RealtyTrac: Sales of Foreclosed Homes 'Astronomically High' in Q1
May 26, 2011, Associated Press

Sales of bank-owned homes constituted a slightly larger percentage of all sales in the first quarter versus the end of last year, according to market researcher RealtyTrac. Also see: CNN Money, Bloomberg and Reuters.

California and Illinois Expand Foreclosure Probes
May 25, 2011, Associated Press

The top prosecutors in California and Illinois are investigating allegations that one of the nation's largest mortgage processing companies engaged in the illegal practice of “robosigning” — signing thousands of foreclosure documents without checking their accuracy. The attorneys general of both states said Wednesday that they've subpoenaed Lender Processing Services Inc. California ordered the company to produce documents and answer questions about its practices as far back as 2007. Also see: Los Angeles Times and Bloomberg.

Florida Pulls Plug on Rocket-Docket Foreclosure Courts
May 25, 2011, CNN Money

Say bye-bye to Florida's rocket-docket foreclosure courts. Facing a major budget shortfall, state lawmakers have opted not to renew a $6 million shot of funds for the court system to dig its way out from an avalanche of foreclosures. Judges are concerned that the backlog will build again, especially if the pace of foreclosures picks up.

Worthies Worth Blaming, and a Way Ahead
May 21, 2011, Barron’s

When it comes to the economy, can government ever be part of the problem? To its credit, the Obama administration acknowledged as much in a February report to Congress called "Reforming America's Housing Finance Market." Even to suggest that reforms of housing finance are needed implies that government might bear some responsibility. Government has played an aggressive role in this financial market for many years, and it now accounts for more than 90% of the housing finance that still goes on.

Sales of New Homes in U.S. Rose in April
May 24, 2011, Bloomberg

Purchases of new houses rose in April to the highest level so far this year after plunging to a record low two months earlier. Sales climbed 7.3 percent to a 323,000 annual pace last month, figures from the Commerce Department showed today in Washington.

Florida ‘Rocket Docket’ Trimmed Down
May 24, 2011, Florida Times-Union

The funding that created Florida's foreclosure courts is gone but, at least in Jacksonville, the court will continue — with a change. Last year, the Legislature approved $6 million for courts whose sole purpose was to speed the process and reduce the backlog of foreclosure cases. Retired senior judges were hired and paid by the day with a mission of clearing 25 cases an hour.

10 Cities Where Rents Are Rising the Most
May 24, 2011, U.S. News & World Report

It might not sound like good news for tenants, but rising rents are usually an early sign that the local economy is picking up steam. And since renters often turn into buyers, steep rent increases can be one thing that boosts home purchases and helps the housing market recover. Here are 10 cities where rents are rising the most, according to data provided by research firm REIS.

Is the Home Foreclosure Crisis Ending?
May 23, 2011, TIME

Foreclosures have been holding back the housing market for some time. It's one of the reasons housing prices have continued to sag, long after many predicted a rebound. But recently there has been some news that seems to suggest a light at the end of the housing bust tunnel. The number of completed foreclosures has been dropping recently. More importantly, the number of home owners who are newly having problems paying their mortgage has fallen as well. Does that mean the drag that foreclosures have had on the housing market will be easing as well?

Utah House Flippers Will Star in a National TV Show
May 23, 2011, Salt Lake Tribune

Utah house flippers Mike Baird and Doug Clark have seen it all. Foreclosures infested with rats and mold, homes filled with drug paraphernalia and rotting meat. In the fall, America will see what they do for a living in Spike TV’s new series "Flipping Foreclosures," from the producers of "The Biggest Loser." And Spike is coming to Utah specifically because of Baird and Clark.

Calif. Supreme Court denies plaintiff petition for review in MERS case
HousingWire — May 19, 2011

The California Supreme Court denied a petition for review from a homeowner who lost his property through foreclosure.

Editorial: A way to clean up foreclosure mess
Chicago Sun-Times — May 20, 2011

One of the worst things about the foreclosure crisis is the feeling of inevitability that accompanies it.

Fewer judges will be hearing Florida foreclosures as state money runs out
The Palm Beach Post — May 19, 2011

Florida's courts are out $6 million after state lawmakers chose not to extend a one-time stipend aimed at reducing a foreclosure backlog.

April Las Vegas home sales stagnate and prices slump: DataQuick
HousingWire — May 19, 2011

Las Vegas home sales in April were essentially flat over April 2010 with just a 0.4% uptick, while prices slumped 13% as foreclosures continued to dominate the market, according to DataQuick.

In a conference call with the media this morning, RealtyTrac Senior Vice President Rick Sharga and Trulia CEO Pete Flint unveiled the results of the two companies' latest survey of attitudes toward foreclosure and other issues affecting the housing market. The biggest news takeaway was that U.S. adults are becoming increasingly pessimistic about the speed of the housing recovery, with 54 percent of those surveyed saying they expect the housing market to recover in 2014 or later. That's a shift from a December survey by RealtyTrac and Trulia in which 42 percent of those surveyed thought the housing market would recover by 2012.

Some other interesting tidbits from the survey: 45 percent of those surveyed said they thought the government is not doing enough to prevent foreclosures, while 17 percent said too much is being done; and on average American adults expect to pay 38 percent less for a foreclosed home than a similar home not in foreclosure.

One new question for this iteration of the survey that I found particularly interesting was regarding whether those surveyed had experienced or knew someone who had participated in one of several activities related to foreclosure: application for or acceptance of a loan modification, stopped making mortgage payments, lost home to foreclosure, walked away from home, or sold via short sale. Nearly 30 percent of all respondents indicated they had themselves or knew someone who had participated in one of these activities, with 11 percent knowing someone who had lost a home to foreclosure and 8 percent knowing someone who had walked away from a home.

Not surprisngly, these percentages were higher in the West region, which includes many of the states hardest hit by foreclosure. In the West, 16 percent of those surveyed knew someone who had lost their home to foreclosure and 12 percent knew someone who had walked away. Possibly related to this was another question asking homeowners if they would be willing to walk away from their home if it was "underwater" (where the outstanding loan balance exceeded the value of the property). Nationwide, 44 percent of homeowners surveyed said they would at least consider walking away and 56 percent said they would never consider walking away. But the percentages were nearly flipped in the West region, where 52 percent of homeowners surveyed said they would consider walking away and 48 percent said they would never consider walking away.

Could this be an indication that homeowners are susceptible to peer pressure when it comes to walking away from their homes, and the more they know of others who have done it, the more likely they will be to do it themselves?

Why are short sales so long and drawn out?
Los Angeles Times — May 17, 2011

The housing market may be on the ropes, but Curt Beck was ready to come out swinging. He offered $385,000 for a three-bedroom house in Acton. The seller was happy with the terms. But it was unclear if the mortgage holders would allow the deal to go through.

New York foreclosure backlog: 'A totally different world'
HousingWire — May 16, 2011

The New York foreclosure system reached a crisis point in late 2010.

Freddie Mac Offering Selling Agent Bonuses to Move REOs
DSNews — May 16, 2011

Freddie Mac announced Monday the launch of a nationwide sales promotion for its inventory of foreclosed homes.

New-home builders worried housing market won't recover this year
Associated Press — May 16, 2011

WASHINGTON -- U.S. homebuilders are concerned that the struggling housing market won't recover this year, and some feel it may be getting worse.

MERS Ruling in Michigan Leaves Title Companies Hesitant on REO Sales
DSNews — May 16, 2011

The Michigan Court of Appeals has ruled that Mortgage Electronic Registration Systems, Inc. (MERS) does not meet the requirements under state statute to foreclose by advertisement.

Homeowners have a fighting chance with foreclosure law
The Maui News — May 15, 2011

WAILUKU - With the ailing economy, many people have lost income and have been unable to make monthly mortgage payments.