April 22, 2010
NATIONWIDE
Mitigation plans of Government to ease foreclosures achieved too little and too late!
The Congressional Oversight Panel has come out in the open to describe President Obama’s foreclosure mitigation programs to ease foreclosures achieved “too little, too late”. The “Top COP” – Elizabeth Warren has mentioned this, after a year and half of the launching of the program HAMP – “Treasury is still fighting to get its foreclosure programs off the ground.”
New Foreclosure Hotspots emerging in the housing market
You can find from the foreclosure report published by authentic real estate sites for February 2010 that apart from the old ones – Las Vegas; Phoenix; Los Angeles and Tampa Bay – there are new “Hotspots” emerging in foreclosure activity. Read More
Foreclosure Rates Surge: Hitting 1 Million Repossessions In 2010
According to RealtyTrac Inc., the numbers of U.S. homes that have been taken by the banks have almost jumped up by 35 percent right in the first quarter of 2010 as compared to the first quarter of 2009.
In fact, according to the same report, there is a 16 percent increase in households facing foreclosure in the first quarter of 2010 as compared to 7 percent in the last quarter of 2009. Read More..
LENDERS & SERVICERS
Angry borrowers mobbed chief executive for JPMorgan Chase & Co
David Lowman, chief executive for JPMorgan Chase & Co’s home mortgage business was mobbed by almost 50 borrowers at a congressional hearing in Washington. These borrowers were a part of the audience and provided Lowman with a 6-page document, which basically alleges that his bank had reneged on the pledge that they had made towards helping struggling homeowners. Read the full story here.
Fannie Mae says no to MERS
Fannie Mae is the latest authority to question the legitimacy of MERS foreclosing in its own name. According to Fannie’s new servicing guidelines, MERS “must not be named as a plaintiff in any foreclosure action, whether judicial or non-judicial, on a mortgage loan owned or securitized by Fannie Mae.” What does not make sense is what Fannie Mae wants servicers to do. Read More..
COMMERCIAL
Central Texas is hard-hit by Commercial foreclosures
Although Texas State is not in the forefront of residential foreclosure listings, according to latest statistics, it attracts attention in the foreclosure scenario of commercial properties. News is the Austin area commercial property market is experiencing a new turn by the surge of high-profile commercial properties.
Get the full story here
Loss Mitigation in Commercial Short Sales
Loss mitigation in respect of distressed commercial property is particularly instructive given the complex character imbued in the commercial property sector. Cash flows, rates of return and interest, along with appreciating and depreciating capital values make a commercial short sale the prime subject for loss mitigation review. Read More..
FEATURED MARKET – AUSTIN
Austin foreclosures jump by almost 23%
The 23% rise is the total number of foreclosure homes in March 2010 as compared to March 2009 indicates that the worse in not over yet. According to foreclosure reports from several top agencies, a total of 1,451 foreclosure notices have been sent out to homeowners across Austin this month. Get the full story here.
A Peek Into The Real Estate Market in Austin, Texas
Currently, there are 8,134 homes up for sale in Austin and this includes 1,114 foreclosed homes as well. The average listing price for 2, 3, and 4 bedroom homes in Austin has dropped by 1.2 to 2.2 percent while the price of 1 bedroom home has increased by 3.8 percent as compared to the previous week. Get the full story here.
Austin Banks Have Been Lending More
Let’s take a look at some facts and statistical data, which supports the fact that Austin, Dallas, and Houston banks have been lending more than what banks in other metros are. An astounding 692 banks in Texas have reported issuing loans as well as leases worth $247.1 billion in 2009 vis-à-vis $233.5 billion in 2008 or $229.1 billion in 2007. These figures have been released by the Federal Deposit Insurance Corp.
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