Administration reforms HAMP

After seeing that HAMP failed to reach the targeted homeowners, the Obama administration announced the extension of the program to bring relief to a larger share of struggling homeowners as well as renters. Principal reduction is one of the key adjustments the modification centers around. HAMP currently includes an option for servicers to provide underwater homeowners who are struggling with their payments with a modification that includes principal write-down. Read More..

Investors Will Need To Pre-Qualify For REO-To-Rental Sales

The FHFA (Federal Housing Finance Agency) encouraged investors interested in buying government-owned REOs in bulk for use as rental properties to register with Fannie Mae. They practically pre-qualify for purchase as an eligible bidder. The agency announced that the pilot transaction will take place in near term which is vague enough to keep investors in the line for registering. Read More..

LENDERS & SERVICERS

Illinois Attorney General filed lawsuit against Standard & Poor’s

Illinois Attorney General Lisa Madigan sued Standard & Poor’s (S&P) last week, alleging the ratings agency used deceptive practices by inflating ratings of MBS (mortgage-backed securities) investments. Madigan strongly believes this was one of the main cause of the financial crisis that hit not just the country but the globe. Read More..

Friday Is the Day: The Robo-Signing Settlement Counts the Participating States

After more than 15 months of back and forth, the controversial robo-signing settlement is ready to be signed. According to Wall Street Journal’s Ruth Simon, state attorneys general have a couple of days left to sign on to the settlement draft proposed last Monday. The settlement is aimed to resolve claims against the nation’s top five mortgage servicers surrounding documentation errors in foreclosure processing. Read More..

COMMERCIAL

Glens Falls Rogers Building scheduled for foreclosure auction

The housing crisis affected many prominent buildings across the country. Glen Falls’ Roger Building is yet another prominent building that is no scheduled to be sold at foreclosure auction due to foreclosure. The property that sits vacant for a couple years now it is located at 21 Bay St., across from City Park and Crandall Public library.Read More..

MARKET UPDATE – PALM SPRINGS AREA

Palm Springs reported 13% drop in foreclosure filings

Foreclosures were down 13% across the Coachella Valley in the last month of 2011 compared to the same month a year ago, the most recent report issued by RealtyTrac highlights. Read More..

Mortgage defaults on the rise in Coachella Valley

Good times are past now, as the Coachella Valley housing market is facing another flood of foreclosures. The data published by Irvine-based real estate data provider, RealtyTrac shows that foreclosures are up 6% across the area in November, compared to the same period a year ago. This ends the seven sunny months of double-digit declines. Read More..

Bay Area foreclosures drop sharply

Coachella Valley foreclosures are up 6% compared to a year prior, ending a seven-month trend of double digit drops. The numbers provided by RealtyTrac put the total mortgage default notices and bank repossessions to 1,123, while there were 1,062 a year ago. Read More..

The foreclosure settlement draft reached the final stage

The first announcement came from HUD Secretary Shaun Donovan, who said last week that the state attorneys general are ready to sign the settlement with the nation’s largest servicers in just a few week. Now DsNews reports that a spokesperson for Iowa Attorney General Tom Miller’s office is corroborating the claim, saying that the settlement draft is already available and it is in the hands of the AGs for review. Read More..

Obama Proposes Mortgage Fraud Task Force

In the year of presidential elections President Obama has come up with new programs helping homeowners in distress. During his State of the Union address Tuesday he said that he already has a program ready for submission to Congress that gives responsible homeowners the chance to refinance and even save about $3,000 in 12 months on their mortgage. Read More..

LENDERS & SERVICERS

Oregon Attorney General warns of foreclosure review scam

John Kroger, Oregon Attorney General has issued a public warning to consumers in the state –but this warning can be set public nationwide – to be prepared for scammers showing up offering independent foreclosure reviews as part of the mandate to major mortgage servicers issued by the OCC (Office of the Comptroller of the Currency) and the Federal Reserve. Read More..

Officials Working On a Program to Crack Down Fraudulent Companies That Scam Military Members

The Federal Trade Commission, the Consumer Financial Protection Bureau and the New York Attorney General are working together on a database that will record information on companies and individuals who scam military personnel.  The database will carry the name of Repeat Offenders against Military Database and it works hand in hand, it enhances the FTC’s Consumer Sentinel Network, which gathers consumer complaints from across the country, packing them into the database for review. Read More..

COMMERCIAL

York’s Keasarge house sold for $1.1 million

Keasarge House LLC and the Atlantic Keasarge Parking Lot LLC in York Beach were sold Thursday for $1.1 million as creditors have formed a queue for recovering debt. Kearsarge House LLC, 6 Railroad Ave., and the parking lot at 4 Main St., across the street from Kearsarge House, were sold to Kearsarge Acquisition Company LLC, according to attorney Peter Carey of Mittelasen LLC in Portland. The parking lot includes a small retail shop. Read More..

MARKET UPDATE – BAY  AREA

Bay Area homes sales struggle for recovery in 2012

Across the nine-county San Francisco Bay Area last year was a puzzle with contrary trends, but the main trend was declining home prices for single-family houses and large areas of depressed sales. Read More..

Bay Area home prices will stabilize this year

After they went down the drain, Bay Area housing prices will go up in some parts of the nine-county area, a new forecast coming from Clear Capital says. A healthy real estate market means stabile prices, even when homeowners face different challenges, such as tight credit, and low sales. Read More..

Bay Area foreclosures drop sharply

The San Francisco Bay Area has joined the line of the states with dropping foreclosure filings. Although the reason behind the drop can be the holiday foreclosure seizure, it is still encouraging. Read More..

The FED and the Congress disagree over the best path to economic recovery

While the Congress and the Fed have a common goal: the economic recovery, which relies on the housing market recovery, they seem to disagree when it comes to make action, because they have different action plans achieving their goals. Last week Federal Reserve Chairman Ben Bernanke submitted a white paper to Congress providing “a framework for thinking about directions policymakers might take to help the housing market,” expressing his support for an REO rental program. Read More..

Banks Repossessed 804,423 Homes In 2011

The latest report offering a cross-view of the distressed housing market on a national scale is coming from RealtyTrac. The real estate tracking company released its year-end report last week, highlighting a scary number of troubled households. In 2011 a total number of 1,887,777 properties received foreclosure filings in the country. Of that total REOs accounted 804,423 homes. While the nearly 2 million properties with foreclosure filings is quite much, it is still 34% below the number of household hit with foreclosure in 2009 and 19% below the 2008 total. Read More..

LENDERS & SERVICERS

Failed HAMP trials ending up in foreclosure show a significant increase

The number of failed Home Affordable Modification Program trials put into foreclosure is rising, according to Treasury Department’s recent data released last week. Canceled HAMP trials, that hit 615,000 last year are likely to end up in foreclosure and the percentage of failed trials pushed through foreclosure doubled compared to last year, by reaching 10.6% of the total failed trials. The Treasury data shows that in 2010 forecloses accounted only 4.4% of the total failed HAMP trials. Read More..

Latest Rule Now Requires Banks to Draft Living Wills

The FDIC or Federal Deposit Insurance Corp. finalized a rule yesterday that requires the biggest financial industry players to draft “living wills” to serve as blueprints in case of failure.
According to the statement issued by the entity the resolution plans will describe how the FDIC as receiver would win down the institution ensuring depositors access to their accounts within 24 hours and minimize losses to the bank’s creditors. Read More..

COMMERCIAL

Ridpath Hotel seized by RiverBank

A Spokane Bank is now the owner of large pieces of the troubled Ridpath Hotel in a move that can lead to its clear its ownership problem surrounding the iconic downtown hotel. Furthermore, some voices say this takeover can lead to its restoration and even opening. A public foreclosure auction was held Friday in the lobby of the Spokane County Courthouse, but it failed to bring any bids above the opening bid of $865,000 and $125,000 for two upper floors. This is how RiverBank became the owners of these two Ridpath floors. Read More..

MARKET UPDATE – SAN ANTONIO AREA

San Antonio housing market has seen the light at the end of the tunnel

After spending a couple years in the doldrums, San Antonio home builders see the light at the end of the tunnel,as they area expected to start at least 10% more homes compared to last year. This is the first double-digit bump for the industry since the housing market peak recorded in 2006. Read More..

San Antonio home sales and prices trend upwards

The San Antonio housing market has a bright outlook for 2012, as sales prices and home sales are expected to trend upwards. However, the rise will not be huge, the San Antonio Board of Realtors anticipates a 1 or 2% increase for this year. Read More..

San Antonio housing market update

The San Antonio housing market seen through the statistics compiled by the San Antonio Board of Realtors is showing a decrease in activity. Read More..

HAMP loan modifications pass 900,000 as we enter into the election year

According to the Treasury Department’s report released Monday the Home Affordable Modification Program or HAMP is a great success (sic) as nearly 910,000 homeowners have received permanent loan modification to date through the federal program. The numbers are amazing: the Treasury said these loan mods saved an estimated $9.9 billion in monthly mortgage payments. Read More..

Justice Department Issued Report In Support Of Foreclosure Mediation

The US Department of Justice has just released a report on a foreclosure intervention method which seems to gain popularity in the country: mediation. The 69-page document, released yesterday is titled Foreclosure Mediation: Emerging Research and Evaluation Practices is the direct result of a March 7, 2011 workshop put on by the Department of Justice’s Access to Justice Initiative, established two years ago to ensure transparency and availability to anyone who wants to access the justice system. Read More..

LENDERS & SERVICERS

Freddie Mac announces that it extends forbearance for unemployed

It came as a relief for unemployed: Freddie Mac extended forbearance for its clients without jobs, which means starting now some unemployed troubled homeowners can receive up to 1 year forbearance. The announcement came Friday, right after the US Department of Labor stated that the nation’s unemployment rate trends down. Read More..

Fewer Loan Modifications Done In 2011

Mortgage servicers are expected to modify fewer loans last year than in 2010, according to the latest data published by Hope Now, an alliance formed by mortgage industry players.
The numbers show that through November there were roughly 969,000 loan modification through both private and HAMP initiatives. Read More..

COMMERCIAL

Hewitt building in the heart of Lakeville slips into foreclosure

The financial crisis has hit hard commercial property owners and Lakeville is not an exception. Recently a downtown Lakeville business owner received a foreclosure notice on his building that houses Holly’s Centre Stage Dance, according to the Dakota County Tribune. The building is located at 20721 Holyoke Ave. and it had trouble keeping tenants since it was built in 2008. It was the place where you could find Kazolly’s Sweet Shop and Game Time, but these businesses moved out of the building. Read More..

MARKET UPDATE – HOUSTON AREA

Houston housing market attractive for foreign investors

According to a study released recently by the Association of Foreign Investors in Real Estate, the Houston housing market is on the top ten list of the favored US cities. Read More..

Houston housing market reaching healthy level of inventory

Houston-area single-family home inventory dropped to its lowest level since January 2010, according to Houston Association of Realtors’ latest report. Read More..

Hess Tower sold for non-crisis price

Houston recorded its highest paying real estate transaction: the Hess Tower located in the heart of the city was sold for $442.5 million, or the highest price per square foot for an office building. Read More..

Senator Urges OCC to Reform Abandoned Foreclosure Rules

Sen. Sherrod Brown wrote to the Office of the Comptroller of the Currency a couple days ago asking the agency to reform its policies governing how banks treat homes abandoned prior to foreclosure.  In his letter he questioned the guidance the OCC released at the end of last year. The regulator said banks would be allowed to release a lien securing a defaulted loan rather than foreclosing on the property, HousingWire reports. The agency left it to the lenders to decide when it could do this, and warned these entities about making this decision.  Read More..

LENDERS & SERVICERS

FDIC Inspector General will Study Bank Failures

It is now live: the Inspector General of the Federal Deposit Insurance Corp. and the Government Accountability Office has to study the effects of bank failures.  The bill was introduced by Rep. Lynn Westmoreland, R-GA, who introduced HR 2056 which passed the House in August. The number of bank failures hit 92 last year, the FDIC data shows, down from more than 150 a year prior.  The aim of the bill is to analyze the effect of loss-sharing agreements between the FDIC and the receiver bank. It will consider if more loans could be modified without an LSA and if these agreements could be “phased out altogether”, the legislation says.  Read More..

COMMERCIAL

Movietown Plaza scheduled for foreclosure auction

The stalled development for West Hollywood’s Eastside, called Movietown Plaza is now on the auction block. According to sources unnamed by the LA Business Journal, a New York private.equity firm Cerberus Capital Management LP refuses to grant its ex-partner, billionaire developer Alan Casden the right to develop the 371 residential unit mixed project located at 7300-7328 Santa Monica Boulevard. Read More..

MARKET UPDATE – DALLAS AREA

Dallas area foreclosures down for the first time in 72 months

Dallas-Fort Worth area commercial foreclosures dropped by 14% in 2011, marking the first decline in the past six years. The numbers published by the Addison-based Foreclosure Listing Service placed the total commercial properties foreclosure postings to 2,860 in current year, compared with 3,313 notices issued the previous year. Read More..

Cedar Creek housing market update

Waterfront homes are very fashionable at Cedar Creek Lake, as their sales is very strong was higher in the third quarter compared to the previous one, Steve Gregory of Johnson Monroe Realtors said. The demand for housing pushed home prices to five year high: over $322,000, which is up 9.44% compared to a year ago average sales prices.  Read More..

Dallas-Fort Worth office market update

Grubb & Ellis released their monthly report about the Dallas-Fort Worth office market. The report concludes that the office market in the specified area is currently in a recovery phase helped along by the limited supply of new speculative construction projects and an increasing demand for space. Read More..

Sen. Scott Brown asks for criminal investigation of GSEs

Sen. Scott Brown believes the civil lawsuit filed by the SEC (Securities and Exchange Commission) a couple days ago against ex-CEOs of Freddie Mac and Fannie Mae, fails to achieve justice and accountability for the American. He is trying to push the Justice Department and the SEC to open immediately criminal investigations into Freddie and Fannie. Brown says officials need to take a closer look at the GSEs business dealings they had before the housing collapse and their disclosure of subprime mortgage holdings. Read More..

Zandi Has Lowered Moody’s Expectations for Economic Growth

Moody’s Analytics’ chief economist has decided to lower his expectations for next year’s economic growth. According to Mark Zandi, GDP will go up 2.6% in 2012 and unemployment will likely remain high.  Zandi said Moody’s forecasts a little bit better economic performance for next year, but the performance will depend on policy decisions coming out of Europe and Washington. Read More..

LENDERS & SERVICERS

88% of first-lien mortgages are performing well, the OCC says

The nation’s biggest lenders’ servicing portfolio is likely to stabilize, as nearly 90% of all first lien mortgages are still current, the office of the Comptroller of the Currency reported. Both early stage and serious delinquencies remained unchanged over the quarter, the OCC said in its latest report. Looking at these mortgage delinquencies separately, the OCC stats show that loans 30 to 59 days delinquent maintained 3%, while seriously delinquent mortgages stood at nearly 5% for the quarter. Read More..

COMMERCIAL

Constitution Plaza slipped into foreclosure

Constitution Plaza office building in the heart of Hartford, building that once housed the Travelers Education Center slipped into foreclosure. After one year of sitting vacant next to the clock tower, the lender of 132,000-square-feet building seeks to take over. The owners have received a foreclosure notice, filed by GE Asset Management, and the notice names the following entities as owners: US Bank, National Association, the trustee of the Walters Connecticut Venture Trust. Read More..

MARKET UPDATE – AUSTIN AREA

Austin housing market update

With Christmas so close here is short list of what has happened n the Austin real estate market since last week: according to the Austin Business Journal, U.S. Nail & Spa renewed its 1,020 square foot lease at the Shops at Avery Ranch, Phase I located at 10510 W. Parmer Lane. The landlord was represented by Matt Marshall of StoneCrest Investments. Read More..

Austin apartments purchased by four real estate firms

Research Pointe Apartments located in Northwest Austin now belongs to Barton Creek Capital, Firmus Equity Partners and two other real estate companies, as they joined financial forces to purchase the apartment complex. Read More..

Austin foreclosure rate is rising

Austin’s residential foreclosure activity shows a slight rise in September to 1.08%, according to recent data supplied from CoreLogic. The same report highlights that the outstanding mortgage foreclosure rate rose 0.03% compared to September a year ago, when the foreclosure rate was 1.05%. Read More..

November 2011 scorecard published

The Treasury and the HUD recently released the latest edition of the Obama Administration’s Housing Scorecard. The most recent survey featured as news the scan of the nation’s 10 largest mortgage servicers participating in the Making Home Affordable Program, in order to promote transparency regarding its performance. The Scorecard tracks the key indicators of the nation’s housing market health month by month and it features specific regional housing market highlights. The November report focused on Atlanta, Georgia. Read More..

25,000 Mortgage Modifications Completed By GSE in October

According to the Federal Housing Finance Agency, the delinquency rate of mortgages held by GSEs was 4.5% at the end of October.  The conservator of Fannie Mae and Freddie Mac said to Congress, that seriously delinquent home loans inched higher to 12.9% for mortgages with borrower who had credit scores lower than 660 at close from 12.8% on September 30th. Read More..

LENDERS & SERVICERS

Seriously delinquent mortgages on the rise, LPS found

According to recent data released by the controversial Lender Processing Services, mortgages aren’t performing too well. The comprehensive report shows a nearly 3% increase in seriously delinquent mortgages at the and of November. The LPS reports that 8.15% of the country’s mortgages is more than 30 days past due, however, it is not yet in foreclosure. This is up from 7.93% recorded at the end of October, 2.7% increase – and the most important thing LPS underscores is that this rise is happening for the first time in four months. Read More..

COMMERCIAL

River Park Plaza slipped into foreclosure

Foreclosure hit the River Park Plaza, a St. Paul office building, which belongs to Jerry Trooien’s companies. According to a notice published in the St. Paul Legal Ledger Capitol Report on Monday, the 10RPP LLC owes more than $34 million on the mortgage on the building. Finance & Commerce noted the building now in foreclosure was appraised to $45 million six years ago, featuring 333,000 square-feet of leasable space. Five years after the appraisal published in the above mentioned newspaper, in Troieen’s bankruptcy case court papers show the property’s tax value reached only $21 million. Read More..

MARKET UPDATE – NEW YORK AREA

Quinlan townhouse sold with a $5 million discount

Derek Quinlan, an Irish financier overwhelmed with debt has just sold another luxury real estate from his portfolio way under its asking price. The price paid for the Upper East Side property was at least $5 million less than its original listing price. The Real Deal reported that the sale closed for $20 million for the 54 East 64th Street, based on public records. Read More..

Luxury condo-conversion is 45% sold in just 3 months

In just 3 months after it officially started to market the classic pre-war building at 1212 Fifth Avenue, nearly half of the condos are sold. Crains New York reported that the 55-unit conversion’s marketing plan went public just a few weeks ago, and the sales started with a 3.,600 square-feet, five-bedroom unit, sold for $50 million. Read More..

Kalikow Group closes on Little Italy for $12.6 million

After almost 20 years the Kalikow Group, a company based in Long Island made its first purchase in New York, by acquiring the 30-unit, three building portfolio located at 113-117 Elisabeth St. in Little Italy. The price paid for the property was $12.6 million. Read More..

The need for a defined foreclosure timeline

Both Freddie Mac and Fannie Mae representatives upheld the companies’ practice of collecting penalties from servicers who fail to meet defined timelines for processing foreclosures. It is clear now, that both Fannie and Freddie representatives aim to keep borrowers in their home, because it is the better outcome for GSEs, but Edward Seiler, a director in Fannie’s National Servicing Organization stated that sometimes servicers face difficult decisions and sometimes “a borrower just shouldn’t be in that home”. Read More..

The Foreclosure Review Process Has Started

Independent consultants will review about 4.5 million foreclosure files in the upcoming months, and they will be looking for any harm caused by improper practices uncovered last year.  Consultants involved in the review process are approved by the OCC and the Federal Reserve. This is how the April ruling of federal bank regulators is implemented, which targets 14 of the nation’s largest mortgage servicers. Read More..

LENDERS & SERVICERS

Bill to replace GSEs with Temporary Government-Owned Entity

Sen. Johnny Isakson has submitted his idea for reforming the housing finance system. Isakson’s 30 year of experience as a real estate agent made him to develop an original plan for a reform. He introduced legislation Thursday that would wean the secondary market off government support and pay taxpayers back for the bailout of Fannie Mae and Freddie Mac. Read More..

Barofsky Hammered the Obama Administration over Its Solutions for the Foreclosure Crisis

Neil Barofsky, the former special inspector general for the Troubled Asset Relief Program analyzed the Treasury Department and the Obama Administration’s actions in solving the foreclosure crisis. He called the administration’s Home Affordable Modification Program a “failure” during a Tuesday night panel discussion, saying that fears of a political backlash led to the administration’s weak response to the housing crisis. Read More..

COMMERCIAL

$19.1 million for three Pioneer Square buildings

Three Pioneer Square buildings were purchase out of foreclosure by a Canadian investment company, the Seattle Business Journal reported. The buildings were put into foreclosure since September and they include the iconic Grand Central Building on First Avenue South. Nicola-Crosby Real Estate Investments, a Vancouver-based company said on its website, that its Spire US LP fund is making investments in real estate in Washington, Texas and Florida. Read More..

MARKET UPDATE – NAPLES AREA

Lee County foreclosures down in November

November brought a significant improvement in Lee County’s housing market as new foreclosure filings were down. The numbers highlighted in a report issued by the Lee County Clerk’s Office show a total of 587 filings, down from 642 in October. Read More..

Sole condo-hotel lost in foreclosure

The Ocean condo-hotel in Sunny Isles Beach is heading to a foreclosure auction as the owner lost a $19.8 million foreclosure judgment. This means the unsold units of the property will be sold at auction. Read More..

Southwest Florida homeless mission delays foreclosure

The founder of Bread of Life Mission in Punta Gorda delayed foreclosure by filing for bankruptcy. The homeless mission was scheduled to be sold at a foreclosure auction on Wednesday. Read More..

Treasury wants to put the bailout to bed

The Treasury Department has sent out letters to the banks that received Troubled Asset Relief Program funds expressing its will to put the bailout to bed.“They’re saying to the 380 remaining banks, ‘We want to light a fire under you to figure out how you’re going to get rid of Tarp,’ because they want to wrap the program up,” said V. Gerard Comizio, a partner at Paul, Hastings, Janofsky & Walker, LLP. Read More..

Mortgage Investigation Alliance Announced By Nevada and California Attorney General

With the initial mortgage investigation alliance of 50 state Attorney General’s falling apart and settlement negotiations leading to no sustainable results for distressed homeowners, California Attorney General Kamala Harris and Nevada Attorney General Catherine Cortez Masto announced their alliance targeting both mortgage servicers and perpetrators of mortgage-related fraud. Read More..

LENDERS & SERVICERS

OCC investigates wrongful foreclosure of 5,000 military members

The possibility of wrongful foreclosure of about 5,000 military members is now investigated by the Office of the Comptroller of the Currency (or OCC) according to an article by DsNews.The wrongful foreclosure is based on the Service members Civil Relief Act signed into law in 2003, which protects military members from foreclosure while they are on active duty. Read More..

Bank of America and Chase Threatened To Be Cut Down From HAMP Payments List

The Treasury Department threatens Bank of America and JPMorgan Chase with permanent Home Affordable Modification Program payments withholdings. However, Chase is the only one in need of substantial improvement under the program, the third-quarter assessment of the mortgage servicers participation in the program highlights. It is the third straight quarter of Treasury withholding payments from these two giants. Read More..

COMMERCIAL

Richmond Pines County Club goes back to its lender

The Richmond Pines County Club was auctioned off Wednesday at the steps of Richmond County courthouse in front of a handful of people. The property was pushed through foreclosure as the club failed to meet its financial obligations to Fidelity Bank. No one bid for the club. “We bid it in at $396,137.53,” said Fidelity Bank Senior Vice President Wiley Mabe. “I had two people contact me about it; one directly after the auction who didn’t know you need a cash deposit, and another later who also didn’t come prepared.” Read More..

MARKET UPDATE – MIAMI AREA

Lauderdale Beachside Hotel in foreclosure

Another hotel in the state of Florida has been targeted for foreclosure. Comerica Bank filed a foreclosure lawsuit Nov. 17 against the owners of the 147-room Lauderdale Beachside Hotel. The lawsuit documents name Ocean 4600 LLC, entity which fell behind on its $11.85 million mortgage payments. The loan was granted in 2008. The loan guarantors, Hanna Karcho-Polselli and Remo Polselli were not named in the complaint. Read More..

Miami site repossessed by the lender

Plans of redeveloping a 2.6-acre site in Miami vanished, as its owner was pushed to turn over to a bank in a deed in lieu of foreclosure. Sergio Pino owned an entire block on the west side of Southwest 19th Avenue between and Southwest Ninth Street through his Century Homebuilders company. Read More..

Stalled Hurricane Cove project site is scheduled for foreclosure auction

Foreclosure judgments are still frequent in Florida, as the financial and housing crisis has hit hard the area. The stalled Hurricane Cave project and the site which houses the project is one of the most recent victims of the housing crisis. The site which sits along the Miami River is scheduled to be sold at a foreclosure auction, after its owner lost a $15.1 million foreclosure judgment. Read More..

Banks will gain FHA relief under foreclosure servicing settlement

Government officials are likely to offer a sweetener for the banks sitting at the foreclosure servicing settlement table, by releasing these lenders from liability relating to their loss-mitigation efforts on delinquent FHA-insured loans, sources cited by the American Banker say. The deadline for resolving their differences is Christmas, so the government is ready to give up nearly everything, just to have the settlement signed by both parties. Read More..

LENDERS & SERVICERS

The foreclosure settlement amount suddenly shrinks from $25bn to $18.5bn

State attorneys general are working with banksters to finalize the foreclosure settlement agreement, but it looks like they are losing field each day. DsNews and the Wall Street Journal blames California Attorney General, Kamala Harris for the failure.The initial deal – at the time when California AG was still part of the committee – required banksters to pay out $25 billion for their illegal activities: $5 billion in cash and another $20 billion in refinancing and modifications, including principal reductions. Read More..

COMMERCIAL

Ioka theater scheduled for foreclosure auction

The historic Ioka theater was lost in foreclosure and it is scheduled for public auction tomorrow. Since Robert Detzler of Immer Besser LLC, its previous owner has closed the building three years ago, he struggled to find a buyer, but nobody was interested in purchasing the real estate.After two years of struggle, Detzler reopened it as an ice cream parlor/diner called Ioka Cafe and a downstairs club, 48 Below. Both closed earlier this year, Seacoastonline reported. Read More..

MARKET UPDATE – SAN FRANCISO AREA

Prices Fall In September, S&P Case Schiller Home Price Index reports

San Francisco single-family home prices dropped 1.5% from August, the September 2011 S&P/Case-Shiller Home Price Index reports. On a year-over-year basis the 5.9% drop is higher than the 5.3% recorded in August. These numbers convert September into the ninth consecutive month of year-over-year declines. Read More..

The luxury Gaige House hit the market for $8 million

A 23-room luxury inn in Glen Ellen, the Gaige House has hit the auction block for $8 million. The historic property became victim of the economic downturn in Sonoma County lodging sector, as it went back to its lenders. Read More..

High-end properties hit the courthouse steps in San Francisco

The 4,210 square-feet property located at 136 Saint Francis Boulevard was purchased for $2,000,000 back in 2003, while it was traded for less than half of that amount (to be more precise: for $888,000) in 1996. The luxury real estate was refinanced five years go with a new $2,120,000 first mortgage. Read More..