Foreclosure Filings Increase in 60% of Large U.S. Cities
Foreclosure Filings Increase in 60% of Large U.S. Cities
By Dan Levy, BloombergBusinessweek, July 26, 2012
Foreclosure filings rose in almost 60 percent of large U.S. cities in the first half of 2012, indicating many areas will have more distressed homes on the market later this year, RealtyTrac Inc. reported.
RealtyTrac CEO on CNBC: The $1.2 Trillion Housing Problem
By Daren Blomquist, RealtyTrac Vice President, July 25, 2012
RealtyTrac CEO Brandon Moore appeared on CNBC’s Closing Bell with Maria Bartiromo today, providing insight on why properties already in foreclosure only represent the tip of the iceberg when it comes to the potential housing market risk. Moore shared that loans in the foreclosure process represented $45 billion in negative equity, which effectively equates to losses the banks backing those loans will have to absorb when they complete foreclosure or approve a short sale — except for in the rare cases where the banks are willing and able to go after the distressed homeowner for any losses not covered by the sale of the foreclosed home or the short sale.
Hard Up For Good News in the Real Estate Sector
By Joel Cone, Staff Writer, July 25, 2012
Ask any economist and they will tell you that a typical real estate cycle lasts for seven years. The last one we had lasted for more than twice as long.