As one of the largest mortgage lenders in the country, Bank of America has great sway with the rest of the industry when it makes a decision contrary to the norm. Such is the case with their recent announcement of plans to streamline the short sale process in order to conclude a deal in 20 days or less. Right now the typical short sale can take months while a bank goes through the paperwork process … Continue reading →
This past February (2012) the state attorneys general from 49 states reached a historic settlement with five major U.S. housing lenders (Bank of America, Citigroup, GMAC, J.P. Morgan Chase, and Wells Fargo) that would provide some $25 billion in relief to underwater homeowners and those who already lost their homes due to foreclosure. Yet more than two months later, most of that money has not even begun to go out, according to a story published … Continue reading →
Last April 16, 2012 the Bronx Supreme Courthouse opened for business as usual. On the docket were six foreclosure auctions scheduled to take place throughout the day. But as bargain hunters looking for a great deal began showing up at the courthouse they were greeted by a group of about 40 protesters who were trying to put an end to the proceedings by singing songs. Metro Focus reported on the musical protest in a very … Continue reading →
LoanSafe.org reported late last week that both homes sales and foreclosures were up in March (2012) over the same period in 2011. Their numbers are based on transactions in Maryland and come from RealtyTrac, a nationally known company that tracks real estate trends nationwide. If the numbers reflect national trend – and that’s what the story implied – they could point to a very healthy spring for the real estate market. According to LoanSafe.org there … Continue reading →
As most of the United States continues to grapple with a glut of foreclosed homes and shadow properties, some communities are banding together to do what they can to fight off as much of the resulting urban blight as possible. A handful of programs all over the country are finding creative ways to acquire foreclosed properties and convert them into useful homes for a variety of needy people. One example exists in Cleveland, where the … Continue reading →
CNBC’s The Street reported here that foreclosure rates in the United States dropped 30% for the first quarter of 2012 as compared to the same time last year; this despite the fact that there was an overall 8.1% increase this past March. While this is good news for the average homeowner, it has the analysts completely flummoxed. According to the CNBC report “analysts had expected this number to skyrocket immediately following the $25 billion settlement between … Continue reading →
Phoenix area radio station KTAR picked up a story out of Washington alleging racial bias in the upkeep and sale of foreclosed homes around the country. According to the story, a public advocacy group fighting against fair housing discrimination claims banks are not putting the same effort into maintaining and selling foreclosed homes in minority neighborhoods as they are in white neighborhoods. The National Fair Housing Alliance (NFHA) looked at foreclosed homes in nine different … Continue reading →
There have been several reports over the last couple of weeks suggesting the number of foreclosed homes being put back on the market will increase significantly heading into the summer months. Some of those reports indicate real estate values will fall as the number of properties available to buyers grows. If so, what does it mean for new home sales heading in the future? The Wall Street Journal’s Smart Money says the rise in foreclosures being … Continue reading →
There’s been a lot in the news recently regarding the relationship between foreclosed homes and the rental market. Attention has been focused on the rights of renters living in foreclosed homes as well as real estate investors purchasing foreclosed homes for use as rental properties. But Bank of America has entered the discussion with the announcement of a new program that could ostensibly turn current homeowners into renters if conditions are right. According to an … Continue reading →
A story in the Chicago Tribune, dated March 20 2012, poses an interesting question in regards to the housing market and the potential of private investors in helping along the recovery. The story opens by referencing a former employee of a New York-based private equity firm who left his company in order to start a real estate business. Dan Madger has begun purchasing foreclosed homes at reduced prices and making them available on the rental … Continue reading →
