Here’s more proof that even though the economy is starting to show signs of growth, it still has a long way to go: residential construction continues to reflect a downward movement and building permits increase only by a minimal. The drop can be greatly attributed to multi-family starts and the movement in the West. The Commerce Department released a report on Read full article »
Investors To Blame For Failed Loan Modifications, Says Banks; Evidence Disagrees
The heat is on, as mortgage servicers make an appearance in a Congressional hearing on foreclosure procedures this week. And banks and other mortgage servicers, who rarely place the blame of failed loan modifications on investors, are now singing to a different tune. A top mortgage official in a major mortgage servicer opts to highlight the role of investors in Read full article »
tags: bofa, loan modification
Bank Executives To Appear In Congress Hearings Over Foreclosure Process
It is indeed time to sort out the mess brought about by sloppy paperwork regarding foreclosure procedures. With homeowners filing lawsuits left and right plus state attorneys general combining efforts to investigate on the matter, banks are really under hot water. They face further heat as they are set to make appearances in twin hearings in Congress this week. Congress hearings Read full article »
China Says No To New Property Loans
Even the world’s fastest-growing economy has its fair share of problems in the current shaky global economic growth. With a series of events threatening to raise asset bubbles and accelerate inflation, China has implemented tighter measures – especially for the property market. State-run China Real Estate Business reports that the Asian country’s four biggest banks have frozen new loans to property Read full article »
Servicers Earn More With Foreclosures Than Loan Modification
There have been too many news regarding errors on foreclosures and the paperwork that accompanies it. Given that homeowners on default have the option for loan modification, it is a wonder why banks do not just go that route. An attorney with the National Consumer Law Center gives the reason behind this. National Consumer Law Center’s Diane Thompson explained why banks Read full article »
tags: foreclosure, mortgage aid
Years Of Saving On County Fees May Now Cost Banks Billions Of Dollars In Penalties
Sometimes, when people try too hard to save money they end up spending more – it has even become a comic relief as it became a theme in some comic strips. But it becomes unfunny when it seems to cheat the nation of millions of dollars in funds. This is exactly what’s happening right now, if Americans are to believe Read full article »
NAR Survey: Home Ownership Is Still A Sound Investment
With recent reports of foreclosure fraud and predictions of home prices and sales going down, it is enough to make one fearful for the housing market and the economy in general. However, some news can be exaggerated and thus instill unnecessary fear in people’s minds. The facts show, however, that there really is not much to fear as the housing Read full article »
tags: first time home buyers, NAR
SCV Apartment Rent Increases By 1%
The rental market has reportedly hit its ground and is now starting to stabilize and even improve. Nationally, numbers are showing a great improvement both for rentals and vacancy rates. In Santa Clarita Valley, though, figures reflect a still weak economy – but the improvement, no matter how small, is always seen as a positive thing. This year’s third quarter has Read full article »
tags: rent raises, SCV
ETF’s Game Plan: Play The Commercial Real Estate Game Plan
The residential real estate market did not benefit much from the record low interest rates as home sales and prices continue to decline. The commercial real estate and exchange traded funds, though, have done well this year all thanks to the improved credit market. This has led exchange traded funds to come up with a game plan that heavily relies Read full article »
Freddie Mac And Ally: Better Third Quarter But Not A Reason To Relax
It is human nature: when things are starting to look up, people tend to relax a bit causing things to slip once more. This is why a government sponsored enterprise and a large mortgage lender warn of deeper problems amidst better third quarter returns as compared to that of last year’s. Third quarter net loss for government-owned finance company Freddie Mac Read full article »
tags: foreclosure, Freddie Mac
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