450,000 at risk in foreclosure-prevention program mainly because of documentation issues

admin — Tue, 26 Jan 2010 20:52:24 +0000

Companies that service the mortgages have until Jan. 31 to review all trial modifications that have been underway for several months under the Home Affordable Modification Program (HAMP), according to a Treasury Department guideline issued late last month.

“About 450,000 homeowners currently have HAMP trial modifications and have demonstrated a willingness and ability to make timely payments for at least three months,” said Richard Neiman, superintendent of the New York State Banking Department.”Now, unfortunately and very alarmingly, these same homeowners face the prospect of foreclosure strictly on account of documentation issues,” he said.

http://www.azcentral.com/arizonarepublic/opinions/arizona2020/articles/2010/01/23/20100123az2020growth1024.html

Strategic Defaults and the Foreclosure Crisis. Nearly 1 in 4 borrowers currently have negative equity, according to First American CoreLogic.

admin — Wed, 20 Jan 2010 20:06:24 +0000

The number of so called “strategic defaults” more than doubled, to 588,000, from 2007 to 2008, according to a study by Experian and Oliver Wyman. A separate 2009 survey found that more than a quarter of all existing defaults were strategic.

Nearly 1 in 4 borrowers currently have negative equity, according to First American CoreLogic.

Nearly 10 percent of mortgages are now delinquent–which is also a new record–even more homeowners appear headed for foreclosure this year. “A massive supply of delinquent loans continues to loom over the housing market,” RealtyTrac CEO James J. Saccacio said in a statement. “Many of those delinquencies will end up in the foreclosure process in 2010 and beyond.”

http://finance.yahoo.com/news/Strategic-Defaults-and-the-usnews-2190373684.html?x=0&mod=loans

67 % of the Activity in the Valley Housing Market Consisted of Foreclosures and the Resale of Previously Foreclosed-on Properties

admin — Tue, 19 Jan 2010 20:52:49 +0000

In December 2009 alone, more than 4,000 Valley homes were foreclosed on, up from just under 3,000 in November. Last month, 67 percent of the activity in the Valley housing market consisted of foreclosures and the resale of previously foreclosed-on properties a report from the W.P. Carey School of Business at Arizona State University stated.

A total of 163,210 Arizona properties received a foreclosure-related notice in 2009, up nearly 40 percent from the previous year and 323 percent higher than in 2007, according to RealtyTrac

“In the long term a massive supply of delinquent loans continues to loom over the housing market, and many of those delinquencies will end up in the foreclosure process in 2010 and beyond as lenders gradually work their way through the backlog.”

http://www.eastvalleytribune.com/story/149461

NexGen Builders Completes Work On Over 900 Homes in 2009

admin — Tue, 12 Jan 2010 23:03:10 +0000

NexGen Builders is proud to announce that we have completed work on over 900 homes throughout 2009. We would like to thank all of our business partners that made this possible and we look forward to working with all of you in 2010. We expect to double the number of homes worked on this year and we need YOUR help to do it. Contact us to see how partnering with NexGen Builders can help your business grow with ours.

First American Core Logic Estimates “Pending Supply” of Housing Units at 1.7 Million Homes

admin — Thu, 07 Jan 2010 21:31:30 +0000

On Thursday, First American released a report estimating that the “pending supply” of homes totals 1.7 million units, up from 1.1 million a year earlier. (To put that in perspective: About 3.6 million homes were listed for sale at the end of October, and annual sales of new and previously occupied homes are likely to total about 5.5 million in 2009, according to Tom Lawler, a housing economist.)

First American said that its 1.7 million total includes 215,000 homes that are owned by banks or investors but aren’t yet listed for sale. The rest are homes with delinquent mortgages that First American believes will end up as REO.

Laurie Goodman, a senior managing director at Amherst Securities Group, believes that current loan-mod programs are so flawed that the number of borrowers saved will be negligible unless new policies are put in place. She testified in Congress Dec. 8 that around seven million delinquent home loans are heading toward ownership by banks or loan investors. That would put the shadow inventory well above seven million. Worse, she says, about 250,000 more home mortgages are going delinquent each month. This problem, of course, is concentrated largely in Arizona, California, Florida, Michigan and Nevada – not spread evenly across the country.

http://blogs.wsj.com/developments/2009/12/18/housings-fate-is-lurking-in-the-shadows/

Picture Of The Week December 14, 2009

karl — Tue, 15 Dec 2009 00:15:54 +0000

Picture Of The Week December 5, 2009

admin — Sat, 05 Dec 2009 18:31:49 +0000

Pets and foreclosure

Yanette — Fri, 31 Jul 2009 16:42:25 +0000

Sadly enough, along with the growing numbers of foreclosures the number of homeless pets is rising as well. People are abandoning properties, homes, belongings, and even their pets. Often times these people are moving into relative’s homes, apartments, and condos where there is no room or allowance for pets.

If you suspect that a pet may have been left behind, call the local Humane Society or Department of Animal Care and Control. If you are unsure call the contact number on the “For Sale” sign and ask that they would inspect the property for abandoned pets. They will more than likely be happy to help.

Green Pool Bio Hazard

admin — Mon, 23 Mar 2009 01:12:36 +0000

This is foreclosure fallout and one of these bio hazards could be brewing right next door. Green pools can be a breeding ground for millions of potential disease-carrying mosquitoes. Some pools have been abandoned so long that they have become thick with algae and mosquito larva. Who knows what else is growing in there. With warmer months coming the risk of West Nile Virus also becomes a threat.

Southwest Field Asset Services is on the front line re-conditioning green pools and restoring them to their original blue crystal lustor.

Stolen AC in AZ

admin — Mon, 23 Mar 2009 00:56:24 +0000

Did you buy a foreclosure? Did you happen to look around the backyard and notice anything missing? Hmmm, there was some insolated tubes coming out the wall. Yep, that was where the Air conditioner used to be.

This happens a lot in Arizona. Vacant homes are easy targets especially if the whole neighborhood has foreclosed. It is so easy to steal an AC unit because there is typically no one around to catch you. With six foot cinder block yard fencing, you have all day to disconnect the unti.

Thieves can either sell the unit as used or try to get money for the copper coils that are inside.