REO Business Thrives
REO Business Thrives
New York Times
The celebration started early Saturday, with poolside music and drinks, as partygoers passed around business cards and compared notes on successful techniques for evicting residents who try to stay in bank-owned property, a process they call “cash for keys.”
Welcome to the spring 2009 Reomac conference, which has attracted nearly 3,000 real estate agents and property managers to this lush desert resort. The crowd brimmed with a gusto that is hard to find in this recessionary era. The hotel bar did more business on Saturday night than it did on New Year’s Eve. Small wonder: These are the people cashing in on the boom in foreclosed properties.
From Bubble to Depression?
Wall Street Journal
Bubbles have been frequent in economic history, and they occur in the laboratories of experimental economics under conditions which -- when first studied in the 1980s -- were considered so transparent that bubbles would not be observed.
IL Law Gives Homeowners an Extra 90 Days Before Foreclosure
Chicago Tribune
Against a backdrop of glossy photos showing a dozen foreclosed homes along a single block in Chicago Lawn, Gov. Pat Quinn on Sunday visited the Southwest Side neighborhood to sign a law that gives struggling homeowners an extra 90 days before lenders can force them out.
Consumers Fall Behind on Loans at Record Rate
USA Today
A record number of consumers are falling delinquent or into default on their loans, a problem that some economists say will only get worse this year. A record 4.2% of consumer loans were delinquent at least 30 days in the fourth quarter, the latest data available, according to the Federal Reserve. Another 4% of consumer loans were in default, meaning they'd been written off by lenders.