Authorities say a real estate agent has been convicted of fraud for stripping fixtures from his foreclosed home
via KPHO.
Mar 03
Despite being months behind, many strapped residents are hanging on to their homes, essentially living rent-free. Pressure on banks to modify loans and a glut of inventory are driving the trend.
via latimes.com.
Mar 01
Homeowners in danger of foreclosure can receive free legal help through a $150,000 federal grant to Wisconsin’s housing finance authority, but rules that came along with the grant have limited the money’s use, officials and lawyers say.
via JSOnline.
Mar 01
Billionaire Warren Buffett said the U.S. residential real estate slump will end by about 2011, predicting that’s how long it will take demand for homes to catch up with the supply.
via BusinessWeek.
Mar 01
The overhang of homes heading toward liquidation suggests more delinquencies and lower home prices are to come. The current “shadow inventory” including all delinquent loans, not only those that are real estate owned [REO] of troubled mortgages will likely take about 33 months-or nearly three years-to clear at the current rate of liquidations. Moreover, we believe this estimate is conservative, as we do not assume any loans that have yet to show any serious signs of distress to date will default in the future and further increase the overhang of homes.
via Standard & Poors.
Feb 28
Reeling from the recession’s one-two-three-punch of job woes, climbing mortgage payments and evaporating equity, desperate homeowners are dipping into a nearby income stream to avoid foreclosure: That bedroom just down the hall.
via RISMedia.
Feb 25
Reversing a long historic trend, mortgage default risk for consumers with high FICO(R) scores now exceeds their credit card default risk, even though most credit cards are unsecured credit and mortgages are secured by real estate.
Feb 24
Faced with a dramatic increase in foreclosure filings in Milwaukee, last year the city launched a new mediation program.
The Milwaukee Foreclosure Mediation Program is administered by Marquette University Law School.
