I’m not going to pick the bottom of the housing market just yet, but I am willing to concede that, for many people, it just doesn’t matter anymore. In some neighborhoods across the Bay Area, home prices may drift 10-20 percent lower over the next few years. In others, they could stay roughly flat or [...]
Below is the full fact sheet of the Obama housing plan from whitehouse.gov. In his State of the Union address, President Obama laid out a Blueprint for an America Built to Last, calling for action to help responsible borrowers and support a housing market recovery. While the government cannot fix the housing market on its own, [...]
California foreclosure activity fell in 2011, largely due to loan modifications and procedural delays. DataQuick reports: La Jolla, CA.–The number of California homes going into foreclosure dropped in the fourth quarter of 2011 to the second-lowest level in more than four years, the result of evolving lender and mortgage servicer policies as well as shifting [...]
From Lender Processing Services: JACKSONVILLE, Fla. – January 6, 2012 – The November Mortgage Monitor report released by Lender Processing Services, Inc. (NYSE: LPS) shows that while mortgage delinquencies at the end of November 2011 were nearly 25 percent less than the January 2010 peak, the trend toward fewer loans becoming delinquent, which dominated 2010 [...]
HAMP is a miserable failure, we can probably all agree. As I was reading the August highlights, one figure stood out – something that I’m not sure I noticed before. Only 10,544 active modifications included some form of principal reduction. HAMP is doing almost exactly zero to help with our negative-equity problem. Statistically, once people [...]
Pennsylvania has a better foreclosure prevention program that could be a model for the rest of the country.