Nearly 70 Percent of Las Vegas Homeowners ‘Underwater’ on Mortgage

Nearly 70 Percent of LV Homeowners ‘Underwater’ on Mortgage
November 30, 2009, Las Vegas Sun

Homeowners in the Las Vegas area continue to be punished by dropping prices, with the number underwater in their mortgages surpassing 319,000 or 69.5 percent. That's according to First American CoreLogic, which last week issued negative equity numbers for home mortgages and home equity lines of credit. The company, based in Santa Ana, Calif., found that in September, nearly 10.7 million, or 23 percent, of residential properties nationwide with mortgages were in negative equity.

Pending Sales of U.S. Existing Homes Rose in October
December 1, 2009, Bloomberg News

The number of contracts to buy U.S. previously owned homes unexpectedly rose in October as consumers rushed to take advantage of a tax credit that was due to expire. The index of signed purchase agreements, or pending home sales, climbed 3.7 percent to 114.1 after increasing 6 percent in September, the National Association of Realtors said today in Washington. The ninth consecutive gain compares with the median forecast of a decline in a Bloomberg News survey of economists.

Some Borrowers Find Little Relief
December 1, 2009, Wall Street Journal

The Treasury Department announced plans Monday to beef up its foreclosure-prevention effort by pressuring mortgage companies to complete more loan modifications. But the new initiatives don't address significant shortcomings of the program, which often provides little relief to borrowers who have lost their jobs or who owe far more than their homes are worth. The program provides financial incentives for mortgage companies and investors to reduce loan payments to affordable levels for financially troubled borrowers. The Treasury said Monday that it would send "SWAT teams" to the largest mortgage servicing companies and talk twice a day with mortgage executives to boost their success rates.

Treasury Sets Guidance to Simplify "Short Sales"
November 30, 2009, Reuters

The U.S. Treasury on Monday set long-awaited guidance on a plan for mortgage companies to speed "short sales" of homes and other loan modification alternatives to stem a rising tide of foreclosures. The Home Affordable Foreclosure Alternatives Program provides financial incentives and simplifies the procedures for completing short sales, a growing practice in which a lender agrees to accept the sale price of a home to pay off a mortgage even if the price falls short of the amount owed, according to an announcement on the Treasury's website.

Miami-Dade Hopes Online Auctions Will Help Reduce Backlog of Foreclosures
November 25, 2009, New York Times

Buying into Miami’s foreclosure glut will soon be a whole lot easier. Seeking ultimately to eliminate a record backlog and a system that favors insiders, Miami-Dade County announced plans on Wednesday to use online auctions for the thousands of delinquent properties that have made South Florida a center of the recession. Miamidade.realforeclose.com, the Web site, will become fully operational on Dec. 7, making Miami-Dade the largest of 12 Florida counties in the process of replacing courthouse auctions with online sales.