While price declines are slowing, it’s likely bank seizures will increase in the coming months, RealtyTrac Chief Executive Officer James Saccacio said. “Lenders and servicers are beginning foreclosure proceedings on delinquent loans that had been delayed by legislative and industry moratoria,” Saccacio said. California was No. 1 in April with 96,560 foreclosure filings, a 42 [...]
Home prices are forecast to fall more than 30% in some communities in ‘the most severe housing recession’ since 1945. On a national level, the housing market recession will continue through early 2009, said the report, co-authored by Mark Zandi, chief economist of Moody’s Economy.com, and Celia Chen, director of housing economics. Read Full Article
The federal government projected that 19 of the nation’s biggest banks could suffer losses of up to $599 billion through the end of next year if the economy performs worse than expected and ordered 10 of them to raise a combined $74.6 billion in capital to cushion themselves. Read Full Story Tags: Housing, Lending, [...]
A Texas bank is about done demolishing 16 new and partially built houses acquired in Southern California through foreclosure, figuring it was better to knock them down than to try selling them in the depressed housing market. No Sale: Bank Wrecks New Houses – WSJ.com. Tags: Banks, REO, Foreclosures
The chart above shows the index levels for the 10-City and 20-City Composite Indices. (source Case-Shiller, read full report, see raw data). As of February 2009, average home prices across the United States are at similar levels to where they were in the third quarter of 2003. Today’s prices are lining up well with the [...]
Reserves fall short of covering non-performing assets at 110 of 181 small-cap banks and institutions on the Russell 2500 Financial Services Index, according to first-quarter data compiled by Bloomberg. Non-performing assets are mostly loans 90 days or more overdue. Read Full Article Tags: Non+Perfoming+Assets, Housing, Lending
To help enhance the integrity of the home appraisal process in the mortgage finance industry, in March 2008, Fannie Mae entered into an agreement with our regulator – the Federal Housing Finance Agency (FHFA) (then the Office of Federal Housing Enterprise Oversight) – and the New York Attorney General’s office to adopt certain policies relating [...]
