Sales of new US homes slid 8.3 percent in August to their lowest level in seven years, Commerce Department data showed today (September 27, 2007). The report showed new-home sales at a seasonally adjusted annual pace of 795,000, worse than market expectations of a decline to a rate of 825,000. The pace of [...]

Posted in Foreclosure Statistics, Real Estate Market News No Comments »

Newsday reports today that Foxtons, New York metropolitan area real estate powerhouse, said it may file for bankruptcy and close its business, explaining it “can’t stand in the way of a hurricane” that has come about as a result of the decline in the home mortgage industry.
The New Jersey-based company announced that it is “releasing” [...]

Posted in Real Estate Market News No Comments »

Civil rights groups called Wednesday for a six-month moratorium on foreclosures resulting from high-risk loans given to people with shaky credit, arguing that lenders should help borrowers refinance their mortgages - or face lawsuits.
A coalition of advocacy groups said mortgage lenders should immediately halt foreclosures on subprime mortgage loans made at high interest rates to [...]

Posted in Foreclosure Process, Real Estate Market News No Comments »

As financial regulators and Congress probe more deeply into delinquencies and foreclosures in the subprime home loan market, one contributing factor is receiving increased attention: the lack of mandatory escrow accounts. Why? Because many subprime mortgages carry no escrows for property taxes and hazard insurance. That is in stark contrast to the prime [...]

Posted in Real Estate Market News No Comments »

April 2 (Bloomberg) — New Century Financial Corp. became the biggest subprime mortgage company to go bankrupt in the past year after the lender, which specialized in loans to people with poor credit records, was overwhelmed by customer defaults.
The company filed for Chapter 11 bankruptcy protection from its creditors today in federal court in [...]

Posted in Real Estate Market News No Comments »

Recent statistics from RealtyTrac show that the number of houses in foreclosure is up 18% in the last six months of 2006 as compared with the same period of 2005. But even worse is the fact that foreclosure filings in Brooklyn and Queens have doubled from last year.
Experts say lenders planted the seeds of [...]

Posted in Foreclosure Solutions, Real Estate Market News No Comments »

Borrowers were at least 60 days late or in foreclosure on 8.35 percent of subprime loans in November, the worst since July 2003, according to LoanPerformance.
Data from the San Francisco-based home-loan data and analysis unit of First American Corp. includes information from nine of the 10 largest companies that collect payments on the loans. Loans [...]

Posted in Real Estate Market News No Comments »

Senator Christopher Dodd, Chairman of the Banking Committee in the Senate, is calling for the mortgage industry to take greater control over lending practices. The Connecticut Democrat believes that federal regulators may need to intervene.
Home mortgage delinquency and foreclosure rates have been rising, and the impact could be greatest on low-income families that took [...]

Posted in Lawsuits Against Lenders, Real Estate Market News, Scams No Comments »

According to a January 28, 2007 story in the New York Post, New York City foreclosure rates are going through the roof. During 2006 Staten Island saw a 47 percent rise in foreclosures, Brooklyn and The Bronx rose about 25 percent each and Manhattan saw a 4 percent increase. Queens was the only [...]

Posted in Foreclosure Solutions, Real Estate Market News No Comments »

<p>The number of borrowers falling behind on their mortgage payments climbs to the highest level in five years, so the mortgage industry is trying to help homeowners try to avoid foreclosure.  This is according to a recent Wall Street Journal article I found here.</p>
<p>Bank of America Corp. is apparently allowing some borrowers with ARMs to [...]

Posted in Foreclosure Solutions, Real Estate Market News No Comments »