With mortgage rates at unprecedented lows, why are more people not taking advantage of them to refinance or buy houses?
Friday, October 15, 2010
Banks seize 288,000 homes in Q3, but challenges await
Lenders seized more U.S. homes this summer than in any three-month stretch since the housing market began to bust in 2006. But many of the foreclosures may be challenged in court later because of allegations that banks evicted people without reading the documents.
From the San Francisco Chronicle
HUD’s Donovan: National foreclosure moratorium risks ‘going too far’
The Obama administration’s top housing official on Monday said that a national foreclosure moratorium to correct flawed legal filings risked exacerbating the mortgage crisis.
From the Wall Street Journal
Unemployed? Get a federal loan to pay your mortgage
Unemployed and can’t pay your mortgage? You soon can apply for a no-interest government loan for up to $50,000 to pay your mortgage and cover your arrears. The loan, which can offer assistance for up to two years, will be forgiven if the homeowner stays in the house for five years.
California to join multistate inquiry of foreclosures by banks
In late September and early October several major lending institutions began voluntarily halting foreclosures in select states while they reviewed their foreclosure processes. This action is in response to findings that questioned whether some lenders/servicers were following the correct procedures to foreclose on a property.
From the Los Angeles Times
Real Estate News for week of 10/10/2010 from San Jose Mercury News
First came revelations that errors riddled foreclosures across the country. Next, several large lenders put their operations on hold amid lawsuits and calls for a national moratorium. On Wednesday, the attorneys general in all 50 states joined forces to see whether the corner-cutting banks had broken the law as they pushed delinquent borrowers from their homes. Read article »
Residential transactions in Santa Clara County, San Mateo County, San Francisco and southern Alameda County. ------------------------------
WASHINGTON -- Potential flaws in foreclosure documents are threatening to throw the real estate industry into a full-blown crisis, as Bank of America on Friday became the first bank to stop sales of foreclosed homes in all 50 states. Read article »
NEW YORK (AP) -- Rates on 30-year mortgages fell to the lowest level in decades for the ninth time in 12 weeks, pushed down by traders anticipating a move by the Federal Reserve to pump more money into the economy. Read article »
Just how grim is the real estate market in the Golden State? Even the Realtors (normally an optimistic bunch whose income depends on improving conditions in the housing market) expect sales to plunge 10 percent this year from 2009. Read article »
NEW YORK -- Rates on 30-year mortgages fell to the lowest level in decades for the ninth time in 12 weeks, pushed down by traders anticipating a move by the Federal Reserve to pump more money into the economy. Read article »
WASHINGTON -- Wells Fargo is paying $24 million to end an investigation by eight states probing whether lenders acquired by the company made risky mortgages to consumers without disclosing their perils. Read article »
WASHINGTON -- The number of people who signed contracts to buy homes rose in August for the second straight month but remained far below last year's pace. The weak economy and fears that prices will fall are keeping many consumers away from the housing market. Read article »
WASHINGTON -- Bank of America is delaying foreclosures in 23 states as it examines whether it rushed the foreclosure process for thousands of homeowners without reading the documents.Read article »
Residential transactions in Santa Clara County, San Mateo County, San Francisco and southern Alameda County. ------------------------------
Tuesday, October 12, 2010
Brandon Knapp's Market Update 10/12/10
- Jobs numbers
- Fed meeting results
- Texting while driving..no longer a worry..see why
See full report here
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