U.S. Foreclosures to Reach 3.9 Million in Second Record Year

U.S. Foreclosures to Reach 3.9 Million in Second Record Year
Bloomberg

Foreclosure filings in the U.S. will reach a record for the second consecutive year with 3.9 million notices sent to homeowners in default, RealtyTrac Inc. said.

This year’s filings will surpass 2008’s total of 3.2 million as record unemployment and price erosion batter the housing market, the Irvine, California-based company said.

Clear Capital Reports Gains in Home Prices across the Country
DSNews

In yet another sign that housing markets are on the mend, Clear Capital reported Wednesday that values of residential properties are posting increases throughout the country, led by a resurgence in the Rust Belt. The company said seasonal softening puts the nation’s gains at a modest 1.4 percent for the rolling quarter ending in November.

That’s less than half the 3.7 percent returned the previous month, and nearly five points less than the 6.3 percent gain reported for September, according to Clear Capital’s study. But it’s a gain, nonetheless, and a welcome reprieve from the free-falling days of the last several years.

Mortgage agency's growth gives fuel to risky lenders
The Washington Post

The trouble signs surrounding Lend America had been building for years. A top executive was convicted of mortgage fraud but still helped run the company. Home loans made by its headquarters were defaulting at an extremely high rate. Federal prosecutors alleged in a civil suit that the company falsified loan documents and committed fraud.

Yet despite these red flags, a little-known federal agency continued giving its blessing to Lend America, allowing it to do business in the name of the U.S. government. The Government National Mortgage Association, known as Ginnie Mae, authorized the firm to bundle its mortgages into securities and sell them to investors around the world -- all backed by U.S. taxpayer money.

New Yorkers at risk of losing homes surges 85% in month of November
NY Daily News

Foreclosure activity is through the roof in New York City.

With city unemployment at 10.3%, the number of New Yorkers at risk of losing their homes surged 85% in November compared with November of last year, according to stats set to be released today by foreclosure listing firm RealtyTrac.

Lawmakers growing frustrated with mortgage-relief failures
The Washington Post

Most of the struggling homeowners who have enrolled in the Obama administration's marquee mortgage-relief program still haven't proved they qualify for help, illustrating lingering weakness in the effort to aid distressed borrowers.

About 70 percent of the borrowers who have signed up for the program, called Making Home Affordable, have yet to provide adequate documentation, and many homeowners continue to struggle even after their mortgage payments are lowered, industry and government officials told the House Financial Services Committee on Tuesday.