New York City’s come back has been one of the hottest housing stories.
Ex-distressed properties, home prices were up 21 percent in the last three months. And overall, home prices were up an annualized 18 percent.
But today we got a worrisome detail from RealtyTrac. New York saw a 200 percent year-over-year increase in foreclosure starts last month.
A rise in foreclosure starts – the pace at which mortgages enter the foreclosure process – is cause for concern since declining inventory [...]
by Mamta Badkar
In the first half of 2012 there were over a million U.S. properties with foreclosure filings, according to RealtyTrac’s latest foreclosure report.
This was up 2 percent from second half of 2011, but down 11 percent from the first half of 2011.
1 in every 126 homes had at least one foreclosure filing in the first six months of the year.
We combed through RealtyTrac data to put together the 16 metropolitan areas [...]
Illinois home foreclosure activity rose 29 percent in May compared to the previous month and is 54 percent higher than May of 2011.
A report released Thursday by Irvine, Calif.-based RealtyTrac shows Illinois with 16,318 foreclosure filings last month. Filings include default notices, auction-sale notices and bank repossessions.
The filings represent one in every 325 housing units in the state, fifth highest nationally.
RealtyTrac says the jump signals a “bumpy ride” but that [...]
Fitch Cuts Outlook On UK Rating To Negative Amid Elevated Debt
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Ukraine Cites Greece in Bid to Postpone $3 Billion IMF Debt
N.J. Governments May Need 20% of Service Cuts, Report Says
Official: Portugal, Ireland May Need More Aid
Greek Bonds Signal $2.6 Billion Payout on Credit-Default Swaps
Cost of student loans could double this summer
Greek Bank Merger Off
City’s Public Safety Budget Hangs In Limbo (Indianapolis)
RealtyTrac: Data Points [...]
The city faces a $20 million deficit in the next fiscal year. Expanded retiree health insurance commitments in the 1990s have left the city with a looming $450 million unfunded liability.
Once again, it will be the bondholders who get hosed, as the city council will ask to default on $2 million in debt payments through June 30, 2012.
Other tidbits from the article:
Stockton had the eighth-highest violent crime rate in the country [...]
The banks, bank examiners, and underwriters should have known the risks of shoving unplayable debt down peoples throats. It was a bad gamble on the part of the banks and they should stop wining like sore losers over their gambling loses and and suck it up.
There’s nothing wrong with strategic default just like these people are doing;
The U.S. Foreclosure Crisis, Beverly Hills-style
“Welcome to foreclosure Beverly Hills-style.
Some 180 houses in Beverly Hills, the [...]
(CNBC) After a year-long reprieve from rising foreclosures, the numbers are going up again.
One in every 624 U.S. households received a foreclosure filing in January, up 3 percent from the previous month, according to a new report from RealtyTrac. Foreclosure activity froze in many states in 2011, due to processing delays after fraud, or so-called “Robo-signing,” were uncovered in the fall of 2010. The thaw is now on.
“We expect the [...]
Despite a seasonal slowdown in overall foreclosure activity, and a process still bogged down and backed up by the “robo-signing” processing scandal, the U.S real estate market is about to be hit by another surge of bank repossessions, according to a new report from the online foreclosure sale site RealtyTrac. As banks resubmit millions of documents and courts begin hearing cases again, the backlog of over four million delinquent [...]
While RealtyTrac reported a 7% increase in foreclosure activity in october over september’s count; the highest level it’s been in 7 months; in Nevada, where they passed a law effective October 1 that made it a felony to falsify a real estate title, foreclosures fell 88%…foreclosures also fell from triple digits per day to single digits after a similar law in new york was implemented, where attorneys are now required to verify the accuracy [...]
NBC, msnbc.com and news services
updated 10/13/2011 5:55:22 AM ET
More U.S. homes are entering the foreclosure process, but they’re taking ever longer to get sold or repossessed by lenders.
The number of U.S. homes that received a first-time default notice during the July to September quarter increased 14 percent compared to the second quarter of the year, RealtyTrac Inc. said Thursday.
That increase signals banks are moving more aggressively now against [...]
Keith Jurow, MVP Housing Market Report
At the end of June 2011, macromarkets.com released the results of a poll in which 108 leading economists and housing market analysts were asked to predict the direction of home prices from now until 2015.
All except four of them predicted that housing markets around the country would hit bottom no later than the end of 2012 before climbing again.
Sales of bank-owned homes and properties in some stage of foreclosure accounted for 28% of all U.S. residential sales in quarter one, up from 27% in the fourth quarter, RealtyTrac said Thursday in its 1Q 2011 survey.
The foreclosure data firm added that the average sales price of properties in foreclosure fell 1.89%, hitting $168,321 during the same period.
The average sales price for properties in foreclosure also [...]
1) EU Raises Greek Deficit Forecast, Boosting Calls for New Bailout?
“May 13 (Bloomberg) — Greece, Ireland and Portugal, the euro region countries that needed 256 billion euros ($366 billion) in emergency aid to avoid default, may all see their debt loads exceed the size of their economies this year.
Greece’s debt, already the biggest in the euro’s history at 143 percent of gross domestic product last year, will [...]
Total foreclosure events (defined by the firm as default notices, scheduled auctions and bank repossessions or REOs) came at 261,333, a decline of 17% from a year earlier, but a 1% increase from December (one in every 497 houses received a foreclosure notice). â€œWeâ€™ve now seen three straight months with fewer than 300,000 properties receiving foreclosure filings, following 20 straight months where the total [...]
RealtyTrac has just reported that even though the volume of foreclosed homes plunged by 25% from Q2 to Q3 and 31% from Q2 of 2009, the discount on foreclosed homes has hit a five year high, as interest in even ultra bargain properties has collapsed following the expiration of the homebuyer tax credit, and confirming yesterday’s bad Case Shiller (remember that one?) number. Per [...]
Foreclosure filings increased from last year in 133 of 206 metropolitan statistical areas tracked in the third quarter, or 65%, according to RealtyTrac.
The Seattle area had the highest increase. There, foreclosure filings, which include notices of default, pending cases, notices of foreclosure sale and repossessions, increased 71% from the third quarter of 2009. Chicago was second with a 35% increase followed by Houston, Texas [...]
50) In 2010 the U.S. government is projected to issue almost as much new debt as the rest of the governments of the world combined.
#49) It is being projected that the U.S. government will have a budget deficit of approximately 1.6 trillion dollars in 2010.
#46) Total U.S. government debt is now up to 90 percent of gross domestic product.
#45) Total credit market debt in the United States, including government, corporate [...]
1)Ã‚Â Nearly 1 in 3 first-quarter home sales a foreclosure: report
“Reuters) – Nearly one out of every three U.S. home sales in the first quarter was a foreclosure property as steep price discounts boosted demand for distressed real estate, RealtyTrac said in a new report on Wednesday.
Foreclosure homes accounted for 31 percent of all residential sales in the first quarter of 2010, with the average sales [...]
We will have all the bad without the good. Here are a few reasons why we will be worse off than our grandfathers during the Great Depression:
1)Technology and Innovation will be destroyed by government overregulation and outsourcing in this depression whereas in the Great Depression, everything was still produced in the USA and there was less regulation and government oversight.
2) Unaccountability of finances and reckless spending through bailouts and handouts [...]
This is an increase of 19 percent from February 2010 and increase of 8 percent from March 2009. In fact, this is the highest total ever recorded by RealtyTrac since they began keeping records in 2005.
On another note, bank repossessions also hit a record high for the report in the first quarter, with a total of 257,944 properties repossessed by the lender during the quarter. This is an increase of [...]