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- Tracking foreclosure rates in your ZIP Code
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Where is the rate of foreclosures rising the fastest in Southern California? So glad you asked: Our tech guys have put together …
Original Source: feeds.latimes.com
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22 July, 2008| housingblogs |
Comments (0) @ 13:29
- WaMu: Loss of $3.3 Billion
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From WaMu: WaMu Reports Significant Build-Up of Reserves Contributing to Second Quarter Net Loss of $3.3 Billion WaMu today announced a second quarter 2008 net loss of $3.33 billion as it significantly increased its loan loss reserves by $3.74 billion to $8.46 billion.
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The increase in provision for loan losses reflected the further decline in house prices which increased expected loss…
Original Source:
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22 July, 2008| housingblogs |
Comments (0) @ 13:14
- No escape: Foreclosure more likely than ever for defaulting homeowners
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The efforts of the Hope Now coalition (pictured) are not translating into results in California: new statistics show that homeowners who default on their mortgages are more likely than ever to lose their homes to foreclosure.
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Original Source: feeds.latimes.com
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22 July, 2008| housingblogs |
Comments (0) @ 12:57
- Tracking California Foreclosure
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Taking the CA foreclosure graph first published by the LA Times in 2007, foreclosure since 2006 (in red) is graphed against prior CA foreclosure since 1988….
Original Source: bubbletracking.blogspot.com
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22 July, 2008| housingblogs |
Comments (0) @ 12:53
- June Foreclosure Activity
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Better late than never? Maybe? Hey, I can’t help it if the GSEs go tango-uniform before I get a chance to do the monthly foreclosure charts. Here they are:read more…
Original Source: piggington.com
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22 July, 2008| housingblogs |
Comments (0) @ 12:37
- Losing My Religion
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Losing My Religion — REM
Wikipedia defines f…
Original Source:
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22 July, 2008| housingblogs |
Comments (0) @ 12:30
- A doozy of an agent horror story
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This appeared today as a comment on Anyone have an agent horror story like this one? but I’m highlighting it here because it’s so appalling.
I have a horror story for you - I am a first time homebuyer - young single woman. I just closed on a condo one week ago. I moved into my condo 48 hours after closing, and while actually driving to my new condo with the movers in tow, I get a phone call from my agent who says he has “bad news” - the owner of the condo directly below me called and said water was coming into his condo from above (my condo). Of course I freak out as I have not even moved in yet. We later find out that the entire a/c is “shot” and will need replacement. Keep in mind it is July and I live in New Orleans…so an a/c is a necessity. Of course my inspector did not pick up on this - and my a/c guy is quite astonished by that given the horrible condition and age of the a/c. Another really terrible thing is what my agent did to me (1) he did not tell me anything about a home warranty (2) he did not even suggest a final walk through of the property, even though the place had been vacant for months. Now not only am I going to have to come up with the money to replace the a/c, I am also liable for the damage to the condo below me - which began occurring before I even moved in the place. My closing attorney asked me why I did not do a final walk through, and my answer was that I trusted my agent to guide me and he did not ever advise me to do this. Had we done a final walk through, perhaps we would have picked up on the water that was flooding the unit below me. I really feel like this was the agent’s duty to inform me of these things, and he failed 100%. As a 1st time homebuyer I am not familiar with all of this, which he plainly knew, yet he still was negligent with me. If I had known about a home warranty, perhaps I could have gotten some relief there as well. Of course I also have beef with my inspector for not picking up on this - and I am confronting him as well. In the end who knows how much this will cost me and drive me into debt. I contacted the agent yesterday to give him all this news and the best he could do was say he was sorry and felt “really bad”. He tried to put blame on everyone but him - he said he thought about doing a final walk through, but the seller’s agent was out of town and would not return his calls. He also said he “thought” he told me about a home warranty, which he most certainly did not. I am a young attorney and I know what can happen - I most certainly would have opted to purchase one. Bottom line is he made some serious money off of me for not doing his job….
Original Source: www.businessweek.com
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22 July, 2008| housingblogs |
Comments (0) @ 12:25
- DataQuick: Record California Foreclosure Activity in Q2
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Click on graph for larger image in new window.
This graph shows the number of Notice of Defaults (NODs) filed in California by year since 1992. The 2008 estimate is twice the first half rate.
From DataQuick: Another Increase in California Foreclosure Activity Lenders started foreclosure proceedings on a record number of California homeowners last quarter, the result of declining home values…
Original Source:
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22 July, 2008| housingblogs |
Comments (0) @ 11:47
- Local economic news looking like national headlines
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There were a couple of stories in the Seattle Times over the weekend pertaining to the health of the local economy. The first was an article on the commercial real estate market, highlighting a forecast for falling rents.
Commercial real-estate brokers James Keating and Sean Barnes have one word of advice for their clients looking to lease big chunks of office space in or near downtown Seattle:
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Original Source:
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22 July, 2008| housingblogs |
Comments (0) @ 11:39
- California foreclosures hit 20-year high
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Read full story for latest details.
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Original Source: rss.cnn.com
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22 July, 2008| housingblogs |
Comments (0) @ 11:10
- They’re Giving Away Condos
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The Columbus Dispatch reports from Ohio. “It’s an age-old question, one that probably dates back to the mud-brick homes of ancient Mesopotamia: buy or rent? Ken Gold, director of the Ohio State Fisher College of Business Center for Real Estate Education and Research, said there are still good rental deals to be had. ‘There were too many apartments built five to 10 years ago, and there is a lot of empty inventory sitting there,’ he said.”
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Original Source: thehousingbubbleblog.com
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22 July, 2008| housingblogs |
Comments (0) @ 10:35
- California foreclosures up 261% from ‘07 levels
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Breaking: DataQuick reports today that foreclosures in California soared 33% from the first quarter to the second quarter of 2008, and are running 261% ahead of year-ago levels.
More, from DataQuick: "Lenders started foreclosure proceedings on a record number of California homeowners last quarter, the result of declining home values and the rampant spoilage of a batch of especially risky home loans made in late 2005 and 2006."
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Original Source: feeds.latimes.com
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22 July, 2008| housingblogs |
Comments (0) @ 10:25
- Cal. foreclosures up 261% from ‘07 levels
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Breaking: DataQuick reports today that foreclosures in California soared 33% from the first quarter to the second quarter of 2008, and are running 261% ahead of year-ago levels.
More, from DataQuick: "Lenders started foreclosure proceedings on a record number of California homeowners last quarter, the result of declining home values and the rampant spoilage of a batch of especially risky home loans made in late 2005 and 2006," DataQuick reported.
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Original Source: feeds.latimes.com
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22 July, 2008| housingblogs |
Comments (0) @ 10:25
- CBO: Fannie and Freddie Rescue to Cost $25 billion
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Here is the letter from the CBO. [M]any analysts and traders believe that there is a significant likelihood that conditions in the housing and financial markets could deteriorate more than already reflected on the GSEs’ balance sheets, and such continuing problems would increase the probability that this new authority would have to be used. Taking into account the probability of various possible…
Original Source:
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22 July, 2008| housingblogs |
Comments (0) @ 9:11
- Wachovia’s Contribution to the Credit Crunch
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Can you say "credit crunch"? From Wachovia: On page 26 we talk about some other aspects with regard to $20 billion reduction of loans and securities. We are focused on the reinvestment of securities and lean toward very little reinvestment of maturing securities. We will also have enhanced discipline with regard to commercial lending to be sure we are focused on our very most important strategic…
Original Source:
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22 July, 2008| housingblogs |
Comments (0) @ 8:49
- U.S. home prices drop 4.8% in May
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Read full story for latest details.
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Original Source: rss.cnn.com
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22 July, 2008| housingblogs |
Comments (0) @ 8:15
- Philly Fed State Coincident Indexes for June
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Here is the Philadelphia Fed state coincident index release for June.
Compare these two maps. Click on graph for larger image in new window.
This first map is the three month change for June 2008.
The U.S. is turning red.For comparisons, the second map is the three month change for December 2007.
The indexes increased in 13 states for the month, decreased in 27, and were unchanged in the…
Original Source:
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22 July, 2008| housingblogs |
Comments (0) @ 7:45
- White House: Troubled Homeowners "In The Neighborhood"
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Posted By:Diana OlickFirst I have to apologize. I honestly thought this was something of a stunt. I got a press release from the Neighborhood Assistance Coalition of America (NACA) last week about a 5 day event they would be holding in DC to help troubled borrowers restructure their loans. …
Original Source: www.cnbc.com
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22 July, 2008| housingblogs |
Comments (0) @ 7:43
- White House: Troubled Homeowners "In The Neighborhood"
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Posted By:Diana OlickFirst I have to apologize. I honestly thought this was something of a stunt. I got a press release from the Neighborhood Assistance Coalition of America (NACA) last week about a 5 day event they would be holding in DC to help troubled borrowers restructure their loans. …
Original Source: www.cnbc.com
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22 July, 2008| housingblogs |
Comments (0) @ 7:43
- Phoenix Foreclosures: They’re Not Just For Outlying Areas Anymore
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We’ve been assured by many agents and analysts in Phoenix that the foreclosure pain would be pretty much limited to the outlying areas– it looks like they were wrong:
Metropolitan Phoenix’s foreclosure problem has spread. Many Valley neighborhoods closer in, particularly in south, west and central Phoenix, now have the highest foreclosure rates, according to an Arizona Republic analysis of real-estate data from the Information Market.
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Original Source: housingdoom.com
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22 July, 2008| housingblogs |
Comments (0) @ 7:33