The Mortgage Forgiveness Debt Relief Act of 2007 is set to expire at the end of the year. The act allows taxpayers to be excluded from paying taxes on forgiven debt in certain situations. As their website explains: “The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of […]
The Mortgage Bankers Association (MBA) released their 3rd Quarter Delinquency Survey last week. The report revealed that both the delinquency and shadow inventory numbers are improving. DSNews, reporting on the survey, explained: “The Mortgage Bankers Association noted in a Thursday report that a four-year low in serious mortgage delinquencies and a drop in the percentage […]
CoreLogic, in their most recent foreclosure report, revealed that approximately 1.3 million homes, or 3.2 percent of all homes with a mortgage, were in the national foreclosure inventory as of August 2012 compared to 1.4 million, or 3.4 percent, in August 2011. Month-over-month, the national foreclosure inventory was unchanged from July 2012 to August 2012. […]
According to the latest foreclosure report from CoreLogic, there were 57,000 completed foreclosures in the U.S. in August 2012, down from 75,000 in August 2011 and 58,000 in July 2012. Mark Fleming, chief economist for CoreLogic reveals: “August marks the fourth month in a row there were fewer completed foreclosures, which is more evidence that […]
The most recent monthly Foreclosure Market Report from RealtyTrac was released last week. It confirmed what we have been stating for the last several months – foreclosures are increasing in states with a judicial process (especially in the Northeast) while at the same time are decreasing in non-judicial states. As stated in the report: “Foreclosure […]
The Wall Street Journal is doing a series of articles on the impact shadow inventory will have on the housing market. In the first article, Shadow Inventory: It’s Not as Scary as It Looks, they address why no one should be overly concerned: “There are several reasons why the shadow inventory isn’t as scary as […]
InfoGraphic
In judicial states the foreclosure process must be handled through the state’s court system thus extending the timelines to bring a home to foreclosure.
Yesterday, we reported on the adverse impact foreclosures have had and will continue to have on the children of this country. Today, we want to talk about how parents can soften the effect. If you can’t keep your house, you must decide how to leave and determine the impact of your decision on your children. […]
We reported two months ago that foreclosures will significantly increase this summer as a result of The National Mortgage Settlement. This month, both Reuters (Americans brace for next foreclosure wave) and CNNMoney (Flood of foreclosures to hit the housing market) concurred. However, we believe this increase in distressed properties will have a much different impact […]
[INFOGRAPHIC]
The months it would take to sell off all homes under distress or 90 days or more delinquent based on the current sales pace.
There has been much talk about the government selling bulk foreclosures which will be converted into rentals. What will this actually mean to the housing market? For the answer to that question, we go directly to the 2/28/2012 Senate testimony of the person making the decisions on this subject: Edward J. DeMarco, Acting Director of […]
Attention Readers: At the end of last year, we posted a graphic showing Shadow Inventory levels for each state. This graphic is a much more accurate measure.
There have been conflicting opinions as to where housing prices are headed. We want to give our opinion on this subject for the short term. We believe sellers have a window of opportunity for the next 90-120 days in most parts of the country in which to sell their homes for maximum price. We believe […]
Methodology as per CoreLogic: The foreclosure inventory represents the number and ratio of homes that have been placed into the process of foreclosure by the mortgage servicer. Mortgage servicers start the foreclosure process when the mortgage reaches a specific level of serious delinquency as dictated by the investor for the mortgage loan … The foreclosure inventory is measured only against homes that have an outstanding mortgage. Homes with no mortgage liens can never be in foreclosure and are therefore excluded from the analysis.
For further information, go to www.corelogic.com
Last week, we explained that the National Mortgage Settlement gave banks a roadmap showing them how to proceed with the backlog of foreclosures (known as shadow inventory) that has been hanging over the housing market for more than a year. We believe that understanding this dynamic is crucial in determining home prices as we go […]
There has been much written on the recently negotiated National Mortgage Settlement. Most of the reporting has revolved around the $25 billion that will be issued to consumers and states that have been impacted by the robo-signing scandal of 2010. We want to talk about a different issue addressed by the settlement. Foreclosures have been […]
Last week, the Federal government and 49 state governments (Oklahoma being the exception) agreed to a $25 billion settlement regarding robo-signing and the challenges it created in the foreclosure process. We want to give a synopsis of the settlement and some perspective on what effect it will have on the housing market in 2012. The […]
Predicting trends during the most volatile housing market in American real estate history is no easy task. We strongly believe these are the five real estate items we should keep an eye on in 2012: 1. Buyers Will Return In 2011, a lack of consumer confidence in the overall economy dramatically impacted the housing market. […]
This week we are posting the best blogs of 2011 by category. We hope you enjoy them as much as you did when we first posted them. – The KCM Crew
