Case-Shiller Number Show Price Declines, Obstacles Delay REO Sales

Octavion — Tue, 27 Jan 2009 18:54:00 GMT

Look at Case-Shiller Numbers, by Metro Area
Wall Street Journal
January 27, 2009

The S&P/Case-Shiller home-price index, a closely watched gauge of U.S. home prices, showed accelerating price declines.

Obstacles Delay REO Sales
Inman News
January 27, 2009

This is the second installment in a two-part series that focuses on the waves of foreclosed, bank-owned properties (also known as real estate-owned properties or REOs) that will hit the for-sale market, and the plans and pitfalls for reducing this inventory. Part One ran yesterday.

Making Foreclosures More Orderly
New York Times
January 27, 2009

At the center of the financial maelstrom are millions of homes at risk of foreclosure. These homes are the assets that lie behind the toxic securities that have poisoned the balance sheets of the banking sector. What can be done about all those foreclosures?
That’s it for today.

Bankruptcy Fix Will Cut Foreclosures 20 Percent
Reuters
January 27, 2009

A plan to let bankruptcy judges erase some mortgage debt will help lower foreclosures by 20 percent and stabilize the troubled housing market, a Credit Suisse report concluded on Monday.

The Specter of Nationalization
The Economist
January 27, 2009

There are ways for governments to revitalize banks without taking them over.

Should I Stay Or Should I Go?

Octavion — Wed, 31 Dec 2008 19:27:00 GMT

When the British rock band The Clash penned their only number-one single “Should I Stay Or Should I Go” in 1981 for their album Combat Rock, they never imaged the song would have serious implications for the 2009 U.S. housing market.

Today, many struggling homeowners, drowning under the strain of growing debt, are pondering the same question: Should I stay or should I go?

The lyrics reflect on the struggle of a rocky relationship and whether to stick it out or end it. Troubled homeowners are faced with this same dilemma, wondering whether:

Should I stay or should I go now?
If I go there will be trouble
And if I stay it will be double

For those who are uncertain, California attorney Peter Fredman has a solution: the “Walk Away” calculator, which can help cash-strapped homeowners calculate the cost of staying versus the cost of going (walking away). Fredman’s calculator asks a series of financial questions, like the value of the home, the balance of the mortgage and three other questions. The calculator doesn’t factor in taxes and other expenses, but it does give homeowners an idea of how deep they are in debt and whether foreclosure is their most sensible option.

While some may see his calculator as irresponsible, others might consider the Walk Away calculator as a way to help struggling homeowners wrestling about whether they should stay or go.

Clearly making a decision on the direction of the real estate market right now is tricky. But whatever homeowners decide, The Clash would certainly encourage them to:

Come on and let me know
Should I cool it or should I blow?

Foreclosure community blog resource powered by RealtyTrac : RealtyTrac, Foreclosure Trends, Walk Away, foreclosures

Case-Shiller Number Show Price Declines, Obstacles Delay REO Sales

Should I Stay Or Should I Go?