By REGINA GARCIA CANO – The Associated Press Created: Saturday, February 23, 2013 5:30 a.m. CST SPRINGFIELD – Mortgage lenders in Illinois will have to prove to judges that they’ve offered underwater homeowners a variety of options – including modifications to their loans – before foreclosing, the state Supreme Court said Friday. The court issued a new … More Ill. Supreme Court issues rules on foreclosures
In a blog post, a Freddie Mac executive revealed more than one-third of U.S. households are renters, the largest share since 1997, yet adequate, affordable rental housing is still out of reach for many. According to David Brickman, SVP of multifamily at Freddie Mac, the nation has seen 5.4 million new renter households between 2004 … More Freddie Mac: Rental Sector Shows Growth, but Lacks Affordability
During the peak of the mortgage crisis, foreclosed homes sold at a 25% discount on average, but the market is stabilizing and the price differentiation between a home’s foreclosed valued and original market value is beginning to narrow, FNC reported. The real estate analytics firm released a Foreclosure Market Report Monday, saying home prices are … More Foreclosure discounts no longer as steep
New Legislature Key to Drop in Foreclosure Starts by Credit.com on 02/18/2013 The new year saw a substantial improvement to the country’s housing market, as the number of foreclosure starts nationwide dipped markedly from a month and year earlier. More than 150,000 filings were recorded during January, according to RealtyTrac’s Foreclosure Market Report, which was 7 … More New Legislature Key to Drop in Foreclosure Starts
Homebuyer interest got off to a strong start in 2013, according to Redfin’s Real-Time Demand Pulse for February. The report, which reflects data for January, shows the number of Redfin customers requesting home tours rose 57.9 percent in January, up from 52.0 percent at the same time in 2012. January’s monthly increase is a turnaround … More Homebuyer Interest Off to Strong Start in 2013 02/08/2013 By: Tory Barringer
By Esther Cho DS news While the national trend shows home prices are rising and the supply of foreclosures is shrinking, on a more microscopic level, there are still metros where investors can find foreclosures at steep discounts and in greater abundance. RealtyTrac compiled a list of the 20 best (and worst) metro areas to … More RealtyTrac Ranks Best Metros to Buy Foreclosures in 2013
A Florida homeowner lost his bid to get a voluntarily dismissed foreclosure case reinstated for the purpose of showing the initial foreclosure proceeding contained fraudulent documentation. The court’s decision is a major one for default attorneys and banks in Florida, especially those dealing with robo-signing or documentation handling issues that were alleged at several major … More Florida Supreme Court rules on controversial foreclosure case
The majority of the states with the highest number of completed foreclosures for 2012 were nonjudicial foreclosure states, indicating that judicial foreclosure states are still plugging up the foreclosure pipeline. Judicial foreclosure states require a court’s approval before a foreclosure can be finalized, while nonjudicial foreclosure jurisdictions offer a streamlined series of steps for parties … More Judicial foreclosure states continue to clog inventory pipeline
In an attempt to boost transparency, two lawmakers requested documents related to the $8.5 billion foreclosure settlement intended to compensate homeowners who allegedly experienced improper foreclosures. Back in April 2011, the Federal Reserve System and the Office of the Comptroller of the Currency issued consent agreements with 14 banks regarding improper practices between the banks … More Lawmakers request more transparency in foreclosure settlement
http://feedproxy.google.com/DrHousingBubble-HowILearnedToLoveSocal By Dr. Housing Bubble Shadow inventory is still very much a part of the housing market. This inventory is slowly making its way through the system. Once the home is on the market for sale, it is no longer in the shadows. With constrained inventory and interest rates providing a boost to the leverage … More Shadow inventory projections for 2013 – Modified loans re-default and new foreclosures. The overall household formation equation.
