More than a fifth of U.S. homeowners owed more than their properties were worth in the fourth quarter as the number of houses and condominiums lost to foreclosure climbed to a record, according to Zillow.com.
This chart shows the loss severity for subprime first-lien mortgage loans in the tri-state area (New York, New Jersey, and Connecticut). Loss severity is defined as the average size of a loss if one occurs. Minus 70 percent.
California: 11.3%, up from 10.8% (44% share of the market); Florida: 16.6%, up from 16% (6% share); New Jersey: 7.4%, up from 7.1% (4% share).
Like millions of American households, the Mortgage Bankers Association found itself stuck with real estate whose market value has plunged far below the amount it owed its lenders.
Accounting for foreclosures in the pipeline, the total non-current rate stands at 13.3%, according to the data in the LPS database. When extrapolated for the entire mortgage industry, 7.2m mortgage loans are behind on their payments.
“We’re now at the point of maximum vulnerability. People’s emotional attachment to their property is melting into the air.” Sam Khater, senior economist at First American CoreLogic.
The homeownership rate increased in the '90s and early '00s because of changes in demographics and "innovations" in mortgage lending.
Citing the grim job market, high foreclosure rate and tight lending climate, Mr. Bigelow doesn’t foresee a near-term recovery for the housing market. “It’s like the perfect storm.”
Bair's testimony shows that the Fed knew what was going on; knew that the loans were garbage, knew that people were being victimized, knew that eventually the bubble would burst and the economy would nosedive.
Plunging home prices have exacerbated matters by leaving some FHA borrowers unable to sell or refinance their homes because they owe more than their homes are worth.
15 months after Fannie and Freddie were effectively nationalized, neither the Obama administration nor Congress see how to fix the twin mortgage giants without choking the flow of credit to homeowners and dealing a blow to a fragile housing market.
Take a look at the Obama housing stimulus in action during the summer and fall of 2009.
The number is now 13.9 months: an all time record, and 50% higher than a year ago. Good thing all that shadow inventory is nothing to be worried about as Cramer says.
Gulfport-Biloxi, Miss. Increase since 2008: 784% The 3,000% plus increase in filings over the past two years masks the fact that foreclosure is still a rare occurrence here.
A record 2.8 million households were threatened with foreclosure last year, and that number is expected to rise this year as more unemployed and cash-strapped homeowners fall behind on their mortgages.
There are 920 football fields of available office space in Manhattan. More than 180 major buildings totaling $12.5 billion in value — from Columbus Tower at 1775 Broadway to the office tower 400 Madison Avenue — are in trouble, meaning in many cases
The number of people preparing to buy a home fell sharply in November, an unsettling new sign that the housing market may be headed for a "double-dip" downturn over the winter. The figures came after a similarly discouraging report on new home sales,
Banks and other lenders are still foreclosing on Americans' homes at a rate that's outpacing the Obama administration's main effort to stem the crisis. In fact, while the Treasury Department's Home Affordable Modification Program, or HAMP, has starte
Massive mortgage resets for 2010 & 2011 are near! Okay, 2008’s biggest month of mortgage resets were in Sept 2008; $64 billion in mortgages reset that month, and the monthly average was $40 billion for 2008. For 2010, August is the biggest month w
The Obama administration pledged on Thursday to back beleaguered mortgage finance giants Fannie Mae and Freddie Mac no matter how big their losses may be in the next three years.
The two chief executives of Fannie Mae and Freddie Mac could get paid as much as $6 million for 2009, despite the companies' dismal performances this year which cost taxpayers more than $100 billion. Fannie's CEO, Michael Williams, and Freddie CEO
Sales of newly built U.S. single-family homes unexpectedly fell to their lowest level in seven months in November, data showed on Wednesday, dealing a blow to the housing market's recovery.
In the fine print of the form homeowners fill out to apply for Obama's program borrowers must waive important notification rights which allows banks to move straight to auctioning off their homes without any warning. [nice]
Home buyers are less willing to buy foreclosed properties than they were 6 months ago, citing risks like hidden costs. A continued drop in demand for the glut of foreclosed properties would add a fresh layer of pain to a housing market just emerging
Mortgage rates in the US have dropped to their lowest levels since the 1940s, thanks to a trillion-dollar intervention by the federal government. Yet the banks are imposing such stringent requirements that many homeowners are effectively locked out.
The government's foreclosure relief program is sputtering, according to government data released Thursday showing that the pace of help being offered to struggling homeowners slowed last month and many borrowers are at risk of losing the aid they hav
A Mesa homeowners association has apologized to the family of an 88-year-old widow after it tried to eject her 37-year-old grandson from living with her as a caregiver. Sunland Village is also paying Virginia Campbell $12,700 for legal bills and e
Like many home owners, hotels are starting to drown in debt. They have been enticing travelers all year with sweet deals: credits for in-house spas and restaurants, up to 50 percent off five-star rooms, even free nights. But all that discountin
... how a woman who had never paid more than $700 a month in rent and who had relied in recent years on Section 8 housing vouchers suddenly owned a house. A four-bedroom house with 3 1/2 bathrooms, walk-in closets, black granite countertops and a fir
Average rates for 30-year fixed mortgages fell this week, matching a record low set last spring and more than a full percentage point below what they were a year ago, Freddie Mac said Wednesday. Rates for 30-year mortgages averaged 4.78 percent th
