Real Estate Short Sale REO Bank Owned Foreclosed Homes Investing private money lending

Job losses in California ‘far worse’ than originally thought

reggielal — Tue, 09 Mar 2010 17:36:52 +0000

This can only hurt the housing crisis and lead to more foreclosures and REO’s (Bank owned homes)

In California, 338,400 more people lost their jobs in December than was previously reported, according to revised numbers released by the California Employment Development Department. The benchmark revision is extraordinarily large — one of the largest in the state’s history, say economists with Beacon Economics of San Francisco.

Job losses in California ‘far worse’ than originally thought is a post from: Real Estate Short Sale REO Bank Owned Foreclosed Homes Investing private money lending expert

Foreclosure rates jump throughout Central Valley

reggielal — Thu, 04 Mar 2010 23:30:49 +0000

Foreclosure rates throughout the Central Valley were up sharply in January, according to figures released Thursday by First American CoreLogic.

The Merced metropolitan area saw the biggest foreclosure rate, with 6.59 percent of all mortgages falling into foreclosure in January, an increase of 1.77 percentage points compared to January 2009 when the rate was 4.82 percent.

Foreclosure activity in Merced is higher than the national foreclosure rate, which was 3.19 percent for January 2009, representing a 3.40 percentage point difference.

Foreclosure rates jump throughout Central Valley is a post from: Real Estate Short Sale REO Bank Owned Foreclosed Homes Investing private money lending expert

Elderly workers put off retirement

reggielal — Thu, 04 Mar 2010 22:54:33 +0000

More than seven-in-ten (72 percent) workers over the age of 60 who say they are putting off their retirement are doing so because they can’t afford to retire financially, according to the survey by CareerBuilder.com, the online jobs site.

When comparing genders, the survey found that three-quarters (76 percent) of female workers over the age of 60 who say they are putting off retirement are doing so because they can’t afford it, while 68 percent of males say the same.

Elderly workers put off retirement is a post from: Real Estate Short Sale REO Bank Owned Foreclosed Homes Investing private money lending expert

FHFA extends HARP for one year

reggielal — Thu, 04 Mar 2010 22:35:23 +0000

This should help slow down the foreclosure crisis, with more loan modifications and short sale approvals, we could slow down the amount of bank owned homes.

The Federal Housing Finance Agency (FHFA) this week announced the extension of the Home Affordable Refinance Program (HARP) to June 30, 2011. HARP is a refinancing program administered by Fannie Mae and Freddie Mac and expands access to refinancing for qualified individuals and families whose homes have lost value. The program was originally set to expire June 10, 2010.

FHFA extends HARP for one year is a post from: Real Estate Short Sale REO Bank Owned Foreclosed Homes Investing private money lending expert

Freddie Mac loses $7.8 billion, warns of foreclosure wave

reggielal — Mon, 01 Mar 2010 07:05:00 +0000

Freddie Mac lost almost $26 billion last year !

In the final three months of last year, Freddie Mac posted a loss of $7.8 billion, Freddie Mac, which has lost almost $80 billion since the housing crisis started in 2007, is bracing for more pain from foreclosures and REO’s (Bank Owned homes) should continue to increase from this problem, seems like the short sales and loan modifications are not helping enough yet.

A record 4 percent of its borrowers are at least three months behind on their payments and facing foreclosure.

Its chief executive, Charles Haldeman, warned Wednesday of a “potential large wave of foreclosures” still to come.

Freddie Mac loses $7.8 billion, warns of foreclosure wave is a post from: Real Estate Short Sale REO Bank Owned Foreclosed Homes Investing private money lending expert

LPS Cautious of Declaring “Recovery”

reggielal — Mon, 01 Mar 2010 05:52:19 +0000

According to LPS’ analysis, total delinquencies and foreclosure inventories are still climbing and continue to set new record highs. In January 2010, the company put the foreclosure rate at 3.27 percent. Short Sales and Loan Modifications not enough, Bank Owned and foreclosed homes to continue to build.

The experts at Lender Processing Services (LPS) caution that declaring the recovery has taken hold may be premature.

LPS Cautious of Declaring “Recovery” is a post from: Real Estate Short Sale REO Bank Owned Foreclosed Homes Investing private money lending expert

U.S. new-home sales fall to record-low level -Jan 10

reggielal — Mon, 01 Mar 2010 05:41:58 +0000

Sales of new U.S. homes plunged 11.2% in January to a seasonally adjusted annual rate of 309,000, the lowest rate on record dating back to 1963, the Commerce Department estimated Wednesday. Even more houses for sale coming soon as the homes now in default become Bank Owned, Short sales are not completed in time, Loan Modifications that don’t work.

Economists surveyed by MarketWatch forecast sales to rise slightly to 355,000, with buyers taking advantage of a new federal tax credit. Sales in December were revised higher to 348,000 from 342,000 previously reported. Sales are down 6.1% compared with January 2009’s 329,000, which was the previous record-low rate.

The number of homes for sale rose 0.4% to 234,000 in January. At the January sales pace, it would take 9.1 months to sell that inventory

U.S. new-home sales fall to record-low level -Jan 10 is a post from: Real Estate Short Sale REO Bank Owned Foreclosed Homes Investing private money lending expert

More Short Sales on the way -Shadow Inventory of Homes to Take Nearly 3 Years to Clear !

reggielal — Tue, 23 Feb 2010 04:40:54 +0000

Short Sales, Loan Modification and Foreclosed homes are going to be on the rise, as will the number of REO’s (Bank Owned Homes through the foreclosure auction process) in the near future.

The “shadow inventory” of bank-repossessed properties, as well as distressed mortgages facing foreclosure, will take nearly three years to clear at the current sales rate, according to a report from the credit rating agency Standard & Poor’s (S&P). The analysts add that during this period many servicers will likely shift their emphasis from mortgage modification to loan liquidation.

More Short Sales on the way -Shadow Inventory of Homes to Take Nearly 3 Years to Clear ! is a post from: Real Estate Short Sale REO Bank Owned Foreclosed Homes Investing private money lending expert

California homeowners feeling foreclosure pain

reggielal — Thu, 18 Feb 2010 00:23:07 +0000

The wall street Journal reports….An industry measure of U.S. homebuilder confidence rose in February from a seven-month low in January, but remained at a level that signals lingering worry.

The National Association of Home Builders said its housing-market index, a measure of builder attitudes toward prospects for selling single-family homes,

California still feeling the pain: foreclosure filings increasing

reggielal — Wed, 17 Feb 2010 00:17:51 +0000

On a daily average basis, foreclosure activity is increasing in California, says a new report Tuesday from ForeclosureRadar Inc. .

On a daily average basis, foreclosure activity is increasing in California, says a new report Tuesday from ForeclosureRadar.

California still feeling the pain: foreclosure filings increasing is a post from: Real Estate Short Sale REO Bank Owned Foreclosed Homes Investing private money lending expert