Despite indications of economic recovery – such as job growth and some stabilization in home values – pending home sales dropped for the third consecutive month in September, according to the National Association of Realtors (NAR). Nationally, pending sales of existing homes – including REOs and short sales – dropped 4.6% for the month, falling from an…
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Administration Announces Refinance Program for Underwater Borrowers
It’s official. The Federal Housing Finance Agency (FHFA) unveiled a new, revamped government mortgage refinancing program Monday. The initiative involves a series of rule changes to the Home Affordable Refinance Program (HARP) to allow more underwater homeowners to reduce their mortgage debt by taking advantage of today’s rock-bottom interest rates. Mortgages backed by Fannie Mae and Freddie Mac, and originally sold…
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REOs: Where Are They Now?
Five years into the housing crisis, and foreclosures remain elevated. We’ve seen temporary lulls in home repossessions that coincided with the implementation of new state and municipal mediation efforts, moratoria enacted as federal programs ramped up, and suspensions of filings as lenders initiated paperwork reviews last fall. But by all accounts, the foreclosure tide has yet…
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Stunning West Seattle Remodel Listed for $309,950.00…
In a word: WOW! Your eyes will surely deceive you with this West Seattle remodel until you walk through the front door. This 3,000+ square foot 5 Bedroom-2 Bathroom home listed at $309,950.00 has been brought back to life and is ready for a new owner. This home boasts two fully finished living…
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After Big Jump in August…Foreclosure Starts in Washington and Oregon Fall Again
New foreclosure actions in the Northwest returned to levels in line with prior months during September, according to ForeclosureRadar. The leveling off in September follows a strong surge in foreclosure starts during the month of August in Washington and Oregon and puts new foreclosure tallies far below the numbers seen at the peak of their foreclosure activity.…
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Foreclosure Starts Begin to Rise Again – Up 20% in August…but Overall Conditions Showing Signs of Improvement
Data released by Lender Processing Services (LPS) Monday shows that foreclosure starts were up in August by 19.7% when compared to the previous month. However, LPS noted in its report that the 247,957 foreclosures initiated in August represents a 12.2% decline from a year earlier. At the same time, of the approximately 4 million loans that are either 90 or more days delinquent…
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Job Loss Could Put One in Three Out of Their Home
One in three Americans would be unable to make their mortgage or rent payment beyond one month if they lost their job, according to the results of a national survey taken in mid-September. Despite being more affluent, the poll found that even those with higher annual household incomes indicate they are not guaranteed to make…
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REO Shadow Inventory Continues to Shrink Down to 1.6 Million Units
The industry’s shadows are shrinking, according to CoreLogic. The residential shadow inventory of unlisted REOs and soon-to-be REOs stood at 1.6 million units as of July 2011, based on the analytics firm’s calculations. CoreLogic says that tally represents a supply of five months and is down from 1.7 million units in April and 1.9 million units…
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Fed Uncovers Sharp Drop in Lending in Foreclosure-Ridden Areas
Mortgage lending has declined sharply in neighborhoods with high levels of foreclosures, according to the Federal Reserve. The U.S. central bank looked at what the Neighborhood Stabilization Program (NSP) identified as “highly distressed” census tracts. NSP provides funding to help communities deal with neighborhood blight caused by vacant foreclosed homes. Based on information gathered under the Home Mortgage Disclosure Act (HDMA),…
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Existing-Home Sales Jump Nearly 19% From Last Year – Distressed Sales Account for 31%
Sales of previously owned homes came in 18.6% higher last month when compared to August 2010, according to data released Wednesday by the National Association of Realtors (NAR). Completed transactions rose 7.7% on a month-over-month basis to a seasonally adjusted annual rate of 5.03 million, up from 4.67 million in July. The latest numbers far surpassed market expectations.…
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