Archive for December, 2011

Banks dramatically increased their scheduled foreclosure auctions in November 63% over October. They appear serious about clearing out shadow inventory and getting what capital they can out of the loans secured by houses occupied by delinquent mortgage squatters. Scheduled foreclosure auctions soar in California Banks set the clock for forced sales of more than 26,000 homes in the state in November, a 63% increase from October. Overall foreclosure notices nationwide fell last month. By Alejandro Lazo, Los Angeles Times -- December 15, 2011 Banks in November scheduled more than 26,000 homes to be sold at California foreclosure auctions, a 63% increase from October and a sign that a surge in discounted, bank-owned properties is on track to hit the market…[READ MORE]

In Los Angeles and Orange Counties, the conforming loan limit dropped from $729,750 to $625,000 on October 1, 2011. Many market bulls claimed this would have no effect on sales. In November sales of houses with loans between $625,000 and $729,750 declined 84% as compared to last November. So much for having no impact. In other news, the falling prices are beginning to motivate some buyers as evidenced by the small increase in sales volume. Falling prices and increasing sales are prerequisite to forming a durable market bottom. SoCal home sales rise on declining prices by KERRY CURRY -- Wednesday, December 14th, 2011, 12:04 pm The number of homes sold in Southern California rose modestly last month from both October…[READ MORE] The National Association of realtors has a credibility problem. Everyone already distrusts them because the sales techniques they advocate rely on falsehood and manipulation to cajole buyers into closing deals. But their problems go deeper than that. The association provides market data which purportedly is objective, but it certainly appears as if they manipulate this data to make the market look stronger than it is. Is this an "honest" mistake? Back in February I noted that the National Association of realtors caught lying about home sales. I contended that "The NAr wanted to dupe buyers into thinking the market was stable to induce transactions that never would have gone through if buyers had known the truth." Perhaps they were nefarious…[READ MORE] Mortgage delinquency rates will likely decline in 2012 as lenders foreclose and remove the loan from the delinquency pool. Unfortunately for lenders, the delinquency rate is expected to rise for the first quarter of 2012 as declining prices and a weak economy prompts more borrowers to strategically default. 2012 mortgage delinquencies seen dropping sharply By Eileen Aj Connelly NEW YORK – If the U.S. economy does not suffer more setbacks, the rate of mortgage holders behind on their payments should decline significantly by the end of next year, according to credit reporting agency TransUnion. Mortgage delinquency rates — the ratio of borrowers 60 or more days behind on their payments — will likely tick up to about 6% through the…[READ MORE]

In a recent report Chapman University's Anderson Center for Economic Research said, “More problematic is the inventory of unsold homes. Not only are there still too many unsold housing units in the market, there are a large number of homes in the foreclosure process that will keep the supply of resale housing units at an elevated level.” They are projecting the median sales prices will remain flat. In this same report last year, Chapman blew it and projected an increase in the median sales price. The supply problems that caused their forecast to fail in 2011 became the reasoning for a more bearish forecast in 2012. Better late than never. In my post on January 1, 2011, Predictions for 2011,…[READ MORE] Welcome to the OC Housing News! After nearly five years of writing for the Irvine Housing Blog, I feel it is time to expand my gaze beyond Irvine to the rest of Orange County. The Irvine housing market does not exist in a vacuum. Properties in nearby communities compete with Irvine for the attention of buyers. To really understand any housing market, we need to review properties and market conditions in surrounding communities. Therefore, this new blog will examine interesting properties in all of Orange County, California. Add to your bookmarks If you like my writing, and if this is your first visit I suggest you take a moment to add to your bookmarks. The entertaining and insightful market…[READ MORE] One of the great advances which has come from the internet is the quick dissemination of useful information. In short, secrets don't remain secret very long. Lenders don't want borrowers to know that their friends and neighbors have stopped paying their mortgages, and their lives have improved. Lenders want borrowers to remain in the dark and fall victim to old beliefs and habits which prompt them to keep paying even when it is not in their best interest to do so. Unfortunately, the quick spread of information on the internet is getting out the word, and "mavens" like myself are not helping lenders out. Too bad for lenders. What disease and strategic default on mortgages have in common November 17,…[READ MORE]

Some lenders may be increasing the rate of foreclosures, but overall, the time it's taking banks to foreclose is increasing. The foreclosure time now stands at a record 631 days. Foreclosures don't take forever, but they certainly do take a very long time. Foreclosure used to be a deterrent to prevent borrowers from becoming delinquent on their loans. Now that the process takes so long, the prospect of two years of free housing is actually becoming an inducement for strategic default. Average Foreclosure Time Sets New Record Published: Thursday, 1 Dec 2011 -- 9:30 AM ET By: Diana Olick CNBC Real Estate Reporter Foreclosures are setting new records again, this time not in their overall numbers, but in the time…[READ MORE]   I don't have any political ax to grind with the left. In fact, on many issues, I lean more left than right, but on the issue of giving away free houses, I think the extreme left has it wrong. In their interest in pandering for votes, they are calling up the troops in the Occupy wherever movement and sending them to foreclosure auctions to disrupt the activities. Perhaps we should just stop all foreclosures and let everyone who occupies a house to keep it, right? Occupy L.A. takes its fight to foreclosure auction Protesters disrupt bidding outside Norwalk courthouse on homes owned by banks and title companies with chants of 'Shame on you' and 'Banks got bailed out /…[READ MORE]

Buy Diazepam 10Mg Uk Next Day Delivery So many buyers were so certain prices would rise 10% or more per year forever. Those same kool aid intoxicated fools are now underwater, trapped behind their over-improved walls, eating off their priceless granite tops, wondering how did it come to this? The hope of a recovery is dissipating with the double dip in home prices, and pessimism about the future is pervading the land. Those are exactly the sentiments one finds at the bottom of the real estate cycle. Housing is in last phase of 'bubble,' expert says Dec. 2, 2011 05:25 PM   Nishu Sood, director of Wall Street's Deutsche Bank Securities, used the term "revulsion" to describe the current phase of metro Phoenix's housing market. "Revulsion," as…[READ MORE]

In Memoriam: Tony Bliss 1966-2012