The crash in U.S. home prices will probably resume because about 7 million properties that are likely to be seized by lenders have yet to hit the market, Amherst Securities Group LP analysts said. The “huge shadow inventory,” reflecting mortgages already being foreclosed upon or now delinquent...
It looks like the mortgage soap opera may be well into a new act and one doomsayer is predicting that there is a rotund woman with a horned helmet and a spear waiting in the wings. Iris Martin, writing in the Huffington Post on Monday set forth her claim that a huge percentage of securitized mortgages...
Some new data released this week by Zillow is revealing not because it gives provides evidence of a troubled housing market - nothing could surprise us there - but because it may be a sign that the mortgage banks are finally beginning to get it . Zillow, the Seattle-based website that started out as...
The Obama administration unveiled a $75 billion housing plan on Wednesday, which it says will help seven to nine million American families avoid foreclosure . In a White House press release, the Obama administration said the mortgage plan will boost confidence by creating lower mortgage rates and will...
Three major U.S. financial institutions have announced they will halt foreclosures after coming under intense pressure from U.S. politicians on Wednesday to do something to help U.S. citizens weather the financial crisis. Citigroup announced it will be halting foreclosures starting Feb. 12. The bank...
There is a " pressing need " for more policy measures to address the problems in the U.S. housing sector, Federal Reserve Governor Elizabeth Duke said on Wednesday. Speaking in New York, Duke said foreclosures are likely to stay " extremely elevated " as she called for stronger anti...
The housing market performed miserably in 2008, but the final month of the year showed an upside surprise in sales of previously-owned homes against expectations of a third consecutive monthly decline. The pace of existing home sales jumped 6.5% in December, boosting the annual pace of sales up to a...
Home foreclosure activity increased dramatically in 2008 compared to the previous year, according to RealtyTrac's 2008 U.S. Foreclosure Market Report. There were 3,157,806 foreclosure filings - default notices, auction sale notices and bank repossessions in 2008, marking an 81% increase from 2007...
More aid to the banking industry and funding towards foreclosure reduction should be the main focuses of the second tranche of the $700 billion TARP program, Fed Vice Chairman Donald Kohn told lawmakers on Tuesday. Speaking in testimony on how lawmakers should use the second and final $350 billion installment...
As a follow-up to a story we published last week regarding the eviction of renters from foreclosed homes , we are happy to now report that Fannie Mae has become the first lender to review and reverse its eviction policies. Many big lenders immediately move to evict tenants from homes following the completion...