Shadow inventory stepping into the light
Shadow inventory stepping into the light
September 20, 2010 — Inman News
The loan modification programs were certainly successful in delaying the inevitable: foreclosure. As shown in the chart below, there are now approximately 2.5 million foreclosures in process, and another 2.5 million mortgages that are 90-plus days delinquent. These numbers will trend down, while bank-owned properties (REOs) -- currently there are 562,000 REOs -- and short sales will trend up.
Homebuilders' confidence stuck at 18-month low
September 21, 2010 — Associated Press
WASHINGTON — Homebuilders' confidence in the housing market stayed this month at the lowest level in 18 months, and more are worried that the traffic of potential buyers is falling.
Loan originators scramble to get licenses, keep jobs
September 21, 2010 — The Press-Enterprise
As part of a federal drive to protect consumers and the nation against another credit meltdown and storm of foreclosures, mortgage loan officers are scrambling to qualify for the first professional licenses meant to prove they know their profession's ethics and laws.
One year of First Look: Fannie Mae sells 29,000 REOs to owner occupants
September 20, 2010 — HousingWire
A year into its First Look program, Fannie Mae vendors have sold 29,000 REO properties to owner-occupants and 5,000 to public entities under the Neighborhood Stabilization Program.
Ally Financial denies foreclosure moratorium
September 20, 2010 — HousingWire
Ally Financial, formerly GMAC Mortgage, said previous reports of a foreclosure moratorium in 23 states are not true, and it is instead addressing an issue raised with the execution of one or more judicially required forms.