House Flipping Led to Deeper Housing Collapse

December 13, 2011

A new report from researchers at the Federal Reserve Bank of New York focuses on the sharp run-up and subsequent collapse in housing prices during the 2000s. It concludes that real estate investors who used mortgage credit to purchase multiple residential properties with the intent of flipping, or reselling them within a short period of time, played [...]

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Investor buying spurred by demand for rentals

November 28, 2011

Investors looking for yield are acquiring more low-priced homes to fill growing rental demand, according to the latest HousingPulse Tracking Survey from Campbell/Inside Mortgage Finance. The survey shows that investors now dominate discount housing markets, and that first-time homebuyers are fading in favor of short-term living arrangements. In fact, 61.6% of properties purchased by investors [...]

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Hotel foreclosures an oncoming ‘train wreck’

November 28, 2011

The CEO of Prism Hotels & Resorts says comparing the last two years of hotel distress to what’s coming is like comparing “a car wreck and a train wreck.” He doesn’t see any other way to avoid the oncoming flood of CMBS maturities that originated in 2007, at the absolute pinnacle of the lodging industry, [...]

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Fannie Mae reports 3Q loss of $5.1 billion, asks for $7.8 billion

November 9, 2011

Fannie Mae reported a loss of nearly $5.1 billion for the third quarter and asked the federal government for another $7.8 billion.  - Wow !!!  I guess we get to bail out again, while they got huge bonuses… The mortgage finance giant said the loss for the three months ended Sept. 30 includes $4.9 billion of [...]

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Freddie could take 15 years to unload REO

November 3, 2011

Freddie Mac vendors sold fewer REO properties in the third quarter than they did earlier in the year as nonperforming loans continue to climb. More than 25,300 repossessed homes held by Freddie Mac sold in the third quarter, down 13.5% from the nearly 30,000 in the previous three months. It was also a 17% decline from [...]

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REO sales may not peak until 2013

October 19, 2011

The sale of properties repossessed through foreclosure may not peak until 2013, keeping home prices from a meaningful recovery for some time, analysts estimated Monday. Nearly half of the more than 552,000 REO properties liquidated in the first half of 2011 were held by private banks. In the years ahead, the government — including theDepartment [...]

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Homeownership rate at lowest level in 70 years

October 6, 2011

The U.S. homeownership rate in 2010 fell to the lowest level in 70 years, dropping to 65.1%, down from 66.2% in 2000, according to data from the Census Bureau. The decline came even as the nation added 15.8 million housing units, increasing the total housing inventory by 13.6%, the Census Bureau said Thursday. Eleven states suffered [...]

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Job Loss Could Put One in Three Out of Their Home – Wow !

October 3, 2011

One in three Americans would be unable to make their mortgage or rent payment beyond one month if they lost their job, according to the results of a national survey taken in mid-September. Despite being more affluent, the poll found that even those with higher annual household incomes indicate they are not guaranteed to make [...]

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10 million more mortgages set to default

September 21, 2011

Tuesday, September 20th, 2011, 10:39 am Roughly 10.4 million mortgages, or one in five outstanding home loans in the U.S., will likely default if Congress refuses to implement new policy changes to prevent and sell more foreclosures, according to analyst Laurie Goodman fromAmherst Securities Group. At the end of the second quarter, more than 2.7 [...]

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Surge in Defaults Breaks Six-Month Run of Declining Foreclosure Stats

September 15, 2011

The lingering effects of the foreclosure moratoriums enacted after evidence of improper foreclosure processing came to light appear to be fading. Data released by RealtyTrac Thursday shows the first rise in foreclosure filings since January, with all of the increase coming from new default notices. The tracking company says filings – including default notices, scheduled auctions, [...]

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