July 22, 2010
NATIONWIDE
U.S. homes repossessed by banks set to hit record 1 million this year
The amount of residences in America recaptured by banks, stroke a record high in the second quarter of the present year by putting the quantity of foreclosures on track to strike a record one million by the end of 2010.
The reclamation of the banks enlarged 5 percent since the preceding quarter of 2009 and 38 percent since the second quarter of 2009 to 268,962,. This data is released by RealtyTrac. RealtyTrac is an Irvine, Calif, firm which keeps records of the foreclosure market. Read More…
“Strategic Default” – How big this problem is?
First of all what is a Strategic Default? Defaulting in repayment of mortgage loan installments is widely occurring in the US, basically for financial reasons of inability. Millions of home owners find themselves in this precarious position, for assorted reasons such as – job loss; ballooning effect of repayment installments going beyond their monthly budget; cost of living exceeding household income; other financial commitments; death, divorce or such other occurrence in the family, leading to pressing financial inability etc. But if defaulting in repayment is done wantonly as a strategy, it is known as Strategic Default. Read More…
LENDERS & SERVICERS
Bank of America faces lawsuit
15 mortgage holders have decided to charge the nation’s biggest bank with a "systematic home loan scheme", so they filed a lawsuit against Bank of America. The lawsuit was filed by the Texas Justice League, a nonprofit organization who represent these mortgage owners. This lawsuit can involve thousands of Texas mortgage holders, who charge they were abused and financially damaged by Bank of America employees handling their mortgages. As a result of these problems three of the homeowners were foreclosed. The suit was filed in Victoria, a small community in Texas, 30 miles north of the Golf of Mexico, about two hours drive south of Corpus Christi. Read More..
Luxury Homes
All-in On Luxury Property
Prior to the bursting of the property bubble, the infamous lending device known as the sub-prime mortgage allowed borrowers to enter the property market at exorbitant rates of interest. Typically, these onerous terms would mean that modest repayments were made for the first 3 years, and thereafter interest repayments escalated sharply or a balloon payment was required in addition to large interest charges. Of course, access to the market was also facilitated 30 years ago before electronic records enabled the verification of loan applications. Read More…
COMMERCIAL
Spurt in Commercial Real Estate sales in Old Naples
Sale of lots for multimillion projects of apartment complexes, as well as high-end properties located in water-front areas of Old Naples are picking up briskly, as project developers are beaming. It is a new trend for Old Naples, after a lull during last year. Read More…
MARKET UPDATE – NAPLES
Property Tax revenue drop – how it affected Collier County?
County budgets are relying upon mostly local tax collections, especially property tax. The present market conditions prevailing have impacted heavily on dropping down values of housing properties everywhere, including Collier County and Marco Island city. Budget proposals are based on tax revenues and if there is lesser collection, it reflects in staff cut mostly as an austerity measure. Read More…
How is the status of Foreclosures in Collier County
Florida State permits only judicial foreclosures through the County Courts. Therefore by taking the count of Lis Pendens – the legal notice sent by the Court to the delinquent borrower to inform that a foreclosure case is pending – one can grossly arrive at the figure of foreclosures for the month. Read More…
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