The Huffington Post recently published an essay optimistically titled “How to Fix the Great Real Estate After-Bubble.” The “fix” proposed by Mary Manning Cleveland, a professor of environmental economics at Columbia University, is to get Congress to force banks to write down the principal balances on millions of underwater mortgages to their post-bubble market values. […] Click Here To View More
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The Home Affordable Modification Program (HAMP) has done a dismal job of helping underwater homeowners. The reason is NOT because we’re spending too little on homeowner-relief programs and spending too much rescuing financial institutions, as a blog post last week on MarketWatch titled “Modified mortgages show ‘alarming’ default trend” alleged last week. The reason HAMP […] Click Here To View More
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Market Activity March 2013 California real estate sales – the sum of distressed and non-distressed property sales – fell 12.9 percent year-over-year. Some of the decline this year is likely due to the roving Easter holiday that landed on March 31 this year and April 8 last year. Over a longer time period, however, Q1 […] Click Here To View More
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In a blog post dated April 1, 2013, we reported that the rapid decline in foreclosure sales and short sales since January 1 was likely due to government intervention. At the time of publication we listed the California Homeowner Bill of Rights and the … Click Here To View More
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California foreclosure filings — Notices of Default plus Notices of Trustee Sale — increased 4.0 percent in March, but were down 59.3 percent in the past twelve months. Foreclosure filings have been on a steady downtrend since March 2009 as government agencies have rolled out an ever-increasing array of programs to lengthen the foreclosure process […] Click Here To View More
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A new Federal Reserve Bank of Boston discussion paper by Lauren Lambie-Hanson titled, “When Does Delinquency Result in Neglect”, links the deterioration in certain Boston, Massachusetts properties to various phases of the foreclosure process. Specifically, the study found that borrowers begin neglecting property maintenance when they are 90 days or more delinquent. Property distress (neighborhood […] Click Here To View More
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The falloff in short sales and foreclosure sales since the beginning of the year caught many California real estate professionals and analysts by surprise. We know part of the decline was seasonal, but we have good reason to believe government interven… Click Here To View More
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California foreclosure filings — the sum of Notices of Default and Notices of Trustee Sale — rose 10.0 percent in February after plummeting 43.4 percent in January. Despite the uptick in February, the longer-term downtrend in foreclosures remains intact as the California Homeowner Bill of Rights and the $25 Billion National Mortgage Settlement encourage banks […] Click Here To View More
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Journalists spent an enormous amount of energy on Friday trying to explain what the latest Bureau of Labor Statistics’ (BLS) employment report tells us about the economy. What few people realize is that the January BLS report is the least reliable of the BLS’ employment estimates because of the difficulty accounting for more than 2 […] Click Here To View More
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Despite promises to the contrary, government is systematically making it illegal, or at least completely impractical, for anyone other than a big bank to enjoy getting decent interest rates on their money. According to The Dodd-Frank Wall Street Reform… Click Here To View More
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On November 26, 2012, ForeclosureRadar recorded its millionth California foreclosure sale since we began collecting the data in January 2007. While the foreclosure process can be painful and unpleasant, this milestone also means a million underwater homeowners have escaped a prison of debt. In addition, the California real estate market has made real progress towards […] Click Here To View More
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California Foreclosure Inventory Continues to Decline November 2012 California foreclosure inventory—the total of Preforeclosures, properties in foreclosure that are Scheduled for Sale, and Bank Owned properties (REO)—fell 7.6 percent from the prior month and is down 31.8 percent compared to last year. While the November decline in inventory is not an unusual event, the significant […] Click Here To View More
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We would like to share Sean O’Toole’s 2013 forecast for the California Real Estate Market. Let us know what you think. In 2012, we saw the continuation of a housing recovery in California, with solid sales volumes and price increases thro… Click Here To View More
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Bruce Norris, principal of The Norris Group, an active investor, and real estate educator with over 30 years experience predicts that California homeowners could see a 20 percent increase in median home prices during the next year. According to Mr. Nor… Click Here To View More
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Mortgage Forgiveness Debt Relief Act of 2007 Will Likely Be Extended We expect Congress to extend the Mortgage Forgiveness Debt Relief Act of 2007, which played a major role in this year’s rise in short sales and principal reduction loan modification… Click Here To View More
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Dramatic Increase in California Foreclosure Cancellations October 2012 California foreclosure Cancellations were up 62.1 percent from the prior month, and 36.7 percent compared to last year. While this is not the first time Cancellations have spiked, t… Click Here To View More
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Dramatic Declines In Foreclosure Activity September 2012 California Notice of Defaults were down 20.7 percent from the prior month, and down 48.1 percent compared to last year. There has been speculation that the banks would rush to clear inventory be… Click Here To View More
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Foreclosure Starts Down Dramatically August 2012 California Notice of Defaults were down 23.6 percent from the prior month, and down 49.1 percent compared to last year. In Arizona, Notice of Sales were down 16.1 percent from the prior month, and down 4… Click Here To View More
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We continue to hear about the foreclosure wave that is coming after the election or after the New Year. There is clearly no foreclosure wave in sight. Given that it is taking the banks over 280 days in California to resell a property, we would need… Click Here To View More
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Foreclosure Trends Are Mixed July 2012 California Foreclosure Sales were up 10.4 percent over last month, while still down 41.7 percent vs. July 2011. California Notice of Defaults were basically flat showing an increase of 1.4 percent vs. June 2011, … Click Here To View More
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