This is a tale of The Gang That Couldn't Shoot Straight. They couldn't shoot straight because nobody so far has found anything they stole.
Ten have been living as disguised Americans in the U.S. for the past 10 years. The 11th gang member was arrested in Cyprus.
Two of them had connections with legitimate real estate organizations in the U.S. and the United Kingdom, according to FBI and court files that are growing daily in Washington and New York.
Click Here to Read: Russian Spies Had U.S. Real Estate Connections...
Organization Gives Three Families The Keys To Their New Homes
Have a Heart organization along with Northern Wasatch Home Builders Association builds homes for families with disabilities, special needs, medical problems or other needs. There was a ceremony held for three families who received keys to their new homes. "I didn't think I would be able to afford it but I'm a single mom and I work two jobs and I thought I deserve it," Melinda Martinez said.
Click To Read Article: Organization Gives Three Families The Keys To Their New Homes...
Click To Read Article: Organization Gives Three Families The Keys To Their New Homes...
Mortgage Servicers Blast Administration's Homeowner Aid Program
Mortgage servicers on Thursday told U.S. House lawmakers that consecutive changes to the U.S. Treasury Department's foreclosure prevention program have made it increasingly difficult to keep distressed borrowers in their homes.
Real-estate financial services consultant Edward Pinto described the Home Affordable Modification Program in two words: "numbing complexity."
"At last count, HAMP had 800 requirements and servicers are expected to certify compliance," he said. "With ever changing regulations, a constant need to re-evaluate past decisions in light of new regulations, and multiple appeals, it is no wonder that the HAMP pipeline became clogged through no substantial fault of servicers."
HAMP was created to help financially strained borrowers avoid foreclosure, but the program's lackluster performance has been mired in controversy, as some lawmakers are questioning whether the program should remain ongoing.
Click Here To Read: Mortgage Servicers Blast Administration's Homeowner Aid Program...
Real-estate financial services consultant Edward Pinto described the Home Affordable Modification Program in two words: "numbing complexity."
"At last count, HAMP had 800 requirements and servicers are expected to certify compliance," he said. "With ever changing regulations, a constant need to re-evaluate past decisions in light of new regulations, and multiple appeals, it is no wonder that the HAMP pipeline became clogged through no substantial fault of servicers."
HAMP was created to help financially strained borrowers avoid foreclosure, but the program's lackluster performance has been mired in controversy, as some lawmakers are questioning whether the program should remain ongoing.
Click Here To Read: Mortgage Servicers Blast Administration's Homeowner Aid Program...
REO Pet Peeves
For the last three years I’ve been pursuing REO properties that are listed on the MLS, and while it’s been a great run so far, there are definitely some frustrations that come with working in this niche. For those of you who have incorporated the MLS into your acquisition strategy, you probably know what I’m talking about!
Following are my top four pet peeves about working with bank owned properties. Feel free to add to my list if you have some of your own!
Click Here To Read: REO Pet Peeves...
Following are my top four pet peeves about working with bank owned properties. Feel free to add to my list if you have some of your own!
Click Here To Read: REO Pet Peeves...
New-Home Sales Fall To Lowest Level On Record
Sales of new homes in Utah and much of the rest of the country dropped in May as many potential buyers stopped shopping for homes once they could no longer receive government tax credits.
Nationally, sales sunk 33 percent to the lowest level on record, according to a report from the Commerce Department. The numbers show just how much the end of federal tax credits could weigh on the nation’s housing market, even though Realtors locally and nationally point out that low prices and favorable mortgage rates still make a purchase attractive.
The credits expired April 30, the date when a new homebuyer would have had to sign a contract to qualify. Buyers must close before June 30 to complete the process.
Click Here To Read: New-Home Sales Fall To Lowest Level On Record...
Nationally, sales sunk 33 percent to the lowest level on record, according to a report from the Commerce Department. The numbers show just how much the end of federal tax credits could weigh on the nation’s housing market, even though Realtors locally and nationally point out that low prices and favorable mortgage rates still make a purchase attractive.
The credits expired April 30, the date when a new homebuyer would have had to sign a contract to qualify. Buyers must close before June 30 to complete the process.
Click Here To Read: New-Home Sales Fall To Lowest Level On Record...
Monday, June 28, 2010
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Supply Of REO Properties Projected To Reach High Point In August 2011
The amount of REO inventory held by lenders is expected to peak in August 2011 at 545,000 properties, according to analysts at Barclays Capital.
In April, REO remained relatively flat, increasing 0.8% from March to 526,000. The influx was primarily due to an increase in REO from the government-sponsored enterprises (GSEs), according to BarCap.
Analysts also reported that properties are taking roughly 23 months to move from foreclosure to REO. Servicers are showing signs of caution, not wanting to shock the fragile housing recovery with too much inventory, according to analysts. And foreclosure moratoriums are the first line of defense. Moratoriums announced by the major banks and GSEs are the latest example.
Click Here To Read: Supply Of REO Properties Projected To Reach High Point In August 2011...
In April, REO remained relatively flat, increasing 0.8% from March to 526,000. The influx was primarily due to an increase in REO from the government-sponsored enterprises (GSEs), according to BarCap.
Analysts also reported that properties are taking roughly 23 months to move from foreclosure to REO. Servicers are showing signs of caution, not wanting to shock the fragile housing recovery with too much inventory, according to analysts. And foreclosure moratoriums are the first line of defense. Moratoriums announced by the major banks and GSEs are the latest example.
Click Here To Read: Supply Of REO Properties Projected To Reach High Point In August 2011...
Disney World's New Thrill Ride: Selling Luxury Vacation Homes
Walt Disney Co. plans to unveil Wednesday its first foray into residential real estate in more than a decade with a pricey vacation-home development in Florida's Walt Disney World.
It's a risky move. Disney will offer homes priced between $1.5 million and $8 million in a state where the foreclosure rate remains among the nation's highest. In Orlando, where brokers say home values have dropped between 50% and 60% from the peak, Disney's pricing would put its homes near the top of the market. According to Realtor.com, the average price of new listings in greater Orlando this year is just over $243,000.
Click Here To Read: Disney World's New Thrill Ride: Selling Luxury Vacation Homes...
It's a risky move. Disney will offer homes priced between $1.5 million and $8 million in a state where the foreclosure rate remains among the nation's highest. In Orlando, where brokers say home values have dropped between 50% and 60% from the peak, Disney's pricing would put its homes near the top of the market. According to Realtor.com, the average price of new listings in greater Orlando this year is just over $243,000.
Click Here To Read: Disney World's New Thrill Ride: Selling Luxury Vacation Homes...
Ex-King Ron Artest Joins Long List Of Placer Short Sales
When Ron Artest left the Sacramento Kings more than two years ago, he took with him a very expensive reminder of his time here – the mortgage on his home in Loomis.
Artest paid $1.85 million in 2006 for the five-bedroom, four-and-a-half-bath house, but the property attracted no buyers as he bounced from Sacramento to Houston to Los Angeles.
That finally changed late last month, when the property was sold to local businessman Paul J. Bianchi for $1 million. Like so many others who bought before the real estate market crashed, Artest had to resort to a short sale, in which the lender agreed to take less money than was owed on the property.
Read more: Ex-King Ron Artest Joins Long List Of Placer Short Sales...
Artest paid $1.85 million in 2006 for the five-bedroom, four-and-a-half-bath house, but the property attracted no buyers as he bounced from Sacramento to Houston to Los Angeles.
That finally changed late last month, when the property was sold to local businessman Paul J. Bianchi for $1 million. Like so many others who bought before the real estate market crashed, Artest had to resort to a short sale, in which the lender agreed to take less money than was owed on the property.
Read more: Ex-King Ron Artest Joins Long List Of Placer Short Sales...
Cumbersome Short Sales Often The Only Route For A Home Seller In Trouble
After years of strong sales and of owners using their homes as ATMs — only to see it all come falling down in the biggest housing crash in recent memory — it has come to this.
If you want to get a home in trouble sold in today’s market, there’s a strong likelihood you’ll have to go through the complex, time-consuming short sale route to get it done.
And if you’re a homebuyer, it’s almost impossible to avoid this growing portion of the homes listed for sale.
Click Here To Read: Cumbersome Short Sales Often The Only Route For A Home Seller In Trouble...
If you want to get a home in trouble sold in today’s market, there’s a strong likelihood you’ll have to go through the complex, time-consuming short sale route to get it done.
And if you’re a homebuyer, it’s almost impossible to avoid this growing portion of the homes listed for sale.
Click Here To Read: Cumbersome Short Sales Often The Only Route For A Home Seller In Trouble...
Jackson Estate Steers to Next Challenge: Loan Refinancing
Nearly a year after Michael Jackson's death, the managers overseeing his estate have stabilized its precarious financial situation, but at least one major liability still looms: a $300 million loan due at the end of this year.
Thanks to the surge of fan interest sparked by Mr. Jackson's death, the singer generated an estimated $200 million posthumously, allowing the estate to pay off tens of millions of dollars in debt and avert foreclosure on the suburban Los Angeles complex where the singer's mother lives.
Since Mr. Jackson's death last June 25, his businesses have been run by the singer's longtime lawyer, John Branca, and a music-industry veteran and personal friend of Mr. Jackson's named John McClain. Unlike traditional executors, Messrs. Branca and McClain are aggressively managing Mr. Jackson's affairs as a going concern. The estate's primary beneficiaries are Mr. Jackson's three young children and his 80-year-old mother, Katherine, who is now the children's guardian.
Click Here To Read: Jackson Estate Steers to Next Challenge: Loan Refinancing...
Thanks to the surge of fan interest sparked by Mr. Jackson's death, the singer generated an estimated $200 million posthumously, allowing the estate to pay off tens of millions of dollars in debt and avert foreclosure on the suburban Los Angeles complex where the singer's mother lives.
Since Mr. Jackson's death last June 25, his businesses have been run by the singer's longtime lawyer, John Branca, and a music-industry veteran and personal friend of Mr. Jackson's named John McClain. Unlike traditional executors, Messrs. Branca and McClain are aggressively managing Mr. Jackson's affairs as a going concern. The estate's primary beneficiaries are Mr. Jackson's three young children and his 80-year-old mother, Katherine, who is now the children's guardian.
Click Here To Read: Jackson Estate Steers to Next Challenge: Loan Refinancing...
Should I Buy a Home in Foreclosure?
The long shadow of the housing market crisis doesn’t seem to fade.
Despite government efforts to stem the foreclosure crisis with its mortgage-modification programs, new waves of foreclosures are expected to hit this year. According to RealtyTrac, a foreclosure listing service, between three and 3.5 million homes in the U.S. will go into foreclosure in 2010, up from 2.8 million in 2009. Indeed, May marked the 15th consecutive month where there were more than 300,000 households that received a foreclosure notice. “We’ve plateaued at an unprecedented level of foreclosure activity,” says Rick Sharga, senior vice president of RealtyTrac.
Prospective home buyers have long been cautioned about approaching bank-owned houses, or real-estate owned properties (REOs) as they’re known. These are homes reclaimed by a bank after a foreclosure auction.
Read more: Should I Buy a Home in Foreclosure?...
Despite government efforts to stem the foreclosure crisis with its mortgage-modification programs, new waves of foreclosures are expected to hit this year. According to RealtyTrac, a foreclosure listing service, between three and 3.5 million homes in the U.S. will go into foreclosure in 2010, up from 2.8 million in 2009. Indeed, May marked the 15th consecutive month where there were more than 300,000 households that received a foreclosure notice. “We’ve plateaued at an unprecedented level of foreclosure activity,” says Rick Sharga, senior vice president of RealtyTrac.
Prospective home buyers have long been cautioned about approaching bank-owned houses, or real-estate owned properties (REOs) as they’re known. These are homes reclaimed by a bank after a foreclosure auction.
Read more: Should I Buy a Home in Foreclosure?...
Toll Brothers to Donate Home Appliances to Local Charities
Toll Brothers, the nation’s leading builder of luxury homes and developer of fine communities around the Triangle, has announced that it will donate well over 1,500 like-new appliances to charities throughout the country, including some in the Triangle. Toll Brothers, which has several beautiful communities throughout the greater Triangle area, has already begun the distribution of the appliances to local charities. The process is being managed by Home-Aid, a non-profit organization that provides housing for the homeless. In regions where HomeAid does not operate, distribution is being managed by Goodwill, The Salvation Army, Habitat for Humanity, and the Covenant House.
Click Here to Read: Toll Brothers to Donate Home Appliances to Local Charities...
Click Here to Read: Toll Brothers to Donate Home Appliances to Local Charities...
Real Estate Flipping Mistakes to Avoid
So you want to get in the Bulk REO business, right?
You’ve seen the seminars, the infomercials, the webinars and it seems like you can’t lose. Then why is it so hard to find the deals they all talk about?
The truth is, it’s not really that hard. But with so many people in the “game” that are attempting to grab a piece of the pie, it does seem to be more complicated than it should be.
REO means “Real Estate Owned”. Years ago, we called them bank repos, or bank repossessions. A homeowner did not pay their mortgage, and after a lengthy foreclosure process, is evicted and the home is placed for auction, short sale, or a combination of these processes.
Click Here to Read: Real Estate Flipping Mistakes to Avoid...
You’ve seen the seminars, the infomercials, the webinars and it seems like you can’t lose. Then why is it so hard to find the deals they all talk about?
The truth is, it’s not really that hard. But with so many people in the “game” that are attempting to grab a piece of the pie, it does seem to be more complicated than it should be.
REO means “Real Estate Owned”. Years ago, we called them bank repos, or bank repossessions. A homeowner did not pay their mortgage, and after a lengthy foreclosure process, is evicted and the home is placed for auction, short sale, or a combination of these processes.
Click Here to Read: Real Estate Flipping Mistakes to Avoid...
NJ Woman Charged In $45M Real Estate Swindle
A New Jersey woman has been charged with cheating real estate investors out of $45 million in a Ponzi scheme.
Federal prosecutors in Manhattan said Wednesday that Antoinette Hodgson told investors in New York and New Jersey that their money was being used to flip real estate for high returns.
Instead, authorities say the 58-year-old Montclair resident spent most of the money on repaying earlier investors and on her herself. Court papers accuse her of spending tens of thousands of dollars a casinos in Las Vegas and Atlantic City.
Hodgson surrendered Wednesday to face conspiracy charges that carry a maximum prison term of 20 years. The name of her lawyer was not immediately available.
Federal prosecutors in Manhattan said Wednesday that Antoinette Hodgson told investors in New York and New Jersey that their money was being used to flip real estate for high returns.
Instead, authorities say the 58-year-old Montclair resident spent most of the money on repaying earlier investors and on her herself. Court papers accuse her of spending tens of thousands of dollars a casinos in Las Vegas and Atlantic City.
Hodgson surrendered Wednesday to face conspiracy charges that carry a maximum prison term of 20 years. The name of her lawyer was not immediately available.
FHA Insurance Premiums Could Triple
Many consumers are already paying high home insurance premiums thanks to a number of factors, but those payments might increase even more sharply thanks to a new measure from Congress.
Late last week, the House approved an increase in annual premiums paid by those who insure their homes through the Federal Housing Administration. According to a UPI report, those increases would nearly triple the current rates. The Senate has yet to vote on the bill.
Click Here to Read: FHA Insurance Premiums Could Triple...
Late last week, the House approved an increase in annual premiums paid by those who insure their homes through the Federal Housing Administration. According to a UPI report, those increases would nearly triple the current rates. The Senate has yet to vote on the bill.
Click Here to Read: FHA Insurance Premiums Could Triple...
Fannie/Freddie Bailout May Reach $1 Trillion
Just when Americans thought that the bailouts were over, Bloomberg Financial News service reported on June 13 that the final tab for Fannie Mae and Freddie Mac bailout is increasing and may total as much as $1 trillion.
“The cost of fixing Fannie Mae and Freddie Mac, the mortgage companies that last year bought or guaranteed three-quarters of all U.S. home loans, will be at least $160 billion and could grow to as much as $1 trillion after the biggest bailout in American history,” Bloomberg explained.
The news comes as criticism over the exposure of Fannie and Freddie's holding 75 percent of the home mortgage market at the time the housing bubble popped in 2008 is crystalizing. But last month the Wall Street Journal reported that while Fannie and Freddie's exposure to the home market has decreased in that past two years, total federal government exposure to home mortgages has continued to explode. “Government-related entities backed 96.5% of all home loans during the first quarter, up from 90% in 2009, according to Inside Mortgage Finance,” the Journal summarized. Inside Mortgage Finance notes that while the market share of Fannie and Freddie has declined slightly from the 75 percent high, other Government Sponsored Enterprises (GSE) and federal agencies have more than picked up the slack.
Click Here to Read: Fannie/Freddie Bailout May Reach $1 Trillion...
“The cost of fixing Fannie Mae and Freddie Mac, the mortgage companies that last year bought or guaranteed three-quarters of all U.S. home loans, will be at least $160 billion and could grow to as much as $1 trillion after the biggest bailout in American history,” Bloomberg explained.
The news comes as criticism over the exposure of Fannie and Freddie's holding 75 percent of the home mortgage market at the time the housing bubble popped in 2008 is crystalizing. But last month the Wall Street Journal reported that while Fannie and Freddie's exposure to the home market has decreased in that past two years, total federal government exposure to home mortgages has continued to explode. “Government-related entities backed 96.5% of all home loans during the first quarter, up from 90% in 2009, according to Inside Mortgage Finance,” the Journal summarized. Inside Mortgage Finance notes that while the market share of Fannie and Freddie has declined slightly from the 75 percent high, other Government Sponsored Enterprises (GSE) and federal agencies have more than picked up the slack.
Click Here to Read: Fannie/Freddie Bailout May Reach $1 Trillion...
New Reports Show Weakness in Housing Market
Now that the homebuyers tax credit has expired, the housing market remains weak and faces serious threats, say a pair of studies released in the last 24 hours. But demographics point to an eventual recovery and maybe even a shortage of homes down the road.
“Several factors could impede the nascent housing recovery, including serious problems in obtaining financing for the production of housing, faulty appraisal practices, and competition from short sales and foreclosed properties,” said Bob Jones, chairman of the National Association of Homebuilders, which released its Housing Market Index this morning. The index dropped 5 points from May levels, signifying that home builders were losing confidence in the market.
Click Here to Read: New Reports Show Weakness in Housing Market...
“Several factors could impede the nascent housing recovery, including serious problems in obtaining financing for the production of housing, faulty appraisal practices, and competition from short sales and foreclosed properties,” said Bob Jones, chairman of the National Association of Homebuilders, which released its Housing Market Index this morning. The index dropped 5 points from May levels, signifying that home builders were losing confidence in the market.
Click Here to Read: New Reports Show Weakness in Housing Market...
BofA Wants Judge To Allow Utah Foreclosure Sales
The power of a top U.S. bank to sell foreclosed homes in Utah hung in the balance Thursday.
A federal judge heard legal arguments on an order that has temporarily halted hundreds of trustee sales by lending behemoth Bank of America and its foreclosure arm ReconTrust. His ruling is expected today.
Bank attorneys attacked a preliminary injunction that was issued May 22 on behalf of St. George homeowner Peni Cox. Her lawyer contends that Bank of America and its affiliates lacked legal standing to conduct those sales in Utah because ReconTrust isn't registered as a business entity with the Utah Department of Commerce.
Click Here to Read: BofA Wants Judge To Allow Utah Foreclosure Sales...
A federal judge heard legal arguments on an order that has temporarily halted hundreds of trustee sales by lending behemoth Bank of America and its foreclosure arm ReconTrust. His ruling is expected today.
Bank attorneys attacked a preliminary injunction that was issued May 22 on behalf of St. George homeowner Peni Cox. Her lawyer contends that Bank of America and its affiliates lacked legal standing to conduct those sales in Utah because ReconTrust isn't registered as a business entity with the Utah Department of Commerce.
Click Here to Read: BofA Wants Judge To Allow Utah Foreclosure Sales...
U.S. Home Foreclosures Climb 44% to Record in May
U.S. home foreclosures reached a record for the second consecutive month in May, with increases in every state, as lenders stepped up property seizures, according to RealtyTrac Inc.
Bank repossessions climbed 44 percent from May 2009 to 93,777, the Irvine, California-based data company said today in a statement. Foreclosure filings, including default and auction notices, rose about 1 percent to 322,920. One out of every 400 U.S. households received a filing.
Click Here to Read: U.S. Home Foreclosures Climb 44% to Record in May...
Bank repossessions climbed 44 percent from May 2009 to 93,777, the Irvine, California-based data company said today in a statement. Foreclosure filings, including default and auction notices, rose about 1 percent to 322,920. One out of every 400 U.S. households received a filing.
Click Here to Read: U.S. Home Foreclosures Climb 44% to Record in May...
Congress Could Extend Home-Buyer Tax Credit Closing Deadline
What if the home-buyer tax credit worked too well?
That’s the latest concern from the real-estate industry, which says that a last-minute home-buying rush in April created bottlenecks at lenders and real-estate service companies that may not be able to finalize purchases in time for tens of thousands of buyers to receive a tax credit worth up to $8,000.
On Thursday, there were signs that the real-estate lobby had successfully communicated those concerns to Congress. Senate Majority Leader Harry Reid (D., Nev.) joined Sen. Christopher Dodd (D., Conn.) and Sen. Johnny Isakson (R., Ga.) in sponsoring a measure that would give buyers until Sept. 30 to close on sales that went into contract by April 30. That measure would be attached to a job-related bill before the Senate. It would need House and Senate passage before being signed by President Obama.
Click To Read Further: Congress Could Extend Home-Buyer Tax Credit Closing Deadline..
That’s the latest concern from the real-estate industry, which says that a last-minute home-buying rush in April created bottlenecks at lenders and real-estate service companies that may not be able to finalize purchases in time for tens of thousands of buyers to receive a tax credit worth up to $8,000.
On Thursday, there were signs that the real-estate lobby had successfully communicated those concerns to Congress. Senate Majority Leader Harry Reid (D., Nev.) joined Sen. Christopher Dodd (D., Conn.) and Sen. Johnny Isakson (R., Ga.) in sponsoring a measure that would give buyers until Sept. 30 to close on sales that went into contract by April 30. That measure would be attached to a job-related bill before the Senate. It would need House and Senate passage before being signed by President Obama.
Click To Read Further: Congress Could Extend Home-Buyer Tax Credit Closing Deadline..
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