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Economists calculate that the decline in home prices has cost American homeowners approximately $7 trillion in home equity. Compounding this problem is the fact that the inventory of homes available for sale remains high and there is potential for a significant volume of “shadow inventory”...
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"They've invented a microwave fireplace. Now you can sit by the fire all evening in just three minutes." It takes less than three minutes to break into a house - just ask my cousin in San Quentin. But if the company servicing a loan breaks into a vacant house in order to maintain it, is it a legal obligation...
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The August Mortgage Monitor report released on Monday by Lender Processing Services, Inc. (LPS) paints a mixed picture of the current state of foreclosures in the U.S. It is hard to tell if the situation is improving at the same time the steps necessary to clear the system are accelerating or if we are...
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The eight national banks and single federal savings association servicing the largest loan portfolios reported that first mortgage performance declined across all categories of delinquencies during the second quarter of 2011. The information is part of the Office of Comptroller of the Currency (OCC)...
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RealtyTrac, the Irvine California firm that reports on all things foreclosure said on Thursday that, while sales of bank-owned real estate and homes in some stage of foreclosure during the second quarter of 2011 was mixed in comparison with earlier quarters, the gap in sales price between distressed...
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With the passing of Columbus Day, there are only three days left in 2010 that don't count in the rescission period: Thursday, November 11, Veteran's Day, Thursday, November 25, Thanksgiving Day, and Saturday, December 25, Christmas Day. Some feedback from the trenches in regard to placing loans based...
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While it reported that most delinquency figures dropped substantially in the second quarter, the Mortgage Bankers Association's National Delinquency Survey also carried some dishearting harbingers of what might lie ahead. The report showed the seasonally adjusted delinquency rate for all loans at...
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The benchmark 10 year note yield is back below 3.00% and mortgage rates are at lifetime lows. Hello homeowners! Why isn’t everyone (who can qualify) jumping on the refi band wagon? With rates so low and home prices off 30% to 40%, why aren't consumers rushing to buy homes? If this was a normal...
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The Mortgage Bankers Association today released the First Quarter 2010 National Delinquency Survey (NDS) results. Seasonally adjusted mortgage delinquency rates increased again during the first quarter of 2010, but a decrease in non-seasonally adjusted data is giving the Mortgage Bankers Association...
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Home Today's Headlines ATW Forums Q&A Mortgage Rates Top Stories Borrower Default Notices Decline in April But Banks Pick Up Pace of Liquidation Foreclosure activity in April dipped from earlier monthly and yearly figures. A dramatic drop in initial filings and surge in bank repossessions may indicate...
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Home Today's Headlines ATW Forums Q&A Mortgage Rates Top Stories Credit Loss Reserves and Foreclosed Inventory Expenses Eat at Fannie Mae's Earnings Fannie Mae has reported First Quarter 2010 Earnings Results. The government-sponsored enterprise, lost $11.5 billion in the first quarter compared with...
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Home Today's Headlines ATW Forums Q&A Mortgage Rates Top Stories Fixing The Housing Market: A Foreclosure Prevention Alternative Jonathan Spurr, a like-minded colleague of mine and a wholesale account rep for 18 years came up with this idea which we just pitched to the Arizona Department... - Community...
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I was reminded that 70% of the US economy is propelled by consumers, all consumers. Last night, after giving a speech to some UC Berkeley econ students, I was in a book store and the gal in front of me asked the clerk, "Do you have a book on 'Karmageddon'? Its like, when everybody is sending...
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Home Today's Headlines ATW Forums Q&A Mortgage Rates Top Stories Foreclosure Filings Drop. Prevention Policies Distorting Supply and Demand Foreclosure filings, which include default notices, scheduled auctions, and bank repossessions declined 2 percent from January. A total of 308,524 properties...
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Today RealtyTrac® released its February U.S. Foreclosure Market Report. The RealtyTrac report shows that foreclosure filings, which include default notices, scheduled auctions, and bank repossessions declined 2 percent from January. A total of 308,524 properties in the United States received one...