victims to have their foreclosures reviewed for errors. If any errors were discovered, restitution could run from several hundred dollars to more than $100,000. To alert foreclosure victims, official letters were mailed to 4.1 million former homeowners. … [Read more...]
Report on the Foreclosure Storm
April 18, 2012 By Leave a Comment
Report on the Foreclosure Storm On March 12, the multi-state Attorneys General agreement was filed, ending the Robogate scandal and opening the way for expedited foreclosure processing. Foreclosure activity hit a five-year low in the first quarter according to RealtyTrac and Lender Processing Services reports first-time foreclosures remained stable in February as repeat foreclosures saw an 8 percent month-over-month decrease. Even delinquencies were down 12.2 percent from last March, … [Read more...]
Real Estate News: Week of April 7 – April 13
April 14, 2012 By Leave a Comment
Real Estate News: Week of April 7 – April 13A quick rundown of the important real estate news from the week of April 7 – April 13, by the numbers:10% – Increase in foreclosure filings in the first quarter, in states where the foreclosure process must undergo judicial scrutiny. The increase in fillings come on the heels of the $26 billion mortgage settlement between the government and the nation’s largest mortgage lender.2.4% – Decrease in mortgage applications (seasonally adjusted) … [Read more...]
Foreclosure Update: Happier Days on the Way for Judicial States
February 2, 2012 By Leave a Comment
Foreclosure Update: Happier Days on the Way for Judicial StatesAmerica has become a nation of two foreclosure realities: judicial states, where judicial review is required for every foreclosure, and non-judicial states. Both have their processing problems, but delays in judicial states are setting new records and impacting local real estate economies.December data from Lender Processing Services (LPS) paints a picture of increasingly clogged foreclosure pipelines struggling with aging … [Read more...]
Real Estate News : Week Ending January 13
January 14, 2012 By Leave a Comment
Real Estate News : Week Ending January 13Important real estate news from the week of January 7 – January 13, by the numbers: 1.9 Million – Number of homes that entered the foreclosure process in 2011 according to RealtyTrac Inc. It’s the lowest number since 2007. However, a big reason for the drop was legal and documentation delays in wake of the “robo-signing” incidents. $3 Million – Price paid for Regis Philbin’s Greenwich, Connecticut home. The 6,000 squre foot home was listed … [Read more...]
Are Short Sales on the Rise?
August 19, 2011 By Leave a Comment
The latest statistics suggest that short sales are on the rise and foreclosures are on the decline. According to research from Moody's Investors Service, in August 2009, short sales accounted for 8% of bank distressed property sales. As of mid 2011, short sales have jumped to more than 25%. Meanwhile, the time it took for a borrower to go to foreclosure grew from an average 14 months in early 2009 to 24 months in mid 2011. Why are short sales on the rise and foreclosures on the … [Read more...]
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