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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 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 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 Economic experts are predicting another drop in home sales that will continue throughout the middle of next year, CNNMoney.com reported today. However, the housing market could bounce back by the middle of 2011, citing economic factors. Fiserv, a market analytics company, initially predicted in February a 4% increase in home prices through the end of 2011. … Continue reading Home Prices May Keep Falling Throughout 2011 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 The National Association of REALTORS announced today that existing home sales rose for the second month in a row during the month of September. Despite the good news, the figure is off from September 2009’s numbers. According to the NAR, existing home sales — which are completed transaction that include single-family homes, condominiums and co-ops — … Continue reading Existing Home Sales Rise in September Today’s Wall Street Journal reported that it will cost taxpayers another $154 billion to keep Fannie Mae and Freddie Mac afloat under the most likely scenario for home prices. But if the economy slides back into a recession and the housing market worsens, then the price tag to the taxpayers can be higher than that. The … Continue reading Fannie, Freddie May Need $154 Billion to Survive — Maybe More The Associated Press reported today that the mortgage problems that have been hanging around since the housing market collapsed are catching up with the banks that took on those risky loans in the first place. According to the AP, stocks of Bank of America Corp., Wells Fargo & Co., JPMorgan Chase & Co. and Citigroup, Inc. … Continue reading Mortgage Problems Sink Bank Stocks National Mortgage Professional Magazine reported today on its website that mortgage applications were up as interest rates fell for a fifth consecutive week. The Mortgage Bankers Association’s Weekly Mortgage Applications Survey showed that the Market Composite Index — a measure of mortgage loan application volume — increased 14.6% on the week ending October 8. The Refinance … Continue reading Mortgage Applications Rise As Interest Rates Fall Again 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? |
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