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Ka-BOOM! Amherst: 10 million MORE mortgages set to default!!

Ka-BOOM! Amherst: 10 million MORE mortgages set to default!!


They saw this coming and they’ve been warned. If a foreclosure moratorium isn’t in the horizon, prepare to see home values sink to all time lows.

The TOO Big TOO Fail… will FAIL all on their own.

 

HW

Roughly 10.4 million mortgages, or one in five outstanding home loans in the U.S., will likely default if Congress refuses to implement new policy changes to prevent and sell more foreclosures, according to analyst Laurie Goodman from Amherst Securities Group.

At the end of the second quarter, more than 2.7 million long-delinquent loans, others in foreclosure and REO properties sat in the shadow inventory, more than double what it was in the first quarter of 2010 (Click to expand the chart below). With the market averaging roughly 90,000 loan liquidations per month, it would take 32 months, nearly three years, to move through the overhang.

And that number is contingent on no other loans going into default.

[HOUSING WIRE]

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



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READ | South Carolina Supreme Court Issues New Foreclosure Rules & Order, Halts Pending Foreclosures

READ | South Carolina Supreme Court Issues New Foreclosure Rules & Order, Halts Pending Foreclosures


Excerpt:

In all mortgage foreclosure actions pending on May 9,2011, before any merits hearing in the case, or if an order of foreclosure has been entered, before any foreclosure sale, the Mortgagee shall, through its attorney of record, file with the court and serve upon every Mortgagor a notice of the Mortgagots right to foreclosure intervention. All proceedings in the foreclosure action shall be stayed until completion of such foreclosure intervention.

No foreclosure hearing or foreclosure sale may be held in the foreclosure action until the Mortgagee’s attorney certifies the following:

Continue below…

[ipaper docId=54538968 access_key=key-fp3scs2ub28q7ondaw5 height=600 width=600 /]

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



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Home Ownership Rate Drops to 1998 Level

Home Ownership Rate Drops to 1998 Level


Recovery? What recovery.

Imagine all the shadow foreclosures, inventory…


Wall Street Journal-

The housing market’s woes continue forcing people into rentals, further depressing the home ownership rate in a nation that now has fewer homeowners than were created during the housing boom.

In the first quarter, 66.5% of Americans owned homes, down from 67.2% a year earlier, the Census Bureau reported. The rate last hit this level in 1998.

During the boom, when easy credit made mortgages available with less regard for income or ability to pay, the ownership rate surged to a record 69.2% in 2004?s second and fourth quarters and stayed near that level until the recession deepened.

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



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Nearly 20% of Florida homes are vacant

Nearly 20% of Florida homes are vacant


By Les Christie, staff writer

NEW YORK (CNNMoney) — It’s not always easy to feel sorry for sunny Florida. But they just got hit with another blow.

On Thursday, the Census Bureau revealed that 18% — or 1.6 million — of the Sunshine State’s homes are sitting vacant. That’s a rise of more than 63% over the past 10 years.

Having this amount of oversupply on the market will keep home prices depressed and slow any recovery.

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



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WRAPUP 1-US new home sales at record low as tax credit expires

WRAPUP 1-US new home sales at record low as tax credit expires


* New home sales tumble record 32.7 percent

* Month supply highest in nearly a year

* Median new home price drops

WASHINGTON, June 23 (Reuters) – Sales of new U.S. homes dropped a record 32.7 percent in May to the lowest level in at least four decades as the boost from a popular tax credit faded, adding to worries of a slowing economic recovery.

The Commerce Department said on Wednesday single-family home sales tumbled to a 300,000 unit annual rate, the lowest level since the series started in 1963.

In addition, April and March sales figure was revised down to 446,000 units and 389,000 units respectively. The drop in sales in May unwound two months of gains, which had been inspired by a government tax credit for home buyers.

Prospective home owners had to sign contracts by April 30 to qualify for the tax credit. Analysts polled by Reuters had forecast new home sales sliding to a 410,000 unit-pace. New home sales are measured at contract signing.

“The previous two months were revised down, so the lift from the tax credit was less than we previously realized. We are getting a little nervous,” said David Sloan, an economist at 4Cast in New York. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

For a graphic on mortgage applications, see: link.reuters.com/pak53m

For a graphic on existing home sales, see: link.reuters.com/gaw43m ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

U.S. stocks fell after new home sales data, and the major indexes turned negative. In addition, the S&P home builders ETF (XHB.P) fell 1.6 percent. U.S. government debt prices added to gains.

The report was the latest in a series to suggest that the economy’s recovery from the worst downturn since the 1930s might be losing strength.

It also came as Federal Reserve policymakers gathered for a two-day meeting at which they were expected to extend their pledge to hold overnight interest rates ultra low for “an extended period” to aid the still fragile economic recovery.

The U.S. central bank is not seen lifting rates, currently near zero, until next year.

A report on Tuesday showed sales of previously owned homes, which are recorded at contract closing, fell unexpectedly in May.

The expiry of the tax incentive has also resulted in a decline in new home construction and demand for home loans applications for loans to buy homes fell last week, staying near 13-year lows.

Last month’s weak sales pace saw the supply of homes available for sale jumping a record 46.6 percent to 8.5 months’ worth, the highest in nearly a year, from 5.8 months’ worth in April. However, the number of new homes on the market dipped 0.5 percent to 213,000 units, the lowest since November 1970.

The median sale price for a new home fell 1 percent in May from April to $200,900. In the 12 months to May, prices fell 9.6 percent, the largest decline since July 2009. (Reporting by Lucia Mutikani; Editing by Neil Stempleman)

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



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