Completed Foreclosures Hit New High in February
Moratoria what? Completed foreclosures reached their highest point since the crisis got underway, rising 67 percent from January’s muted total.
In February, 121,756 homes were repossessed by banks and lenders, up from 72,694 in January and topping the previous high of 104,243 last September, according to Foreclosures.com.
Of course, many will argue that most of these foreclosures were initiated a long Read more
Bankruptcy Cram Down Could Reduce Foreclosures 20 Percent
Proposed legislation that would allow bankruptcy judges to modify the terms of mortgages on primary residences could reduce foreclosures by 20 percent, according to a report from Credit Suisse.
The investment bank’s analysts believe that if such legislation were to become law, it would prompt banks and lenders to step up loan modification efforts.
“We expect the new bankruptcy reform will increase Read more
Foreclosures Account for More than Half of Bay Area Resales
Foreclosed properties accounted for more than half of all Bay Area resales during December, a first, according to real estate information provider DataQuick.
That’s up from 46.8 percent in November and 14 percent a year ago. As a result, home sales increased 19.7 percent from November and 36 percent from December 2007.
A total of 6,889 new and resale homes and condos sold in nine counties last month, Read more
New Legislation Merely a Speed Bump for California Foreclosures
A bill aimed at slowing the growing foreclosure epidemic in California has done little but delay the problem, according to a new report from ForeclosureRadar.com.
Notices of Default, which slowed in November after Senate Bill 1137 was implemented, rocketed back up in December, with 42,421 such filings reported.
That’s nearly double the 21,557 seen a month earlier and 24.7 percent more than the numbers Read more
Hope for Homeowners – will it stop foreclosures?
What is Hope for Homeowners?
Hope for Homeowners it is a loan program that was part of the Housing and Economic Recovery Act of 2008. The guidelines for the product were released by FHA on October 1st, 2008. The program is designed to be an alternative to foreclosure that servicers can use to help keep the client in their home, since a foreclosure is costly for a servicer and bad for the client and the economy.
Currently, we’re Read more