March 29, 2011 (Chris Moore) Home prices declined for the sixth month in a row according to the Standard & Poor/Case-Shiller 20-city index. The report shows that home prices declined in 19 of the 20 cities surveyed with 11 of them at the lowest level since the housing bust in 2007. It’s time to call [...]
March 29, 2011 (Jeff Alan) Bank of America has announced that they will begin soliciting homeowners who are eligible for mortgage prinicipal write downs as part of the Treasury Department’s Hardest Hit Fund being implemented through the California Housing Finance Agency (CalHFA). Read more...
March 29, 2011 (Chris Moore) Last week Federal Deposit Insurance Corporation (FDIC) Chairperson Sheila Bair proposed a “Cash for Keys” program as an option that would allow 90-day plus delinquent homeowners to be paid $21,000 to move out of their homes. With visions swirling in my head of millions of current homeowners taking such an [...]
March 29, 2011 (Jeff Alan) Lender Processing Services (LPS) released its February Mortgage Monitor Report revealing that a huge backlog of foreclosures continues to exist despite a continued decline in delinquencies. The data also shows a 23 percent increase in Option ARM foreclosures over the last six months, far higher than any other product type. [...]
March 28, 2011 (Jeff Alan) The National Association of Realtors (NAR) released its February Pending Home Sales Index (PHSI) which rose 2.1 percent from the previous month to 90.8, based on contracts signed in February, and is the first upward trend after two consecutive months of declines. Read more...
March 28, 2011 (Shirley Allen) Government backed mortgage giant Freddie Mac reports the seriously delinquent rate, mortgages that are 90 days or more delinquent or in foreclosure, of single family homes fell to 3.78 percent in February, while the multifamily delinquency rate, mortgages that are 60 days or more delinquent or in foreclosure, increased to [...]
March 28, 2011 (Chris Moore) The Winans International Real Estate Index (WIREI)™ reports that new home prices have declined 24% from their high in 2007 to a new low of $224,050, the worse price decline since the Depression. This eclipses the indices previous record low in October, 2010, of $229,300. Read more...
March 25, 2011 (Chris Moore) In one of its last reports issued before its demise, the Congressional Oversight Committee (COC) faulted the Troubled Asset Relief Program (TARP) for failing to spend enough money to curb foreclosures. TARP was launched by the Bush Administration in response to the 2008 financial crisis, but was also to include [...]
March 25, 2011 (Shirley Allen) Fannie Mae is celebrating the one year anniversary at its South Florida Help Center that has helped over 1,000 struggling families since its opening. Fannie Mae partners with the Neighborhood Housing Services of South Florida (NHSSF) and was the first of six help centers that Fannie Mae opened in hard-hit [...]
