For any of our Idaho readers, next week there will be a number of free workshops that will cover the national settlement for mortgage misconduct. Idaho is one of the many states that agreed to the settlement and these workshops are designed to go over the settlement and how it effects homeowners. Let us all hope that this settlement will set the precendent needed to deter this reckless behavior in the future.
AG Lawrence Wasden’s Office – The Attorney General’s Consumer Protection Division will be in North Central Idaho next week for a series of informational presentations on foreclosure issues, Attorney General Lawrence Wasden said today. Housing Specialist Ramon Hobdey-Sanchez will discuss foreclosure prevention, Idaho’s foreclosure process, and how the National Mortgage Settlement will affect Idaho homeowners. The one-hour presentations are free and open to the public.
“There are many resources, tools and tips that can assist individuals through the foreclosure process or, better yet, provide them with the necessary knowledge to avoid foreclosure altogether,” Attorney General Wasden said. “I hope that these presentations will be helpful to the many Idahoans who have been through or are currently facing foreclosure.”
From the trend line it looks like we may have bottomed at this point. Bank REOs and foreclosure has stabilized a bit in the U.S. Some of the hardest hit markets like Nevada has seen the largest decreases overall. You still need to keep in mind we have zero percent interest rates and QE3 in effect that is giving additional support.
I would keep eyes on the labor number most importantly. When people get back to work and feel confident their job is of a more permanent basis, they will want too look for value in the real estate market compared to renting. Regardless this is good news and hopefully we have a positive trending continuing so we can clear the market. New housing starts is another important statistics.
Examiner – Some of the biggest state REO decreases were in Nevada (76 percent), Oregon (57 percent), Virginia (56 percent), Washington (46 percent), Utah (46 percent), Massachusetts (43 percent), Pennsylvania (43 percent), and Colorado (43 percent).
Interesting data and charts.
Mortgage News Daily - RealtyTrac said on Thursday, releasing new data which indicate, based on January’s numbers, that pre-foreclosure sales (most of which are so-called short sales) in the first quarter were the highest since the first quarter of 2009.
In theory, the company said, a short sale has long been viewed as an “elegant solution” to the nation’s foreclosure problem. A short sale, in which the lender accepts less money than it is owed, provides a win-win-win for the buyer, bank, and even the seller. “The buyer purchases a house they want at a price they can afford, the bank gets the best price for its distressed asset, and the seller walks away from a mountain of debt, free to get a fresh start.”
Thought you might enjoy this for all my users seeking REO information.
PR Newswire - CertusBank, N.A. is pleased to announce the launch of www.certusbank.com/reo , a website featuring bank-owned commercial and residential properties, building lots and land for sale located throughout North Carolina, South Carolina, Georgia and Florida.
This new website provides easy access to detailed data about bank-owned properties for sale. Property descriptions and photographs are just a few of the features of this new website. The properties are conveniently organized by geographical area, price range and property type. Potential buyers will have the ability to view and contact the realtor associated with each property to gather additional information.
Paul Sparks (Executive Vice President and Senior Credit Risk Executive for CertusBank), shared, “CertusBank is very happy to provide this unique delivery channel for our customers and potential future customers. We are very pleased with the look, feel and competitive efficiencies we gain by taking this approach with our bank owned assets.”
Backed by the CertusBank guiding principles of excellence and integrity, this new addition to the CertusBank brand will further solidify our footprint in the Southeast as a leading financial institution.
Hope you are all having a good summer. I have been enjoying the good weather and relaxing time outdoors.
Things are not looking good while going into fall. Unemployment numbers are at November 2009 levels, people falling behind on their mortgages is rising and the Fed is talking about buying more treasuries in another effort to try and fight the gravitational forces of deflation.
This is impossible, if the buying power and income is not in the system to support the current price levels then they have to fall. If you keep trying to fight gravity then it will only serve to debauch the currency and create real chaos until we get our heads right and get back to fiscal responsibility.
The trend is up for foreclosures in the long run, that is for sure. Too many jobs are going over seas and the ones that are left over will not support buying a home in most major areas. Until we start creating real jobs that create real middle class incomes, this cycle will continue until it corrects itself the hard way.