U.S. Home Prices Rose 1% in June
August 31, 2010 — The New York Times

A crucial index on home prices in the United States rose in June, the last month that benefited from a tax credit for home buyers.

Don't miss your real estate niche
August 30, 2010 — Inman News

During the first quarter of this year, 46 percent of the homes sold in San Diego County were distressed properties, making involvement with REO (bank-owned) and short-sale properties an obvious choice for an agent looking to succeed.

Survey: Mortgage closing costs 37% higher
August 30, 2010 — USA Today

A new federal rule this year requiring mortgage lenders to give borrowers reliable estimates of closing costs appears to be working — whether it's also costing borrowers more money is uncertain.

Housing Supply and Demand Won't Balance until 2012: Moody's
August 30, 2010 — DSNews

Moody’s Investors Service says it expects home price appreciation to be “soft” for the next couple of years. The company says there were 1.8 million more vacant homes sitting on the market than what is considered the norm at the end of the second quarter. According to Moody’s, this imbalance of supply-and-demand, particularly in light of the steep falloff in home sales post-tax credit, means the home price correction is not yet over.

Judge fines major legal firm for foreclosure conduct
August 31, 2010 — HeraldTribune.com

MANATEE COUNTY - A circuit judge singled out a Fort Lauderdale foreclosure firm on Monday, finding its business model violates legal ethics and leveling a $49,000 fine for scheduling hearings and then not showing up in court.

Arizona HOAs turn to hardball tactics; critics call system inequitable
August 30, 2010 — Arizona Republic

Arizona homeowners associations are not accepting a resident's foreclosure as an excuse when it comes to collecting unpaid dues, assessments and fines.

Economist Shiller Sees Potential for 'Double Dip' Recession
Wall Street Journal, August 28, 2010

With the U.S. economic recovery losing steam, the chances of a second phase of a slowdown are increasing, according to a leading economist. Speaking in The Wall Street Journal's The Big Interview show, Robert Shiller, professor of economics at Yale University, said he thought the second dip down of a so-called double-dip recession "may be imminent." Earlier this month, he told the Wall Street Journal he thought the chance of a double-dip recession, which he noted is a rare event, was greater than 50%.


Foreclosures of Million-dollar-plus Homes on the Rise
Los Angeles Times, August 28, 2010

The number of homes in the $1-million-and-up slice of the market that have become bank owned has tripled during the last three years in Los Angeles County, and the trend has shown little sign of slowing.


'Jingle Mail': Developers Are Giving Up On Properties
Wall Street Journal, August 28, 2010

Like homeowners walking away from mortgaged houses that plummeted in value, some of the largest commercial-property owners are defaulting on debts and surrendering buildings worth less than their loans. Companies such as Macerich Co., Vornado Realty Trust and Simon Property Group Inc. have recently stopped making mortgage payments to put pressure on lenders to restructure debts. In many cases they have walked away, sending keys to properties whose values had fallen far below the mortgage amounts, a process known as "jingle mail."


Paying Off the House in 15 Years
Wall Street Journal, August 29, 2010

A growing number of homeowners are choosing to pay down their mortgages at a faster rate--even if it means a substantial jump in their monthly payments.Between January and June, 26% of homeowners who refinanced chose a 15-year fixed-rate mortgage, according to data from CoreLogic, a provider of financial, property and consumer information. During all of 2009, 18.5% of borrowers who refinanced opted for a 15-year term.

Foreclosure backlog, bulldozers force Ohio REO brokers to the suburbs
August 25, 2010 — REOInsider

New foreclosure filings in the Ohio Supreme Court reached 89,053 in 2009, a 3.8% increase from 2008, but pending foreclosure cases are building at a faster rate.

Chase Moves to Speed Loan Mod Evaluations
August 25, 2010 — DSNews

Chase, the consumer and commercial banking arm of New York’s JPMorgan Chase & Co. says it “remains committed to helping customers avoid foreclosure.”

Late Payments Rise on Second Mortgages, Decline for Firsts: Report
August 25, 2010 — DSNews

Monthly default rates in July declined for first mortgages, but a larger number of homeowners fell behind on their second lien payments, according to data released jointly by Standard & Poor’s and Experian.

More lenders modifying troubled home loans by extending mortgage terms to 40 years
August 25, 2010  — Orlando Sentinel

Maria Olmo, 63, doesn't like her chances of paying off her new, 40-year mortgage.

Fannie, Freddie, and the mortgage addiction
August 26, 2010 — Christian Science Monitor

n the first inning of what looks to be an intricate political game, the Obama administration and its financial industry allies suggested that the economy needs the federal government full force in the mortgage market.

Short-sale team singles out lenders
August 23, 2010 — Inman News

A team of Arizona-based agents specializing in short sales has ruffled feathers in the lending industry by posting videos that they hoped would expose ways in which decisions by lenders can derail short-sale transactions.

GSEs' Foreclosure Pipelines Will Grow Well into 2011: S&P
August 23, 2010 — DSNews

Despite the continued efforts of mortgage giants Fannie Mae and Freddie Mac to find sustainable workouts for delinquent borrowers – and the fact that their loan modification activity has indeed increased significantly this year – the analysts at Standard & Poor’s (S&P) expect the GSEs’ foreclosure inventories to continue to swell.

Home sales plunge 27 pct. to lowest in 15 years
August 24, 2010 — Washington Post

WASHINGTON -- Sales of previously occupied homes plunged last month to the lowest level in 15 years, despite the lowest mortgage rates in decades and bargain prices in many areas.

Red-Ink Fears Prompt Mortgage Backer to Raise Fees
August 24, 2010 — Wall Street Journal

The country's most popular federal mortgage-insurance program is set to raise fees to borrowers in a bid to avoid burning through its dwindling reserves as home prices come under renewed pressure.

HAMP Trial Cancelations Catching up to Permanent Modifications
August 23, 2010 — HousingWire

The Making Home Affordable Program (HAMP) initiated 1.3m trials as of July 2010, but is having difficulty retaining program participants through the process of making their modifications permanent. According to the July Servicer Performance Report released by the US Department of Housing and Urban Development (HUD), 616,839 modifications have been canceled while 434,716 modifications have been made permanent throughout the program's lifetime.

Federal foreclosure prevention program is struggling
August 21, 2010 — Los Angeles Times

Reporting from Washington —  Just as the housing market recovery has stalled, so has the Obama administration's main program to ease home foreclosures.

Housing Slide in U.S. Threatens to Drag Economy Into Recession
August 23, 2010 — Bloomberg

Housing led the U.S. out of seven of the last eight recessions. This time, it may kill the recovery.

New Online Help From Fannie Mae
August 20, 2010  — New York Times

SINCE foreclosures started to rise sharply in 2007, struggling borrowers have been offered a lot of help online. Some is well-meaning, but some is simply a scam in the form of expensive “debt relief” services that may be offered free elsewhere.

Foreclosures driving down property values
August 22, 2010 — Florida Today

REOs and short sales. Five years ago, few people, even those who made their living in real estate, were familiar with those terms. Now, they are the driving force in Brevard County's housing market, while also dragging down the value of other homes and slowing the push for new construction, one of the county's main economic engines.