At Bank of America, the nation’s largest mortgage servicer, more than 60 percent of approved short sales do not close, which is why the bank wants to streamline the process, said BofA Senior Vice President David Sunlin by telephone Thursday. Sunlin, who manages short sales for the bank, said the bank’s first goal still is [...]
WASHINGTON (AP) — Housing construction plunged to a record low in April as a steep drop in apartment building offset a rebound in single-family construction. Permits for new projects also hit a new low. Housing construction, permits hit record lows | EUREKA REALTY NETWORK.
Well, not quite. Short sales have been underutilized, real-estate agents say, because they’re time consuming. It can take months to get a bank to sign off on a short sale, which is a lot longer than some buyers are willing to wait. Realtors say that banks also try to reduce their commissions on a short [...]
The government will pay mortgage-servicing companies up to $1,000 and borrowers up to $1,500 for successful short sales or “deeds in lieu” transactions. It will also spend up to $1,000 to help defray the cost of getting holders of second mortgages to release their liens so these transactions can be completed. Short sales have accounted [...]
Realtors ramp up call for standards Patience is increasingly wearing thin across the country as real estate agents become more vocal over the agonizing process. They argue that clearing the nation’s huge inventory of distressed properties is paramount to resuscitate an ailing housing market and sputtering U.S. economy. Read Full Article .
While price declines are slowing, it’s likely bank seizures will increase in the coming months, RealtyTrac Chief Executive Officer James Saccacio said. “Lenders and servicers are beginning foreclosure proceedings on delinquent loans that had been delayed by legislative and industry moratoria,” Saccacio said. California was No. 1 in April with 96,560 foreclosure filings, a 42 [...]
Home prices are forecast to fall more than 30% in some communities in ‘the most severe housing recession’ since 1945. On a national level, the housing market recession will continue through early 2009, said the report, co-authored by Mark Zandi, chief economist of Moody’s Economy.com, and Celia Chen, director of housing economics. Read Full Article
The federal government projected that 19 of the nation’s biggest banks could suffer losses of up to $599 billion through the end of next year if the economy performs worse than expected and ordered 10 of them to raise a combined $74.6 billion in capital to cushion themselves. Read Full Story Tags: Housing, Lending, [...]
The chart above shows the index levels for the 10-City and 20-City Composite Indices. (source Case-Shiller, read full report, see raw data). As of February 2009, average home prices across the United States are at similar levels to where they were in the third quarter of 2003. Today’s prices are lining up well with the [...]
Reserves fall short of covering non-performing assets at 110 of 181 small-cap banks and institutions on the Russell 2500 Financial Services Index, according to first-quarter data compiled by Bloomberg. Non-performing assets are mostly loans 90 days or more overdue. Read Full Article Tags: Non+Perfoming+Assets, Housing, Lending
