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Home prices are falling in most major U.S. cities, as reported by Bloomberg BusinessWeek. At least 10 major U.S. markets, including New York, are at their lowest point since the housing boom of 2006-2007. According to The Standard & Poor’s/Case-Shiller city index, home prices fell in 19 out of the 20 major cities. The record … Continue reading Affordable Financial Services’ Weekly Finance Review Data released by RealtyTrac on April 14 showed that the number of foreclosures in the first quarter of 2011 was lower than what it was during the same quarter in 2010. More than 681,000 homes received a foreclosure filing in Q1 2011, a 27% decrease. That same quarter, 215,046 borrowers lost their homes, which is … Continue reading Affordable Financial Services’ Weekly Finance Review CNNMoney recently reported that the number of foreclosures in February fell 14%, compared to January and 27% compared to February 2010. According to RealtyTrac, that is the largest year-to-year drop the company has ever recorded. While some see this as a sign of recovery in the housing market, the company says part of the decline … Continue reading Affordable Financial Services Weekly Finance Review A recent article from REALTORMag.com reported that New York leads the country with the longest foreclosure process. In some cases, it may take years before delinquent borrowers finally give up their homes. According to data from LPS Applied Analytics, the Empire State holds the longest average in the nation, with mortgage loans in the foreclosure process … Continue reading New York Leads U.S. with Longest Foreclosure Process The Wall Street Journal reported today that the percentage of U.S. consumers who are delinquent on their mortgages could be less than 5% by the end of 2011. The delinquency rate is expected to be above 6% by the end of this year. TransUnion LLC predicts that mortgage delinquencies will decline to 4.98% by the end … Continue reading Mortgage Delinquency Rate Could Fall Below 5% By The End of Next Year CNNMoney.com reported today that an additional 2.1 million houses have been added to the supply at the end of August — up from 1.9 million units in August 2009. These are homes that are either repossessed by lenders or are very seriously delinquent. This “shadow inventory” has increased by 10% during the past year to an … Continue reading 2.1 Million More Homes Added to Already Glutted Inventory A recent article in Bloomberg reported that the number of foreclosures on prime fixed-rate mortgages in the third quarter of 2010 hit a record high, with unemployment as the reason for the increase. The inventory of homes in foreclosure that were financed by prime fixed-rate mortgages rose to 2.45% from 2.36% over the previous three months, … Continue reading Foreclosures on Prime-Rate Mortgages Rise in Third Quarter of 2010 Bloomberg reported today that states that have been hardest hit by the real estate crash are seeing sales of foreclosed homes slowing down as the result of the foreclosure freeze as banks review their practices. Attorneys general in all 50 states began probing foreclosure practices after court documents revealed that employees signed off on these papers … Continue reading Moratorium Starting to Affect Foreclosure Sales Today’s REALTORMag article reported that members of Congress want a nationwide moratorium on foreclosure sales, citing alleged errors and irregularities in processing the applications. While some say this is needed, others worry the already weakening housing market and economic conditions will only be weakened further. U.S. Congressman Edolphus Towns of New York said that the top … Continue reading What Might the Foreclosure Moratorium Mean to the Housing Market? Today’s issue of REALTORMag posted an article on the decrease in foreclosures but there are more people who are missing their payments. Citing data from the Mortgage Bankers Association’s National Delinquency Survey, the article says that, in the second quarter of 2010, foreclosure action was started on 1.11% of loans, down 12 basis points from the … Continue reading Fewer Foreclosures, But More People Falling Behind on Payments |
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