Want a Short Sale? Best to Wait
By June Fletcher
The Wall Street Journal
Narch 19, 2010
A new government program aimed to speed up these notoriously sluggish transactions goes into effect on April 5, increasing your chances of negotiating a distressed-property bargain.
Q: I am looking to buy my first home, and it seems like short-sales are priced much lower than regular sales. Are these prices negotiable, or are they the bottom line that lenders will accept?
—Allentown, Pa.
Supply of Foreclosed Homes on the Rise Again
By James R. Hagerty
The Wall Street Journal
March 19, 2010
The supply of foreclosed homes that banks need to sell is rising again, signaling further downward pressure on home prices in some parts of the U.S.
Mortgage analysts at Barclays Capital in New York estimated that banks and mortgage investors held a total of 645,800 foreclosed homes in January, up 4.6% from 617,286 a month earlier.
According to Barclays, the supply peaked at around 845,000 in November 2008 and then declined through 2009.
Barclays: Foreclosure Backlogs Are Worst in Florida, New York
By Nick Timiraos
The Wall Street Journal
March 15, 2010
A recent report from analysts at Barclays Capital sheds light on how court procedures and efforts to delay foreclosures have swelled the backlog of busted home mortgages in some of the nation’s hardest-hit housing markets.
"Cash for keys" aids home borrowers, investors
Reuters
Reporting by Al Yoon
Editing by Kenneth Barry
March 12, 2010
Jon Daurio, chief executive officer of mortgage investor Kondaur Capital Corp., recently offered a $4,000 check to Barry Culver for the deed to his Bryan, Ohio house.
With the exchange, and a pay-off to a second-lien holder, Culver was freed of $120,000 in crushing mortgage debt on the house, said Daurio, who had bought the right to cut the deal when he purchased the mortgage months earlier. The house, after repairs, is now on the market for $47,500.
Home Foreclosures Approach Peak Range
US News and World Report
By Luke Mullins
March 12, 2010
Although the U.S. housing market witnessed its smallest annual increase in foreclosure activity in four years last month, distressed-property tallies are expected to remain in an elevated range for some time. Foreclosure filings were reported on more than 308,000 American homes in February, RealtyTrac said Thursday. That's a 2 percent decline from January but a 6 percent increase from a year earlier. All told, February represents the 12th consecutive month with more than 300,000 foreclosure filings.
Mortgage help: 170,000 get permanent aid
By Tami Luhby
CNN Money
March 12, 2010
More than 170,000 troubled homeowners are breathing a lasting sigh of relief now that they've received permanent modifications under the Obama administration's foreclosure prevention program.
Some 15.5% of those who entered the program have gotten long-term adjustments through February, up from 11.5% a month earlier, according to a report from Treasury officials issued Friday.
More than 170,000 troubled homeowners are breathing a lasting sigh of relief now that they've received permanent modifications under the Obama administration's foreclosure prevention program.
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