Archive for the 'loan modifications' Category

Shadow inventory Armageddon – Foreclosure timeline up to an average of 599 days with 798,000 mortgages having no payment made in over 1 year and no foreclosure process initiated. Shadow inventory grows to over 6,540,000 properties.

Housing Apocalypse Tomorrow – 675,000 homes in foreclosure have made no payment in over two years. The never ending pipeline of troubled real estate.

Welcome to the United States of Foreclosures – California lists 99,000 foreclosures for sale on the MLS but 372,000 homes are active in the foreclosure process. A startling look at SoCal and $500,000+ foreclosures on a map.

Real Homes of Genius – Culver City foreclosures focus on lower priced homes. Banks moving on lower priced homes in mid-tier markets. 175 homes distressed in Culver City yet only 3 show up on the MLS.

3 housing stories that’ll surprise you – FHA only starting to tighten loans standards (for real this time, maybe), deed-in-lieu of foreclosures growing, and fining banks for neglected properties. BofA FHA insured delinquent loans increase nearly 200 percent in one year.

Where did the option ARMs go? Cheaper to pay modified loan than paying market rents. Subsidizing the housing market through shadow finance. Interest only payment 10 percent cheaper than market rents.

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