By: Carrie Bay Ninety-day pre-foreclosure notices have been sent to 57,256 New York homeowners who have fallen behind on their mortgage since February 13, 2010, according to the New York State Banking Department. The five counties with the highest number of pre-foreclosure filings on owner-occupied homes in the state are Suffolk with 8,293, Queens with […]

By: Carrie Bay The U.S. Treasury and HUD on Monday released a new monthly scorecard, touting the success of the administration’s full scope of efforts to stabilize the nation’s fraught housing industry. HUD Secretary Shaun Donovan called the new scorecard a snapshot of the “total picture,” illustrating just how far the market has come back […]

By: Carrie Bay Distressed commercial real estate is being reclaimed by lenders at a rapid pace, but relatively few assets are being marketed and re-sold. According to the research firm Real Capital Analytics, lenders acquired some $10 billion of commercial property during the first five months of this year – via foreclosure or negotiated settlement. […]

By: Brittany Dunn Still lingering near record lows, mortgage rates for the week ending June 17, 2010 were fairly level with last week’s averages, Freddie Mac and Bankrate reported Thursday. According to Freddie Mac’s Primary Mortgage Market Survey fixed-rate mortgages averaged 4.75 percent with an average 0.7 point this week, up slightly from last week’s […]

By: Carrie Bay The Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac to delist their common and preferred stock from the New York Stock Exchange (NYSE) and any other national securities exchange. “A voluntary delisting at this time simply makes sense and fits with the goal of a conservatorship to preserve […]

By: Carrie Bay Foreclosure activity in California is beginning to trend downward. The locally-based tracking firm ForeclosureRadar says its statistics dropped last month for every stage of the foreclosure process – with new defaults falling more than 17 percent. It’s the second straight month that the company has recorded across-the-board declines. Filings at each step […]

By: Carrie Bay Lawmakers have promised to provide transparency into the process of reconciling the Senate and House versions of bills to overhaul the nation’s financial regulatory system.In line with that commitment, the House Financial Services Committee has released a statement outlining the measures that have been approved so far, including several key mortgage reforms. […]

By: Carrie Bay Regional variations in the shadow inventories of distressed U.S. mortgages could be an indicator of the direction home prices will take, according to a new report published by Standard & Poor’s Ratings Services. The company’s analysts say differences in the backlog of distressed properties point to which markets will see home prices […]

By: Carrie Bay Over the past year, the mortgage risk analysis firm Clayton Holdings says it has witnessed an overall increase in short sale activity. Because of the growing emphasis on keeping borrowers out of foreclosure, servicers are becoming more inclined to employ alternative loss mitigation strategies. And Clayton says the added benefit to servicers […]

When a real estate company gets a bank owned property to sell we have to make sure it is secure. By securing the property within 12-24 hours of getting the property we can keep it safe for the bank and this will help keep the neighbors happy so no unwanted ppl break in. Below are […]

Inching up two percentage points from April, more than 43 percent of home sellers slashed their home’s list price in May, according to a monthly review of home listings in 26 of the nation’s largest housing markets conducted by Emeryville, California-based ZipRealty. As a result of these price reductions, the median “for sale” price dropped […]

A judge in St. George, Utah has issued a preliminary injunction stopping all foreclosure sales in the state by Bank of America and its subsidiary ReconTrust. The decision, by 5th District Court Judge James L. Shumate, was based on the grounds that the nation’s largest mortgage servicer and its related companies are not registered to […]

Representing one of the largest judgments imposed in a Federal Trade Commission (FTC) case, two Countrywide mortgage servicing companies, now part of Bank of America Home Loans, have been ordered to pay $108 million to settle charges that they collected excessive fees from cash-strapped borrowers who were struggling to keep their homes. In a statement […]

By: Carrie Bay Foreclosed property held by U.S. banks increased 12.5 percent to $41.5 billion during the first quarter of this year, according to a recent analysis by SNL Financial, a financial market research firm out of Charlottesville, Virginia. The company says banks’ aggregate foreclosed inventory is up from $36.9 billion at year-end 2009, and […]

By: Carrie Bay In its latest quarterly report on credit conditions of the U.S. banking system, Moody’s Investors Service says banks’ asset quality issues are “past the peak” butcharge-offs and non-performers continue to eat away at profitability and sheer fundamentals. Based on Moody’s market data, banks’ non-performing loans stood at 5.0 percent of total loan […]