Archive | 2010
Lenders Reclaim $10 Billion of Commercial Property: Report
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. […]
Continue reading...Mortgage Rates Hold Steady at Record Lows
18. June 2010
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 […]
Continue reading...FHFA Orders Fannie, Freddie to Delist Stock from NYSE
17. June 2010
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 […]
Continue reading...California’s Foreclosure Activity Drops Across the Board
16. June 2010
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 […]
Continue reading...Lawmakers Reach Consensus on Key Mortgage Reforms
15. June 2010
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. […]
Continue reading...Shadow Inventory Variants Could Trigger Regional Price Declines: Report
14. June 2010
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 […]
Continue reading...Loss Severity on Short Sales 13% Lower than REO: Report
11. June 2010
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 […]
Continue reading...Securing your property
10. June 2010
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 […]
Continue reading...More Sellers Reduce Home Prices in May After Tax Credit Expiration
10. June 2010
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 […]
Continue reading...Judge Orders BofA to Halt All Foreclosure Sales in Utah
9. June 2010
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 […]
Continue reading...BofA Agrees to Pay $108 Million to Overcharged Countrywide Borrowers
8. June 2010
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 […]
Continue reading...U.S. Banks’ Foreclosure Holdings Increased 12.5% in Q1:
7. June 2010
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 […]
Continue reading...Banks Have Recognized 60% of Expected Loan Charge-Offs: Moody’s
4. June 2010
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 […]
Continue reading...Commercial Defaults Hit Record for Both Investors and Banks
3. June 2010
By: Carrie Bay Pressures continue to drive up commercial mortgage defaults. The economic downturn has choked off demand for retail and office space, with vacancy rates rising and prospects of new occupants limited by the duress of today’s job market. At the same time, commercial real estate (CRE) values have dropped more than 40 percent […]
Continue reading...Delinquencies Improving, but Total Distress Remains Elevated: LPS
2. June 2010
By: Carrie Bay The number of unpaid mortgages in the United States declined again in April, but delinquency roll rates remain high, according to an industry report released Monday by Lender Processing Services, Inc. (LPS). The Florida-based analytics firm says that while signs of stabilization in the nation’s mortgage delinquency and foreclosure rates may be […]
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21. June 2010
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