Bank Repossession of Homes Sets New Record in August

[Arraya]

http://finance.yahoo.com/news/Bank-Repossession-of-Homes-cnbc-1047161091.html?source=patrick.net#y-article-hd
The nation’s banks repossessed a record number of homes in August, according to industry sources. RealtyTrac, an online foreclosure sale site, will release its monthly numbers on Thursday, but sources there confirm the number of repossessions will come in just shy of 100,000 for the month.

That is the highest since the site began tracking in 2005. July’s repossession number was the second highest on record. The last highest was 93,777 in May of 2010.

Notices of Default, which are the first step in the foreclosure process, are up slightly but mostly thanks to a jump in California, where the numbers had been artificially low of late, as banks tried to modify borrowers.

“With respect to the NOD increase, I think it is the modification redefault wave beginning to build and new modifications slowing to a trickle, indicating banks have lost their primary borrower re-leveraging tool,” says mortgage industry consultant Mark Hanson.

Yesterday J.P. Morgan Chase (NYSE: jpm) cited the “shadow inventory” of foreclosed properties as one of their primary reasons for pushing back their expectations for a housing recovery as far as 2014. No question, a growing supply of repossessed properties will put further downward pressure on home prices, especially given the current 12.5 month supply of existing homes already for sale.

[bearishgurl]

Chase is one of the main culprits (example here) possessing a large stock of “shadow inventory” in CA, considering how many “portfolio” ARM loans they “inherited” from the now-defunct WAMU. They also purchased thousands of Alt A loans from large mortgage brokers/bankers such as Lending Tree and American Lending Network in recent years immediately after processing . . . for a discount, no doubt. They’re only “pushing back their expectations for a housing recovery” because of their trickle-into-the-market practice of filing their NOD’s and subsequent NOS’s in such a way that “not too much hits the market” in the same subdivision at the same time. They are creating their OWN artificial “trickle” until 2014 ON PURPOSE, to attempt to try to recover AS MUCH AS HUMANLY POSSIBLE from each and every REO by creating bidding wars for them, due to lack of inventory in most areas. Most of these REO’s were built in the last ten years and due to that particular “captive audience,” will have buyers lined up to bid as soon as they hit the market, one by one, while the rest of their “shadow properties” await their turn. Of course, their squatters benefit and buyers be damned! This is just my .02 on this thorny subject.

[bearishgurl]

Chase is one of the main culprits (example here) possessing a large stock of “shadow inventory” in CA, considering how many “portfolio” ARM loans they “inherited” from the now-defunct WAMU. They also purchased thousands of Alt A loans from large mortgage brokers/bankers such as Lending Tree and American Lending Network in recent years immediately after processing . . . for a discount, no doubt. They’re only “pushing back their expectations for a housing recovery” because of their trickle-into-the-market practice of filing their NOD’s and subsequent NOS’s in such a way that “not too much hits the market” in the same subdivision at the same time. They are creating their OWN artificial “trickle” until 2014 ON PURPOSE, to attempt to try to recover AS MUCH AS HUMANLY POSSIBLE from each and every REO by creating bidding wars for them, due to lack of inventory in most areas. Most of these REO’s were built in the last ten years and due to that particular “captive audience,” will have buyers lined up to bid as soon as they hit the market, one by one, while the rest of their “shadow properties” await their turn. Of course, their squatters benefit and buyers be damned! This is just my .02 on this thorny subject.

[bearishgurl]

Chase is one of the main culprits (example here) possessing a large stock of “shadow inventory” in CA, considering how many “portfolio” ARM loans they “inherited” from the now-defunct WAMU. They also purchased thousands of Alt A loans from large mortgage brokers/bankers such as Lending Tree and American Lending Network in recent years immediately after processing . . . for a discount, no doubt. They’re only “pushing back their expectations for a housing recovery” because of their trickle-into-the-market practice of filing their NOD’s and subsequent NOS’s in such a way that “not too much hits the market” in the same subdivision at the same time. They are creating their OWN artificial “trickle” until 2014 ON PURPOSE, to attempt to try to recover AS MUCH AS HUMANLY POSSIBLE from each and every REO by creating bidding wars for them, due to lack of inventory in most areas. Most of these REO’s were built in the last ten years and due to that particular “captive audience,” will have buyers lined up to bid as soon as they hit the market, one by one, while the rest of their “shadow properties” await their turn. Of course, their squatters benefit and buyers be damned! This is just my .02 on this thorny subject.

[bearishgurl]

Chase is one of the main culprits (example here) possessing a large stock of “shadow inventory” in CA, considering how many “portfolio” ARM loans they “inherited” from the now-defunct WAMU. They also purchased thousands of Alt A loans from large mortgage brokers/bankers such as Lending Tree and American Lending Network in recent years immediately after processing . . . for a discount, no doubt. They’re only “pushing back their expectations for a housing recovery” because of their trickle-into-the-market practice of filing their NOD’s and subsequent NOS’s in such a way that “not too much hits the market” in the same subdivision at the same time. They are creating their OWN artificial “trickle” until 2014 ON PURPOSE, to attempt to try to recover AS MUCH AS HUMANLY POSSIBLE from each and every REO by creating bidding wars for them, due to lack of inventory in most areas. Most of these REO’s were built in the last ten years and due to that particular “captive audience,” will have buyers lined up to bid as soon as they hit the market, one by one, while the rest of their “shadow properties” await their turn. Of course, their squatters benefit and buyers be damned! This is just my .02 on this thorny subject.

[bearishgurl]

Chase is one of the main culprits (example here) possessing a large stock of “shadow inventory” in CA, considering how many “portfolio” ARM loans they “inherited” from the now-defunct WAMU. They also purchased thousands of Alt A loans from large mortgage brokers/bankers such as Lending Tree and American Lending Network in recent years immediately after processing . . . for a discount, no doubt. They’re only “pushing back their expectations for a housing recovery” because of their trickle-into-the-market practice of filing their NOD’s and subsequent NOS’s in such a way that “not too much hits the market” in the same subdivision at the same time. They are creating their OWN artificial “trickle” until 2014 ON PURPOSE, to attempt to try to recover AS MUCH AS HUMANLY POSSIBLE from each and every REO by creating bidding wars for them, due to lack of inventory in most areas. Most of these REO’s were built in the last ten years and due to that particular “captive audience,” will have buyers lined up to bid as soon as they hit the market, one by one, while the rest of their “shadow properties” await their turn. Of course, their squatters benefit and buyers be damned! This is just my .02 on this thorny subject.

[permabear]

[quote=bearishgurl]They are creating their OWN artificial “trickle” until 2014 ON PURPOSE, to attempt to try to recover AS MUCH AS HUMANLY POSSIBLE from each and every REO by creating bidding wars for them, due to lack of inventory in most areas. Most of these REO’s were built in the last ten years and due to that particular “captive audience,” will have buyers lined up to bid as soon as they hit the market, one by one, while the rest of their “shadow properties” await their turn.[/quote]
Agreed. And with assistance from us taxpayers, don’t forget.

[permabear]

[quote=bearishgurl]They are creating their OWN artificial “trickle” until 2014 ON PURPOSE, to attempt to try to recover AS MUCH AS HUMANLY POSSIBLE from each and every REO by creating bidding wars for them, due to lack of inventory in most areas. Most of these REO’s were built in the last ten years and due to that particular “captive audience,” will have buyers lined up to bid as soon as they hit the market, one by one, while the rest of their “shadow properties” await their turn.[/quote]
Agreed. And with assistance from us taxpayers, don’t forget.

[permabear]

[quote=bearishgurl]They are creating their OWN artificial “trickle” until 2014 ON PURPOSE, to attempt to try to recover AS MUCH AS HUMANLY POSSIBLE from each and every REO by creating bidding wars for them, due to lack of inventory in most areas. Most of these REO’s were built in the last ten years and due to that particular “captive audience,” will have buyers lined up to bid as soon as they hit the market, one by one, while the rest of their “shadow properties” await their turn.[/quote]
Agreed. And with assistance from us taxpayers, don’t forget.

[permabear]

[quote=bearishgurl]They are creating their OWN artificial “trickle” until 2014 ON PURPOSE, to attempt to try to recover AS MUCH AS HUMANLY POSSIBLE from each and every REO by creating bidding wars for them, due to lack of inventory in most areas. Most of these REO’s were built in the last ten years and due to that particular “captive audience,” will have buyers lined up to bid as soon as they hit the market, one by one, while the rest of their “shadow properties” await their turn.[/quote]
Agreed. And with assistance from us taxpayers, don’t forget.

[permabear]

[quote=bearishgurl]They are creating their OWN artificial “trickle” until 2014 ON PURPOSE, to attempt to try to recover AS MUCH AS HUMANLY POSSIBLE from each and every REO by creating bidding wars for them, due to lack of inventory in most areas. Most of these REO’s were built in the last ten years and due to that particular “captive audience,” will have buyers lined up to bid as soon as they hit the market, one by one, while the rest of their “shadow properties” await their turn.[/quote]
Agreed. And with assistance from us taxpayers, don’t forget.

[scaredyclassic]

What if there were some way to get potential buyers organized to extinguish demand for one week. It might have no more effect than a one week gasoline strike, but it would be an interesting consciousness raiser. all buyers would have no loayalty to each other and would of course pounce on the first good deal while the competition was oon strike, but imagine the press. it could be kinda neat.

[scaredyclassic]

What if there were some way to get potential buyers organized to extinguish demand for one week. It might have no more effect than a one week gasoline strike, but it would be an interesting consciousness raiser. all buyers would have no loayalty to each other and would of course pounce on the first good deal while the competition was oon strike, but imagine the press. it could be kinda neat.

[scaredyclassic]

What if there were some way to get potential buyers organized to extinguish demand for one week. It might have no more effect than a one week gasoline strike, but it would be an interesting consciousness raiser. all buyers would have no loayalty to each other and would of course pounce on the first good deal while the competition was oon strike, but imagine the press. it could be kinda neat.

[scaredyclassic]

What if there were some way to get potential buyers organized to extinguish demand for one week. It might have no more effect than a one week gasoline strike, but it would be an interesting consciousness raiser. all buyers would have no loayalty to each other and would of course pounce on the first good deal while the competition was oon strike, but imagine the press. it could be kinda neat.

[Author]

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