So, where are all the foreclosures?

[fun4vnay2]

donaldduckmoore:

The bank did reduce his principal amount if my friend understands it properly.
Actually, my colleague is too naive to understand how come he got this deal.
But he knows one thing for sure: Instead of paying $4k for 26 years, now he has to pay $2k for 30 years to own the house.

and he is a happy man!!

[Zeitgeist]

Foreclosures Up 30 Percent in February

Thursday, March 12, 2009

WASHINGTON — Despite halts on new foreclosures by several major lenders, the number of households threatened with losing their homes rose 30 percent in February from last year’s levels, RealtyTrac reported Thursday.

Nationwide, nearly 291,000 homes received at least one foreclosure-related notice last month, up 6 percent from January, according to the Irvine, Calif-based company. While foreclosures are highly concentrated in the Western states and Florida, the problem is spreading to states like Idaho, Illinois and Oregon as the U.S. economy worsens.

“It doesn’t bode well,” for the embattled U.S. housing market, said Rick Sharga, vice president for marketing at RealtyTrac, a foreclosure listing firm. “At least for the foreseeable future, it’s going to continue to be pretty ugly.”

The rise in foreclosure filings came despite temporary halts to foreclosures by Fannie Mae and Freddie Mac, and major banks JPMorgan Chase, Morgan Stanley, Citigroup and Bank of America. Those companies pledged to do so in advance of President Barack Obama’s plan to stem the foreclosure crisis, which was launched last week.

Two states that contributing to the increase were Florida and New York, where temporary bans on foreclosures ended.

[Zeitgeist]

Foreclosures Up 30 Percent in February

Thursday, March 12, 2009

WASHINGTON — Despite halts on new foreclosures by several major lenders, the number of households threatened with losing their homes rose 30 percent in February from last year’s levels, RealtyTrac reported Thursday.

Nationwide, nearly 291,000 homes received at least one foreclosure-related notice last month, up 6 percent from January, according to the Irvine, Calif-based company. While foreclosures are highly concentrated in the Western states and Florida, the problem is spreading to states like Idaho, Illinois and Oregon as the U.S. economy worsens.

“It doesn’t bode well,” for the embattled U.S. housing market, said Rick Sharga, vice president for marketing at RealtyTrac, a foreclosure listing firm. “At least for the foreseeable future, it’s going to continue to be pretty ugly.”

The rise in foreclosure filings came despite temporary halts to foreclosures by Fannie Mae and Freddie Mac, and major banks JPMorgan Chase, Morgan Stanley, Citigroup and Bank of America. Those companies pledged to do so in advance of President Barack Obama’s plan to stem the foreclosure crisis, which was launched last week.

Two states that contributing to the increase were Florida and New York, where temporary bans on foreclosures ended.

[Zeitgeist]

Foreclosures Up 30 Percent in February

Thursday, March 12, 2009

WASHINGTON — Despite halts on new foreclosures by several major lenders, the number of households threatened with losing their homes rose 30 percent in February from last year’s levels, RealtyTrac reported Thursday.

Nationwide, nearly 291,000 homes received at least one foreclosure-related notice last month, up 6 percent from January, according to the Irvine, Calif-based company. While foreclosures are highly concentrated in the Western states and Florida, the problem is spreading to states like Idaho, Illinois and Oregon as the U.S. economy worsens.

“It doesn’t bode well,” for the embattled U.S. housing market, said Rick Sharga, vice president for marketing at RealtyTrac, a foreclosure listing firm. “At least for the foreseeable future, it’s going to continue to be pretty ugly.”

The rise in foreclosure filings came despite temporary halts to foreclosures by Fannie Mae and Freddie Mac, and major banks JPMorgan Chase, Morgan Stanley, Citigroup and Bank of America. Those companies pledged to do so in advance of President Barack Obama’s plan to stem the foreclosure crisis, which was launched last week.

Two states that contributing to the increase were Florida and New York, where temporary bans on foreclosures ended.

[Zeitgeist]

Foreclosures Up 30 Percent in February

Thursday, March 12, 2009

WASHINGTON — Despite halts on new foreclosures by several major lenders, the number of households threatened with losing their homes rose 30 percent in February from last year’s levels, RealtyTrac reported Thursday.

Nationwide, nearly 291,000 homes received at least one foreclosure-related notice last month, up 6 percent from January, according to the Irvine, Calif-based company. While foreclosures are highly concentrated in the Western states and Florida, the problem is spreading to states like Idaho, Illinois and Oregon as the U.S. economy worsens.

“It doesn’t bode well,” for the embattled U.S. housing market, said Rick Sharga, vice president for marketing at RealtyTrac, a foreclosure listing firm. “At least for the foreseeable future, it’s going to continue to be pretty ugly.”

The rise in foreclosure filings came despite temporary halts to foreclosures by Fannie Mae and Freddie Mac, and major banks JPMorgan Chase, Morgan Stanley, Citigroup and Bank of America. Those companies pledged to do so in advance of President Barack Obama’s plan to stem the foreclosure crisis, which was launched last week.

Two states that contributing to the increase were Florida and New York, where temporary bans on foreclosures ended.

[Zeitgeist]

Foreclosures Up 30 Percent in February

Thursday, March 12, 2009

WASHINGTON — Despite halts on new foreclosures by several major lenders, the number of households threatened with losing their homes rose 30 percent in February from last year’s levels, RealtyTrac reported Thursday.

Nationwide, nearly 291,000 homes received at least one foreclosure-related notice last month, up 6 percent from January, according to the Irvine, Calif-based company. While foreclosures are highly concentrated in the Western states and Florida, the problem is spreading to states like Idaho, Illinois and Oregon as the U.S. economy worsens.

“It doesn’t bode well,” for the embattled U.S. housing market, said Rick Sharga, vice president for marketing at RealtyTrac, a foreclosure listing firm. “At least for the foreseeable future, it’s going to continue to be pretty ugly.”

The rise in foreclosure filings came despite temporary halts to foreclosures by Fannie Mae and Freddie Mac, and major banks JPMorgan Chase, Morgan Stanley, Citigroup and Bank of America. Those companies pledged to do so in advance of President Barack Obama’s plan to stem the foreclosure crisis, which was launched last week.

Two states that contributing to the increase were Florida and New York, where temporary bans on foreclosures ended.

[briansd1]

scarlet, and jpinpb, I agree that the banks are waiting for RTC2.

The problem with RTC back is that back in the 1990s most of the properties were commercial and development tracts. The insiders made a lot of money buying for pennies on the dollar.

Now, we’re talking about millions of individual houses/condos.

The loan reworks shift the benefits to the homeowners. The insiders are still looking for ways to make money on the mortgage notes because it’s not so easy to make money on the physical properties.

With commercial and land beginning to be hard-hit, that’s where the insiders will concentrate their efforts.

[briansd1]

scarlet, and jpinpb, I agree that the banks are waiting for RTC2.

The problem with RTC back is that back in the 1990s most of the properties were commercial and development tracts. The insiders made a lot of money buying for pennies on the dollar.

Now, we’re talking about millions of individual houses/condos.

The loan reworks shift the benefits to the homeowners. The insiders are still looking for ways to make money on the mortgage notes because it’s not so easy to make money on the physical properties.

With commercial and land beginning to be hard-hit, that’s where the insiders will concentrate their efforts.

[briansd1]

scarlet, and jpinpb, I agree that the banks are waiting for RTC2.

The problem with RTC back is that back in the 1990s most of the properties were commercial and development tracts. The insiders made a lot of money buying for pennies on the dollar.

Now, we’re talking about millions of individual houses/condos.

The loan reworks shift the benefits to the homeowners. The insiders are still looking for ways to make money on the mortgage notes because it’s not so easy to make money on the physical properties.

With commercial and land beginning to be hard-hit, that’s where the insiders will concentrate their efforts.

[briansd1]

scarlet, and jpinpb, I agree that the banks are waiting for RTC2.

The problem with RTC back is that back in the 1990s most of the properties were commercial and development tracts. The insiders made a lot of money buying for pennies on the dollar.

Now, we’re talking about millions of individual houses/condos.

The loan reworks shift the benefits to the homeowners. The insiders are still looking for ways to make money on the mortgage notes because it’s not so easy to make money on the physical properties.

With commercial and land beginning to be hard-hit, that’s where the insiders will concentrate their efforts.

[briansd1]

scarlet, and jpinpb, I agree that the banks are waiting for RTC2.

The problem with RTC back is that back in the 1990s most of the properties were commercial and development tracts. The insiders made a lot of money buying for pennies on the dollar.

Now, we’re talking about millions of individual houses/condos.

The loan reworks shift the benefits to the homeowners. The insiders are still looking for ways to make money on the mortgage notes because it’s not so easy to make money on the physical properties.

With commercial and land beginning to be hard-hit, that’s where the insiders will concentrate their efforts.

[jpinpb]

crazyob brought up a good point on the
Foreclosure onslaught continues thread:
[quote=crazyob]I wonder if the banks have stopped selling their homes and even pulling ones from the market that were from sale. This all started two weeks ago when the new “mark to market rules” were approved. Within these new rules a bank can claim their home that was bought in 2006 for 500k is still worth 500k on the books, if they sold it they would need claim the loss of the last couple of years more like $375k.
That being said why would a bank sell a forclosed property? I think in the next couple of months you will see more and more empty unkept forclosed homes, NOT FOR SALE, bringing more blight to neighborhoods, Thanks Banks!

[/quote]

I think he may be on to something, as I posted:

Maybe all these NODs on places are either going to be re-worked or sold in bulk, not ever getting listed. M2M.

So the next question would be what the M2M will do, then. Are they going to rent all of them? I mean, rents are already declining and I just don’t see it. If banks re-work half (being optimistic) and the M2M rents what they get, renters will be in a great position for bargains.

I’m not understanding the M2M very well. I’m thinking if there’s a loss to those who buy bulk from banks, they are also covered by the taxpayers. So, no skin off them. They can just list them, too.

Once again, I think this is going to be a long, drawn out process and the places w/NODs from last month, won’t get to market until end of year, and accordingly for every month thereafter.

[jpinpb]

crazyob brought up a good point on the
Foreclosure onslaught continues thread:
[quote=crazyob]I wonder if the banks have stopped selling their homes and even pulling ones from the market that were from sale. This all started two weeks ago when the new “mark to market rules” were approved. Within these new rules a bank can claim their home that was bought in 2006 for 500k is still worth 500k on the books, if they sold it they would need claim the loss of the last couple of years more like $375k.
That being said why would a bank sell a forclosed property? I think in the next couple of months you will see more and more empty unkept forclosed homes, NOT FOR SALE, bringing more blight to neighborhoods, Thanks Banks!

[/quote]

I think he may be on to something, as I posted:

Maybe all these NODs on places are either going to be re-worked or sold in bulk, not ever getting listed. M2M.

So the next question would be what the M2M will do, then. Are they going to rent all of them? I mean, rents are already declining and I just don’t see it. If banks re-work half (being optimistic) and the M2M rents what they get, renters will be in a great position for bargains.

I’m not understanding the M2M very well. I’m thinking if there’s a loss to those who buy bulk from banks, they are also covered by the taxpayers. So, no skin off them. They can just list them, too.

Once again, I think this is going to be a long, drawn out process and the places w/NODs from last month, won’t get to market until end of year, and accordingly for every month thereafter.

[jpinpb]

crazyob brought up a good point on the
Foreclosure onslaught continues thread:
[quote=crazyob]I wonder if the banks have stopped selling their homes and even pulling ones from the market that were from sale. This all started two weeks ago when the new “mark to market rules” were approved. Within these new rules a bank can claim their home that was bought in 2006 for 500k is still worth 500k on the books, if they sold it they would need claim the loss of the last couple of years more like $375k.
That being said why would a bank sell a forclosed property? I think in the next couple of months you will see more and more empty unkept forclosed homes, NOT FOR SALE, bringing more blight to neighborhoods, Thanks Banks!

[/quote]

I think he may be on to something, as I posted:

Maybe all these NODs on places are either going to be re-worked or sold in bulk, not ever getting listed. M2M.

So the next question would be what the M2M will do, then. Are they going to rent all of them? I mean, rents are already declining and I just don’t see it. If banks re-work half (being optimistic) and the M2M rents what they get, renters will be in a great position for bargains.

I’m not understanding the M2M very well. I’m thinking if there’s a loss to those who buy bulk from banks, they are also covered by the taxpayers. So, no skin off them. They can just list them, too.

Once again, I think this is going to be a long, drawn out process and the places w/NODs from last month, won’t get to market until end of year, and accordingly for every month thereafter.

[jpinpb]

crazyob brought up a good point on the
Foreclosure onslaught continues thread:
[quote=crazyob]I wonder if the banks have stopped selling their homes and even pulling ones from the market that were from sale. This all started two weeks ago when the new “mark to market rules” were approved. Within these new rules a bank can claim their home that was bought in 2006 for 500k is still worth 500k on the books, if they sold it they would need claim the loss of the last couple of years more like $375k.
That being said why would a bank sell a forclosed property? I think in the next couple of months you will see more and more empty unkept forclosed homes, NOT FOR SALE, bringing more blight to neighborhoods, Thanks Banks!

[/quote]

I think he may be on to something, as I posted:

Maybe all these NODs on places are either going to be re-worked or sold in bulk, not ever getting listed. M2M.

So the next question would be what the M2M will do, then. Are they going to rent all of them? I mean, rents are already declining and I just don’t see it. If banks re-work half (being optimistic) and the M2M rents what they get, renters will be in a great position for bargains.

I’m not understanding the M2M very well. I’m thinking if there’s a loss to those who buy bulk from banks, they are also covered by the taxpayers. So, no skin off them. They can just list them, too.

Once again, I think this is going to be a long, drawn out process and the places w/NODs from last month, won’t get to market until end of year, and accordingly for every month thereafter.

[Author]

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