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May 2011 Article Archive

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Home-Price Index at Lowest Point Since 2006 Bust; Seattle Bucks Trend
seattletimes.nwsource.com | May 29, 2011
Home prices in major areas of the U.S. have reached their lowest level since the housing bubble burst in 2006, driven down by foreclosures, a glut of unsold homes and the reluctance or inability of many to buy.
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Banks May Negotiate Menu of Payment Options in Foreclosure Deal
bloomberg.com | May 27, 2011
U.S. banks, seeking to avoid $17 billion in court claims over faulty foreclosures, are discussing a settlement framework with state attorneys general that may let firms choose from a menu of options for helping borrowers, two people briefed on the talks said.
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Chase Gets an Earful
dispatch.com | May 27, 2011
Frustrated that JPMorgan Chase hasn’t modified her mortgage, Virginia Holwell came all the way from Illinois to take her complaint straight to the top.
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Glut of Lender-Owned Homes Threatens Housing Recovery
dispatch.com | May 27, 2011
The nation's biggest banks and mortgage lenders have amassed real-estate empires, acquiring a glut of foreclosed homes that could deepen the housing slump and create a further drag on the economy.
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BofA Accused of Illegal Foreclosures
bizjournals.com | May 26, 2011
Utah Attorney General Mark Shurtleff says a unit of Charlotte-based Bank of America, ReconTrust Co., isn't meeting requirements for carrying out foreclosures in his state. Shurtleff made his assertion in a May 19 letter to BofA CEO Brian Moynihan that was made public May 25. “All real estate foreclosures conducted by ReconTrust in the state of Utah are not in compliance with Utah’s statutes, and are hence illegal,” Shurtleff wrote, according to Bloomberg.
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Foreclosure Probe: California, Illinois Investigate 'Robosigning'
contracostatimes.com | May 25, 2011
The top prosecutors in California and Illinois are investigating allegations that one of the nation's largest mortgage processing companies engaged in the illegal practice of "robosigning" -- signing thousands of foreclosure documents without checking their accuracy.
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Completed Foreclosures Remains Unchanged in Stoughton from April 2010 to April 2011
stoughton.patch.com | May 24, 2011
The number of completed foreclosures remained unchanged in Stoughton for the month of April, according to real estate data released last week.
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How the Foreclosure Flood is Swamping Home Prices
bnet.com | May 24, 2011
Did you know home prices are falling? Oh. Still, this NYT story is worth a look if only to further chew on what’s causing the problem — the surfeit of homes coming to market, especially properties repossessed by banks.
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3 Lessons to Learn from Foreclosure
kgwn.tv | May 24, 2011
There are many lessons to learn about real estate and mortgages from the foreclosure crisis. According to the Mortgage Banker's Association, 1 out of every 200 homes will be foreclosed on. Also, every three months, 250,000 new families will enter foreclosure.
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Mortgage Fraud is Target of Task Force
presstelegram.com | May 23, 2011
California's attorney general has formed a new task force to investigate mortgage fraud in the wake of practices that crushed the state's housing industry and led to a wave of foreclosures.
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The Foreclosure Backlog
yglesias.thinkprogress.org | May 23, 2011
If a bank forecloses on a few houses amidst a generally healthy housing market, it repossesses and sells them. Ultimately, the bank recoups a large share of its lending losses, the foreclosed-on family gets out from under an obligation to pay bills it can’t afford, and a new family gets a home. But when mass foreclosures hit, you get a glut.
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As Lenders Hold Homes in Foreclosure, Sales are Hurt
theledger.com | May 23, 2011
EL MIRAGE, Ariz. — The nation’s biggest banks and mortgage lenders have steadily amassed real estate empires, acquiring a glut of foreclosed homes that threatens to deepen the housing slump and create a further drag on the economic recovery.
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Americans at Risk of Foreclosure Rose in Q1
northjersey.com | May 19, 2011
The number of Americans at risk of foreclosure increased this year, a troubling sign that the housing crisis is far from over. The Mortgage Bankers Association says about 8.3 percent of homeowners missed at least one mortgage payment in the January-March quarter. That figure, which is adjusted for seasonal factors, rose 0.7 percent from the October-December quarter.
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Chase Chairman Concedes Errors in Foreclosures
dispatch.com | May 17, 2011
As protesters angry over the foreclosure crisis demonstrated today outside the annual meeting of JPMorgan Chase, the company's chairman and CEO acknowledged to shareholders that the company has made mistakes handling cases.
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5 Top Lenders Accused of Defrauding Taxpayers With Handling of Foreclosures
therealestatebloggers.com | May 17, 2011
A bombshell report has leaked that 5 of the top mortgage lenders, Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial, have been audited and serious acts of fraud against the taxpayers of the United States have occurred. The banks were audited in February and March of this year, just after they completed a foreclosure moratorium to fix issues they had in their processing.
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Foreclosures Weigh on Homebuilders' Outlook
wsj.com | May 17, 2011
U.S. homebuilders' confidence remained stuck at a low level in May as the battered housing market lingered in the doldrums.
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Construction of New Homes Plummeted in April in the United States
rgj.com | May 17, 2011
Construction of new homes plummeted in April, dragged down by a major drop in apartment building. Builders broke ground on 10.6 percent fewer new homes last month. The seasonally adjusted rate fell to 523,000 homes per year, the Commerce Department said Tuesday. That's less than half the 1.2 million homes per year that economists consider a sign of a healthy market.
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Foreclosures Swallowing Local Investors' Homes by the Dozens
dispatch.com | May 17, 2011
Bert Parise knows all about foreclosures. He has been through the process 12 times in the past three years. His home on the Far West Side wasn't at stake. Instead, Parise represents the other face of foreclosure: investors.
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Six Million Foreclosures By 2014?
housingdoom.com | May 16, 2011
While I think that uncertainty in the economy makes forecasting trends in housing a dubious “science”, I do now and again see a projection that seems probable. One of the more plausible ones that I’ve read lately is by Andrew Butter. Butter is Managing Partner of ABMC, an investment advisory firm.
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U.S. Builders See Little to Like in Housing Market
theglobeandmail.com | May 16, 2011
U.S. homebuilders are concerned that the struggling housing market won't recover this year and some feel it may be getting worse.
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Mortgages and Foreclosures Dog Lender
boston.com | May 12, 2011
Foreclosures and home mortgage modifications took center stage at Bank of America Corp.’s annual meeting yesterday. Outside the headquarters of the nation’s largest bank, protesters held signs and gave testimonials about their own foreclosure experiences. At the meeting, which was held inside the bank’s new 32-story building located adjacent to its headquarters, shareholders confronted CEO Brian Moynihan about mortgage woes.
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Banks Float $5 Billion Deal to Settle Foreclosure Probe: Report
reuters.com | May 10, 2011
Major banks are willing to pay as much as $5 billion to settle claims by federal and state officials of improper mortgage foreclosure practices, the Wall Street Journal reported, citing people familiar with the situation.
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Foreclosures Swallowing Local Investors' Homes by the Dozens
dispatch.com | May 9, 2011
Bert Parise knows all about foreclosures. He has been through the process 12 times in the past three years. His home on the Far West Side wasn't at stake. Instead, Parise represents the other face of foreclosure: investors.
Read More.

House Republicans Serve The Banks, Claim Foreclosure Fraud Penalties Would ‘Impede’ The Recovery
wonkroom.thinkprogress.org | May 9, 2011
House Financial Services Chairman Spencer Bachus (R-AL) explained in December that, in his view, Washington’s role is “to serve the banks.” The rest of the Republicans on his committee have embraced that mantra wholeheartedly, trying to roll back key parts of the Dodd-Frank financial reform law while collecting big donations from the financial services industry.
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Ohio’s Biggest Cities Plagued by High Foreclosure Rates
credit.com | May 9, 2011
New data from the nonprofit organization National People’s Action shows that one in 10 properties in the cities of Cleveland, Cincinnati and Columbus have been in foreclosure since the housing crisis began, according to a report from the Youngstown Business Journal. In addition, one in 20 properties in the “Three Cs” has been seized by lenders in that time.
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No End in Sight to Foreclosure Quagmire
msnbc.msn.com | May 9, 2011
Four years after a wave of rogue mortgage lending sent the U.S. housing market into the worst collapse since the Great Depression, the devastating flood of resulting foreclosures shows no sign of abating. In some ways, the problem is getting worse.
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HSBC Sees Slower U.S. Recovery
online.wsj.com | May 9, 2011
The widespread halt in home foreclosures will result in the U.S. economic recovery taking longer than was anticipated just several months ago, HSBC Holdings PLC's Chief Financial Officer Iain Mackay said Monday.
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Wells Fargo CEO Pressed on Foreclosures
bizjournals.com | May 4, 2011
Wells Fargo’s annual meeting routinely draws protesters and shareholders advocating a range of social issues. But Tuesday’s gathering was more intense than prior years, with shareholders calling for the bank to adopt an immediate foreclosure moratorium and waive principal on troubled mortgages.
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Foreclosures Becoming Eyesores
chicago.cbslocal.com | May 4, 2011
All across Chicago, we’re now seeing more of the debris left behind when the housing market bubble burst. Thousands of foreclosed and abandoned homes are turning into squalid eyesores. They’re driving down the values of neighboring homes and its costing taxpayer money to clean them up.
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For Many Homeowners, False Hope
articles.boston.com | May 2, 2011
Marlon Hernandez was sick with worry that he would lose his Malden home to foreclosure two years ago. Then the Salvadoran immigrant heard a Spanish-language radio advertisement that sounded like the answer to his problems.
Read More.

In Foreclosures, Homeowner Associations Feel Pinch
scrippsnews.com | May 2, 2011
Rich Philhower knows the trouble a few vacant houses can bring a homeowners association. President of Governor's Run I, a sub-association of Lehigh Acres' Westminster Golf Community, Philhower, 75, said his community is struggling to rebound from $18,000 in unpaid assessments from three homes over several years.
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