Source: LA Times An industry consultant’s survey shows that 138 lodgings were in foreclosure last year, up from 62 in 2009. The firm expects the trend to continue through the first half of this year. The number of California hotels in foreclosure more than doubled in 2010 to 138 properties, according to a new real… Read More

From CNN Money… Home prices took a shockingly steep plunge on a monthly basis, an indication that the housing market could be on the verge of — if it’s not already in — a double-dip slump. Prices in 20 key cities fell 1.3% in October from a month earlier, an annualized decline of 15%, according… Read More

492: The number of days since the average borrower in foreclosure last made a mortgage payment. Banks can’t foreclose fast enough to keep up with all the people defaulting on their mortgage loans. That’s a problem, because it could make stiffing the bank even more attractive to struggling borrowers. In recent months, the number of… Read More

Via DSNews.com Frank Nothaft, chief economist for Freddie Mac, says he expects long-term mortgage interest rates to hold below the 5 percent threshold throughout 2011, as key macroeconomic drivers provide a backdrop that supports a continued, albeit gradual, recovery in the housing and mortgage markets. In November, fixed mortgage rates dropped to their lowest level… Read More

Source: DS News Americans continue to grapple with uncertainty about the housing market, with 58 percent of U.S. adults expecting recovery to be at least another two years away, according to the results of a new survey conducted by Trulia and RealtyTrac, which tracks homebuyers’ attitudes toward foreclosed homes. One in five consumers believe it… Read More

Lastly, Fitch Ratings has stuck their neck out and issued actual numbers of homes that are represented in the $470B shadow inventory. Credit rating agencies and other statistical companies have been hesitant to release their research on how many homes are represented in the massive shadow inventory numbers. It was much easier to simply state… Read More

The first major story we’ll cover is the fact that some daunting statistics came out this week. During the Great Depression era (5 year span from 1929-1933) home values plummeted by a record breaking 25.9%. This was during a massive unemployment state where millions ate their meals at government sponsored soup kitchens to survive. We’ve… Read More

Many banks have been unrelenting in their short sale approval letter verbiage on refinances, saying they will follow state laws to pursue a deficiency judgment. California lawyers sometimes argue that even if the loan was purchase money and exempt from a deficiency, such language in the short sale approval letter allowed the bank to pursue sellers… Read More

As I suspected would happen, the Obama administration is changing the foreclosure conversation. With the announcements from Bank of America [BAC  11.57   -0.23  (-1.95%)   ] andGMAC that they have not found any major paperwork flaws and are resuming foreclosure sales next week, the threat of a nationwide foreclosure moratorium seems to be abating. Granted, the… Read More

Source: DS News ForeclosureRadar has released its September market report, and the company’s data shows that both foreclosure sales and inventories of bank-owned properties are on the rise throughout the West Coast states of Arizona, California, Nevada, Oregon, and Washington. Five major mortgage servicers have announced that are suspending certain foreclosure activities in various states…. Read More

Bank of America reviewed 102,000 foreclosures in the 23 states where a court must sign off on the proceedings, and it is now restarting the process on those cases, the company said yesterday.  The company said the first of the new affidavits will be submitted by Oct. 25, and that it will continue its review… Read More

It looks like the rumors are true! I’ve heard this was coming this year and would be very similar to what Wachovia is doing. It’s called the “HPO Short Sale”, and Fresno really needs this! I’m a short sale specialist in Fresno and have done countless Bank of America short sales. I’ve seen the process has… Read More

There have been a lot of articles the past month about the market taking another dip. I’ve been saying this all along… it was just a temporary increase in Fresno home values and would soon drop again. Fresno short sales are on the rise, Fresno foreclosures are coming on the market at a faster pace now…. Read More

Source: InmanNews The number of homeowners missing their first payment on their mortgage ticked down slightly from May to June, but the total number of loans in some stage of the foreclosure process remained essentially flat at nearly 2 million, according to statistics collected by Lender Processing Services. Among all loans, 30-day delinquencies were down… Read More

This article is right on the mark and I totally agree with its 6 reasons: Declining Job Market Shared Households increases inventory. Foreclosures adding inventory and no relief in sight. Tight Lending Restrictions…getting tighter. Falling Home Prices…”Educated” Buyers say “what’s the rush”? You Have to sell your home…that ain’t easy today! The articel is below and… Read More