Posts tagged ‘reo’s’

Where Home Prices Are Falling Dramatically

The rising tide of Foreclosures and mortgage delinquencies affecting the market are depressing home prices at a more rapid pace than previously predicted.

The net effect will be more homeowners underwater, which will lead to more foreclosures, which will lead to even lower prices…which places the battered housing market on a round-a-bout with essentially no exit.

There will come a point in which DRASTIC measures will be the only solution to clearing inventory. Whether that will be practically giving homes away, say selling them for pennies on the dollar, or wiping out existing mortgages and restructuring them to fit a homeowners current income (DTI).

Or perhaps even creating habitats for homeless, terminally ill patients, special needs individuals, Etc. But something very drastic will need be done in order to stem the vicious cycle of exponential price and sales decline.

With rising unemployment and the continuing loss of purchasing power, less and less would-be buyers will be able to purchase a home. Therefore, the existing, foreclosed and shadow inventories will keep piling up- numbering close to 15 million units by 2012, if swift and meaningful action is not taken.

December 14, 2010 at 8:01 pm Leave a comment

More information on Foreclosures

September 10, 2010 at 3:18 pm Leave a comment

Realtors, Brokers Target Home-Appraisal Rule

From WSJ-

http://online.wsj.com/article/SB10001424052748704289504575312671921408674.html?mod=WSJ_RealEstate_LeftTopNews

The mortgage-broker and real-estate industries are pushing to have a measure that would kill new home-appraisal rules inserted into pending legislation to overhaul financial-sector regulation.

The Home Valuation Code of Conduct, adopted in May 2009 to ensure appraiser independence, bars mortgage brokers and bank loan officers from selecting appraisers.

Mortgage lenders, on the other hand, are trying to fend off the measure. Several big lenders own or have a stake in companies that have seen a surge in business as a result of the new rules. (aka- AMC’s or Appraisal Management companies, this includes BPO Management Companies)

The Code of Conduct was adopted last spring by Fannie Mae and Freddie Mac, the government controlled mortgage giants, in settling a New York state attorney general’s probe of their appraisal standards.

(The entire investigation was brought about specifically by Andrew Cuomo, former HUD Secretary, who by the way made a series of BAD and politically motivated decisions between 1997 and 2001 that gave birth to the country’s current economic crisis.

He took actions that—in combination with other factors—helped plunge Fannie and Freddie into the subprime meltdown. He turned the Federal Housing Administration mortgage program into a sweetheart lender with sky-high loan ceilings and no DOC, no money down loans.

Basically he legalized what a federal judge has branded “kickbacks” to mortgage brokers that fueled the sale of overpriced and unsupportable loans. Four to five million families are now facing foreclosure, and Cuomo is one of the reasons why. Now Fannie and Freddie are going to CONSUME ONE TRILLION DOLLARS of TAX PAYER money.

This criminal, cuomo, was also responsible for the collaps of Lehman Brothers. Basically, Lehman CEO didn’t kiss Cuomo’s behind during his campaign bid and didn’t kick in millions to his political run. So, out of spite, Cuomo opened up an investigation of Lehman.

The rest…is well history. Cuomo is nothing more than a mafia hoodlum. This guy has single handedly corrupted HUD, Fannie, and Freddie. Destroyed the Appraisal industry and brought about the demise of Lehman.

June 18, 2010 at 6:37 pm Leave a comment

Home Mortgage Loans Are A Burden In N.Y./N.J. Region

Look like it may be tough sledding ahead for the NY/NJ region Real Estate market. It seems that this area now leads the nation in Mortgage Loan delinquencies.

From WSJ-

The New York/NJ Suburban region has the largest backlog in the country of delinquent mortgages that have yet to move through the foreclosure pipeline.

At the current rate, it would take 103 months to clear the so-called shadow inventory of mortgages in the New York/NJ area that are more than 90 days delinquent or in foreclosure. That is nearly 3.5 times the national average.

http://online.wsj.com/article/SB20001424052748704009804575308893472619792.html

June 17, 2010 at 4:56 pm Leave a comment

EXIT Realty Educates the Public in Free Webinar!

 On Tueday June 8th, Exit Realty will be hosting and broadcasting a FREE webinar, Entitled “Real Estate After April 30th (when the $8,000/$6,500 home buyer tax credits expired) – What Now?”

http://www.realestateindustryleaders.com/public/item/255142

There will be Two Free Sessions, one at 4 PM and the second at 7 PM. All you need to do is click on https://www2.gotomeeting.com/register/914090834 for the 4 PM session,

or https://www2.gotomeeting.com/register/543685610 for the 7 PM session. Register with go2meeting today!

 

June 4, 2010 at 2:21 pm Leave a comment

Bill Offers State Tax Credit For Homebuyers – New Jersey 101.5 FM

Today, the Assembly Appropriations committee will consider a bill sponsored by Assemblymen Lou Greenwald, Vincent Prieto and Albert Coutinho that would establish the New Jersey Homebuyer Tax Credit Program under the New Jersey gross income tax for home purchases during calendar year 2010. Refundable tax credits may be allowed for up to $15,000 or 5% of the home purchase price

READ MORE:

Bill Offers State Tax Credit For Homebuyers – New Jersey 101.5 FM

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May 13, 2010 at 5:15 pm Leave a comment


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