Post by jeffolie on Feb 11, 2010 14:06:30 GMT -6
Distressed Sales=out on your ass
A new label applies to losing your home: Distressed Sales
Of course 'foreclosures' will be down because the label 'foreclosure' has morphed into Destressed Sales.
Lenders are taking the keys, home owners no longer own the home but the legalities shifted somewhat from foreclosures to short sales and deeds in lieu of foreclosure. GSEs are buying defunct mortgages and not foreclosing to save money. All in all the words are changing but for Americans the result is the same - out on your ass.
So banks, lenders and the government lie about losing your home by changing the words inorder to coverup the bad results and avoid accounting rules that make the banks insolvent.
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RealtyTrac: Foreclosures Decline in January, Surge Expected over Next Few Months
Press Release: U.S. Foreclosure Activity Decreases 10 Percent in January
RealtyTrac® ... today released its January 2010 U.S. Foreclosure Market Report™, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 315,716 U.S. properties during the month, a decrease of nearly 10 percent from the previous month but still 15 percent above the level reported in January 2009. The report also shows one in every 409 U.S. housing units received a foreclosure filing in January.
REO activity nationwide was down 5 percent from the previous month but still up 31 percent from January 2009; default notices were down 12 percent from the previous month but still up 4 percent from January 2009; and scheduled foreclosure auctions were down 11 percent from the previous month but still up 15 percent from January 2009.
“January foreclosure numbers are exhibiting a pattern very similar to a year ago: a double-digit percentage jump in December foreclosure activity followed by a 10 percent drop in January,” said James J. Saccacio, chief executive officer of RealtyTrac “If history repeats itself we will see a surge in the numbers over the next few months as lenders foreclose on delinquent loans where neither the existing loan modification programs or the new short sale and deed-in-lieu of foreclosure alternatives works.”
emphasis added
There probably was an increase in foreclosure activity in February, since many of the trial modifications have now ended. However I also think a key theme in 2010 will be short sales, and that might mean fewer foreclosures in 2010 than in 2009 - but still more distressed sales (just a different mix).
www.calculatedriskblog.com/2010/02/realtytrac-foreclosures-decline-in.html
A new label applies to losing your home: Distressed Sales
Of course 'foreclosures' will be down because the label 'foreclosure' has morphed into Destressed Sales.
Lenders are taking the keys, home owners no longer own the home but the legalities shifted somewhat from foreclosures to short sales and deeds in lieu of foreclosure. GSEs are buying defunct mortgages and not foreclosing to save money. All in all the words are changing but for Americans the result is the same - out on your ass.
So banks, lenders and the government lie about losing your home by changing the words inorder to coverup the bad results and avoid accounting rules that make the banks insolvent.
==========================================================
RealtyTrac: Foreclosures Decline in January, Surge Expected over Next Few Months
Press Release: U.S. Foreclosure Activity Decreases 10 Percent in January
RealtyTrac® ... today released its January 2010 U.S. Foreclosure Market Report™, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 315,716 U.S. properties during the month, a decrease of nearly 10 percent from the previous month but still 15 percent above the level reported in January 2009. The report also shows one in every 409 U.S. housing units received a foreclosure filing in January.
REO activity nationwide was down 5 percent from the previous month but still up 31 percent from January 2009; default notices were down 12 percent from the previous month but still up 4 percent from January 2009; and scheduled foreclosure auctions were down 11 percent from the previous month but still up 15 percent from January 2009.
“January foreclosure numbers are exhibiting a pattern very similar to a year ago: a double-digit percentage jump in December foreclosure activity followed by a 10 percent drop in January,” said James J. Saccacio, chief executive officer of RealtyTrac “If history repeats itself we will see a surge in the numbers over the next few months as lenders foreclose on delinquent loans where neither the existing loan modification programs or the new short sale and deed-in-lieu of foreclosure alternatives works.”
emphasis added
There probably was an increase in foreclosure activity in February, since many of the trial modifications have now ended. However I also think a key theme in 2010 will be short sales, and that might mean fewer foreclosures in 2010 than in 2009 - but still more distressed sales (just a different mix).
www.calculatedriskblog.com/2010/02/realtytrac-foreclosures-decline-in.html