jump to navigation

Firms Getting Federal Funds Have Spotty Records October 5, 2009

Posted by John Watch in News Feed.
Tags: , , , ,
add a comment

It is well documented that many borrowers now seeking loan-modifications are facing continuous roadblocks dealing with the mortgage firms they were borrowing from. Much of the inefficiencies in President Obama’s Home Affordable Modification Program deal with lenders’ unresponsiveness to customers. Improvements to the program have increased transparency in lenders’ efforts to borrowers. But stricter guidelines will not ultimately force lenders to play it straight, which is why alternative Mortgage Assistance Programs should be viewed and taken into consideration.

A recent Yahoo article sheds light on the guilty practices of some mortgage firms now involved in the Treasury’s program to modify troubled mortgages. The article mentions guilty of inexcusable practices dating ar far back as 2007, many with a no comment response. Instances of missed calls, shuffled or lost paperwork, unattainable payments and unfair late fees to customers mirror the problems facing Obama’s HAMP program today.

So what have we learned?

Bookmark and Share
Advertisements

Housing News: 10/05/09 October 5, 2009

Posted by John Watch in News Feed.
Tags: , , , ,
add a comment

For statistical reports on property data from public records and property valuation click here.

Bad News on Jobs: More Pain in Housing

Housing In Crisis

Oh, Give Me a Home Without a Subsidized Loan

Real Estate is Cyclical, Seasonal and Emotional

A Look Ahead to the Great Mortgage Resetting

Mortgage Assistance Program

The Impact of the Declining Homeownership Rate

Square Footage Matters – Larger Homes Indicate Stable Values

Pending Home Sales Jump 6.4%

Bookmark and Share

Housing Market News: 10/02/09 October 2, 2009

Posted by John Watch in News Feed.
Tags:
add a comment

For statistical reports on property data from public records and property valuation click here.

Housing: The Next Federal Bailout

Housing in Crisis

Falling Apartment Prices Jolt Manhattan Market

Square Footage and Median Price Differentials

Shareholders Should Take Loss on Systemic Firms, Bernanke Says

Mortgage Assistance Program for Homeowners

Brooklyn Price Declines

Real Estate is: Cyclical, Seasonal and Emotional

$35 Billion Slated for Local Housing

Bullish or Bearish? Real Estate Mania

New Bill to Help Homeowners with Foreclosures October 1, 2009

Posted by John Watch in Uncategorized.
Tags: , ,
add a comment

“Voluntary efforts to keep families in their homes have failed,” said Senator Dick Durbin (D-IL).

Mortgage delinquencies are rising and the voluntary HAMP program implemented so far is slow to repair the damage. Mortgage Assistance Programs have been created to weather the mortgage storm, but little remains resolved. The Preserving Homes and Communities Act of 2009, headed by Senator Jack Reed (D-RI), aims to aggressively curtail this situation threatening a recovery.

The Bill: (from Bloomberg.com)

  • Require lenders to evaluate all borrowers for affordable loan-mods. before initiating foreclosure
  • Require banks to offer and approve a loan-mod if the restructured mortgage returns more money (net-present value) to investor than would foreclosure
  • Establish new penalties and would let borrowers overturn foreclosures if lenders fail to comply
  • Place limits on fees charged in foreclosure

The Mortgage Bankers Association and others have many concerns with the bill, as making modifications mandatory could be problematic for market recovery. What’s important here is that people are coming together, sharing ideas, making plans and devising solutions for this housing crisis. As we move into recovery, it will take the collective thought and desire for resolution to witness a turn in the housing market.

Bookmark and Share

Housing Market News: 10/01/09 October 1, 2009

Posted by John Watch in News Feed.
Tags: , , , ,
add a comment

For statistical reports on property data from public records and property valuation, click here.

Housing in Crisis

Shiller Sees 5 Years of Stagnant Home Prices

Bulls and Bears of Real Estate

New Bill will Force Modifications and Restrict Foreclosures

Mortgage Assistance Program

Hope Now Lenders Still Choosing Payment Plans Rather Than More Permanent Fixes

Square Footage and Median Price Differentials

Nearly 1 in 3 Mortgages Denied Last Year

Walking Away from Affordable Mortgage May Become Winning Gambit

Real Estate is: Cyclical, Seasonal and Emotional

Bookmark and Share

Housing Market Afternoon News: 9/29/09 September 29, 2009

Posted by John Watch in AccuriZ Reports.
Tags: , , ,
add a comment

For statistical reports on property data from public records and property valuation click here.

Real estate is: Cyclical, Seasonal and Emotional

Freddie to Door Knock Delinquent Borrowers

The Bulls and Bears of Real Estate 

FDIC Expected to Require Banks to Prepay Fees

July Case-Shiller Numbers

Is it Time to Recognize Reality?

Mortgage Assistance Program for Homeowners

Bookmark and Share

Housing Market News: 9/28/09 September 28, 2009

Posted by John Watch in AccuriZ Reports.
Tags: , , , , , ,
add a comment

For statistical reports on property data from public records and property valuation click here.

Where real estate seems to be hitting a bottom

Real Estate is Cyclical, Seasonal and Emotional

Fed’s weekly MBS purchase hold steady at $25.6bn

The Bears and the Bulls of Real Estate

New Home Sales Lose Momentum in August

Square Footage and Median Price Differentials

American Migration Trends

Negative Bond Returns Coverage with Mortgage Miracle

The Economic Recovery Continues

Bookmark and Share

How Far We’ve Come: America’s House Party September 25, 2009

Posted by John Watch in Uncategorized.
Tags: , ,
add a comment

I found a very interesting article from Time.com dating back to 2005 detailing the frenzy that was theAmerican Housing Market. Reading the article, it’s clear that things were certainly a “party” in every sense of the word compared to today. Although a long read, it’s amazing to see how times have changed since then. It just goes to show that Real estate is certainly cyclical, seasonal and emotional. The now somber,  prophetic undertone towards end of the article clearly defines this fact. The signs were there, but most preferred not to take heed;

“This is the $64 billion question of the 21st century’s first boom: Are today’s real estate revelers partying like it’s 1999–just before the stock-market bubble burst? To Edward Leamer, economist and director of the UCLA Anderson Forecast, the housing market, especially in hot coastal areas, is a bubble just as ripe for popping. “We’ve had a more than doubling of housing prices in the past three years here in Southern California, for instance, and there’s no fundamental driving it,” he says. “There isn’t some big crush of people coming to California. That’s ridiculous.”

Instead, say Leamer and other bubbleologists, what’s driving the market is low interest rates, herd psychology, speculation and the expectation of unending price increases. (One study found that Los Angeles homeowners expect their home values to grow 22% every year for a decade.) Meanwhile, promiscuous lenders are throwing money at buyers like beads during Mardi Gras. “Anybody who can crawl in off the street can get a loan with 0% down at three or four times their income,” Leamer says.”

Bookmark and Share

Housing Market News: 9/25/09 September 25, 2009

Posted by John Watch in News Feed.
Tags: , , , ,
add a comment

For statistical reports, property data from public records and property valuation click here.

Shadow Market Part II: Banks Avoid Acquiring Foreclosed Homes

Housing In Crisis Report

Especially Bad Housing Numbers and Taxpayers as Mouse Models

Real Estate is: Cyclical, Seasonal and Emotional

Housing Crash to Resume on 7 Million Foreclosures

Mortgage Assistance Program for Homeowners

Seeking Real Estate Bargains? Try Looking at the High End

Square Footage Matters and Median Price Differentials

Investors are Skittish Over Slowing Home Sales

Square Footage Matters: Large Homes Indicate Stable Values

No Sign That Bank Bailout Will Expire at Year’s End

Alphainventions.com

Bookmark and Share

Construction in a Different Direction: Infrastructure September 24, 2009

Posted by John Watch in AccuriZ News.
Tags: , , , , , ,
add a comment

The Housing in Crisis report showed that at the end of 2008, we had an excess of 5  million vacant homes on the market (excluding vacation homes and foreclosures). During this second quarter, about 18.7 million vacant housing units remained on the market (including foreclosures, residences for sale and vacation homes) based on property data from public records. With incentives like the $8,000 tax credit, there has been a push for new home construction, even if the 581,000 new single family homes this year is a dismal comparison to the booming days of 2005/2006.

New construction creates employment and stimulates growth, which are all positive necessities. In the real estate market, housing starts and building permits are signs of recovery, as we are witnessing today. But with the national population growth at about 4 million people annually and a swelling number of vacant units, it will take at least three more years before true market levels begin to appear. The housing market does not need to cease construction, but construction directed at different sectors of the ecnonomy could provide the same employment without further straining the housing market.

America faces serious problems with deteriorating roads, highways and bridges. In January, the American Society of Civil Engineers produced a Report Card for America’s Infrastructure, raising critical concerns. The report states that in New York, 42% of bridges are structurally deficient on functionally obsolete. This is just a small fraction of the problems faced all over the country. Construction in these areas is not only critical for our current downturn, but for generations of Americans to come.

Until the demand of new housing comes back into balance with the overwhelming supply we have seen this decade, the housing market’s true levels will remain unseen. But what is clearly forseeable is the further deterioration of America’s infrastructure that we must act on now to see a change in the future.

Bookmark and Share