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U.S. Home Prices Face 3-Year Drop as Inventory Surge Looms

U.S. Home Prices Face 3-Year Drop as Inventory Surge Looms

I have the perfect solution…Why not give the current homeowner a “short sale” price modification and call it a happy ending to all? Buyers are too wise nowadays.

Besides most future homeowners will have a defective title or will have an F in the past!

Here’s an example why it makes sense to work with the current owner:

LPS using their MN address purchased my home at auction for 75% discount put it on the market for about 80% and made a few grand from the highest contract that was accepted. It benefited no one!

Now if they use my solution not only will the investors save on the fees they payout to the foreclosure mills but also on the late fees the homeowner accrues…see isn’t this economic sense for everyone?

By John Gittelsohn and Kathleen M. Howley – Sep 15, 2010 12:14 PM ET

The slide in U.S. home prices may have another three years to go as sellers add as many as 12 million more properties to the market.

Shadow inventory — the supply of homes in default or foreclosure that may be offered for sale — is preventing prices from bottoming after a 28 percent plunge from 2006, according to analysts from Moody’s Analytics Inc., Fannie Mae, Morgan Stanley and Barclays Plc. Those properties are in addition to houses that are vacant or that may soon be put on the market by owners.

“Whether it’s the sidelined, shadow or current inventory, the issue is there’s more supply than demand,” said Oliver Chang, a U.S. housing strategist with Morgan Stanley in San Francisco. “Once you reach a bottom, it will take three or four years for prices to begin to rise 1 or 2 percent a year.”

Rising supply threatens to undermine government efforts to boost the housing market as homebuyers wait for better deals. Further price declines are necessary for a sustainable rebound as a stimulus-driven recovery falters, said Joshua Shapiro, chief U.S. economist of Maria Fiorini Ramirez Inc., a New York economic forecasting firm.

Sales of new and existing homes fell to the lowest levels on record in July as a federal tax credit for buyers expired and U.S. unemployment remained near a 26-year high. The median price of a previously owned home in the month was $182,600, about the level it was in 2003, the National Association of Realtors said.

Fannie Mae Forecast

Fannie Mae, the largest U.S. mortgage finance company, today lowered its forecast for home sales this year, projecting a 7 percent decline from 2009. A drop in demand after the April 30 tax credit expiration “suggests weakening home prices” in the third quarter, according to the report.

There were 4 million homes listed with brokers for sale as of July. It would take a record 12.5 months for those properties to be sold at that month’s sales pace, according to the Chicago- based Realtors group.

“The best thing that could happen is for prices to get to a level that clears the market,” said Shapiro, who predicts prices may fall another 10 percent to 15 percent. “Right now, buyers know it hasn’t hit bottom, so they’re sitting on the sidelines.”

About 2 million houses will be seized by lenders by the end of next year, according to Mark Zandi, chief economist of Moody’s Analytics in West Chester, Pennsylvania. He estimates prices will drop 5 percent by 2013.

‘Lost Decade’

After reaching bottom, prices will gain at the historic annual pace of 3 percent, requiring more than 10 years to return to their peak, he said.

“A long if not lost decade,” Zandi said.

Continue reading….BLOOMBERG

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© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in bloomberg, chain in title, conspiracy, CONTROL FRAUD, fannie mae, foreclosure, foreclosure fraud, foreclosure mills, foreclosures, mbs, mortgage, repossession, rmbs, shadow foreclosures1 Comment

Congressman Filner Leads Vigil, Bank Halts Foreclosure on Cancer Patient

Congressman Filner Leads Vigil, Bank Halts Foreclosure on Cancer Patient

BIG BANK BACKS DOWN–FOR NOW; HALTS FORECLOSURE ON CANCER PATIENT’S HOME AS CONGRESSMAN LEADS VIGIL

By Miriam Raftery East County Magazine

Luz Maria Villanueva

“I hope this will spread across America.” – Congressman Bob Filner at a pre-dawn rally, where he announced that Union Bank called off plans to have the Sheriff issue a foreclosure notice today to evict a woman and her child with cancer

“We can join together and fight these banks.” – Ray Lutz, 52nd Congressional district candidate

September 14, 2010 (Bonita) – “Thank you, thank you!” Luz Maria Villanueva’s voice was choked with emotion at a rally on her front lawn organized by Congressman Bob Filner (D-San Diego). Nearly 100 people turned out at 5:30 a.m. for a candlelight vigil to protest Union Bank’s announced plan to have the Sheriff’s department take Villanueva’s Bonita home. She has pleaded for a reprieve at least until her son, who is legally blind and has cancer, completes chemotherapy treatments. Congressman Bob Filner leads rally to save woman’s Bonita home from foreclosure.“We’re going to stand together to change America,” said Rep. Filner. “We have a president who talked about hope. We have to give him strength. The banks have taken over both parties.” He called for changes in the law to protect those victimized by predatory lending practices.

The rally drew widespread media attention; at least three major TV stations as well as print and online media reporters were on hand to cover the event.

Filner was willing to risk arrest to halt the foreclosure.  The Congressman knows first-hand the effectiveness of civil disobedience to right a wrong; in the1960s he rode the Freedom Train to Mississippi, where he was arrested in a Civil Rights protest and jailed for several weeks after standing up for rights of African-Americans.

Although Villanueva attained a temporary stay when Union Bank called off the Sheriff  today, the order could be reissued, Filner warned those present. “We got them to back down, but we need you to be on call.”

The crowd responded by chanting, “Stop Union Bank! Stop taking our homes!”

Members of the public who want to be notified of upcoming “stop foreclosure” rallies may follow Rep. Filner’s Twitter feed at http://twitter.com/CongBobFilner.

Ray Lutz (back) , who is running against Rep. Duncan Hunter, stands with Rep. Bob Filner (front)Ray Lutz, Democratic candidate in East County’s 52nd Congressional district, also stood with Filner and Villanueva at the rally. “I think this is going to be a big tidal wave of fighting back against banks,” Lutz told East County Magazine. “We’ve got to stop these foreclosures. If we stand together, we can get the government to help us, because they don’t have any spine unless we have a spine.”

Lutz said he wants to push the Obama administration to rewrite loans and reassess the value of homes, allowing homeowners to stay in their residences and pay what homes are actually worth. “We need recognition that the bubble burst a long time ago. This is the best way to put our economy back on a solid footing,” Lutz added.

Filner and Lutz have met with organizations working to stop evictions.

Naa-Avorkor Okai, also facing foreclosure, says her bank falsified documents.Evictions of people like Naa-Anoror Okai and James Tillory. “I have proof that my bank changed my income, my marital status, and my ethnicity,” said Okai, who came out to show solidarity with Villanueva. After a Housing Commission worker found that the bank had falsified Fannie Mae documents before initiating foreclosure proceedings, Okai filed a lawsuit and sought help from Congresswoman Susan Davis (D-San Diego).

But when the Congresswoman contacted the bank, Okai said, “They wouldn’t return her calls…Instead of working with me, they sold our loan to another lender.” Okai wants to save her home, but also hopes to see her bank prosecuted by the federal government for fraud.

Villanueva, who fell behind on payments due to divorce and her son’s medical bills, now waits and hopes that public pressure will persuade her bank to stop foreclosure proceedings and give her an opportunity to work out an arrangement to stay in her home and make payments. Today, she will take her son, who suffers from kidney disease as well as cancer, for a potentially life-saving infusion.

“We can’t give up,” the determined mother vowed.

source: East County Magazine


© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in congress, foreclosure, foreclosures, protest, protestors, repossession, stopforeclosurefraud.com, Wall Street3 Comments

FANNIE MAE Mandatory Pre-Filing Mediation Policy for Mortgage Loans in Florida

FANNIE MAE Mandatory Pre-Filing Mediation Policy for Mortgage Loans in Florida

So, how many of the foreclosure mills are now *mandated* to be used in Florida?  That is exactly what CT Attorney General Richard Blumenthal was questioning.  That totally eliminates business revenue for all the other state/*local* foreclosure law firms.

[ipaper docId=37415588 access_key=key-1cs8tu96217o36wsvndt height=600 width=600 /]

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in fannie mae, foreclosure, foreclosure mills, foreclosures, Real Estate, repossession, servicers, STOP FORECLOSURE FRAUD0 Comments

MUST WATCH: ‘MERS’ ON FOX NEWS!!!

MUST WATCH: ‘MERS’ ON FOX NEWS!!!

I was wondering why this site blew up with hits today!

THIS INVOLVES 65 MILLION LOANS…it was ’62’ !!! I have a source that confirmed this.


“The Curse Of The MERS”

READ ALL ABOUT MERS HERE…MERS 101

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© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in chain in title, class action, concealment, conflict of interest, conspiracy, CONTROL FRAUD, corruption, deed of trust, Economy, fannie mae, foreclosure, foreclosure fraud, foreclosure mills, foreclosures, investigation, mbs, MERS, MERSCORP, mortgage, MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC., Mortgage Foreclosure Fraud, Notary, notary fraud, note, quiet title, R.K. Arnold, racketeering, Real Estate, repossession, RICO, rmbs, robo signers, stopforeclosurefraud.com, sub-prime, trade secrets, trustee, Trusts, Wall Street4 Comments

MUST WATCH | ‘INSIDE JOB’ The Global Financial Meltdown

MUST WATCH | ‘INSIDE JOB’ The Global Financial Meltdown

From Academy Award® nominated filmmaker, Charles Ferguson (“No End In Sight”), comes INSIDE JOB, the first film to expose the shocking truth behind the economic crisis of 2008. The global financial meltdown, at a cost of over $20 trillion, resulted in millions of people losing their homes and jobs. Through extensive research and interviews with major financial insiders, politicians and journalists, INSIDE JOB traces the rise of a rogue industry and unveils the corrosive relationships which have corrupted politics, regulation and academia.

Narrated by Academy Award® winner Matt Damon, INSIDE JOB was made on location in the United States, Iceland, England, France, Singapore, and China.

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in bear stearns, conspiracy, CONTROL FRAUD, corruption, fannie mae, FED FRAUD, federal reserve board, foreclosure, foreclosure fraud, foreclosure mills, foreclosures, geithner, goldman sachs, insider, investigation, jobless, lehman brothers, mbs, mortgage, Mortgage Foreclosure Fraud, note, racketeering, Real Estate, repossession, RICO, securitization, STOP FORECLOSURE FRAUD, sub-prime, trade secrets, Trusts, Wall Street0 Comments


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