According to Barclays Capital, at the end of July 2011 banks held 17 percent fewer REO properties than they held in September 2010. This is likely due in large part to the robo-signing scandal that made headlines right around that time and the extended foreclosure timelines that have been a result. Loans are spending far more time in delinquency and Read full article »
Tag archives for Foreclosure Market
Bank-Owned Backlog Still Building
At present, banks and lenders own more than 872,000 homes in the United States today. And that number, twice the number of REOs in 2007 and set to grow by around 1 million in the years ahead as current foreclosures move forward, is starting to make a lot of real estate professionals pretty nervous. Although home sales volumes are up, Read full article »
Foreclosure Backlog Stands at Thirty Times Monthly Foreclosure Sales Volume
The shadow market is coming out of the shadows, and the numbers are staggering. According to a report released yesterday by LPS (Lender Processing Services), “foreclosure inventory levels at 30 times monthly foreclosure sales volume.” As a result of this massive backlog, real estate analysts expect more downward pressure on U.S. home values as most of these homes are Read full article »
Geithner Admits Government Had a Role in Bringing Down the Housing Market
While he steadfastly maintains that administration failure HAMP (Home Affordable Modification Program) is critical to homeowners everywhere, U.S. Treasury Secretary Timothy Geithner did admit yesterday in a hearing before the House Committee on Financial Services that the government made “avoidable” mistakes that probably led, in part, to the housing market crash. Think the treasury secretary is moving away from the Read full article »
70 Percent of REO Properties Have Yet to Hit the Market
According to a newly-released RealtyTrac report, banks are still holding, unlisted, 70 percent of REO properties. That means that of all the REO properties currently on the market, only 300,000 of the estimated million homes that have been repossessed through foreclosure are actually available for sale. The report indicates that not only have foreclosure filings reached a new high in Read full article »
The Politics of Real Estate
Few industries are as profoundly impacted by the political machinations in Washington as the real estate industry. Whether it's old legislation like Jimmy Carter's Community Reinvestment Act or Barack Obama's massive mortgage bailouts, the U.S. political machine has a huge impact (usually bad) on the business of real estate.
Ideally, we could ignore politics. But here at the Bryan Ellis Real Estate Letter, we insist on seeing the world with clarity - including the reality of Washington's aggressive involvement in every facet of our business, from mortgage lending to real estate sales license; from loan modification regulations to appraisal requirements... every piece of our business is profoundly impacted by politics. So rather than stick our heads in the sand and ignore reality, readers of the Bryan Ellis Real Estate Letter choose to be informed and prepared.
Mortgage Industry News
Few things change more rapidly than the mortgage market, and with the increasing dominance of GSE's Fannie Mae and Freddie Mac over the mortgage business, it's more important than ever to keep up. Here are a few recent mortgage news updates:
-
Mortgage News
- HAMP Success Tally Slowly Growing
- Western States Working Through Foreclosure Backlog Quicker than Eastern
- Biggest Down Payments in the Country Found in New Jersey
- President Bypasses Congress, Appoints Director of the Consumer Protection Bureau
- Federal Reserve Recommends Expanding GSEs to Turn Housing Market Around
- Mortgage Rates Likely to Remain Low for a While Longer
- Top Former FDIC, Wells Fargo Execs Say Fannie and Freddie Must Go
- FHA Continues to Extend Anti-Flipping Waiver
- More Homeowners Using Delaying Tactics to Slow Down Foreclosures
- Now that It’s Passed: The True Cost of the Payroll Tax Cut
About Bryan Ellis
Bryan Ellis is an Atlanta-based real estate analyst and publisher of the widely read newsletter "The Bryan Ellis Real Estate Letter". With over 200,000 subscribers - including real estate investors, agents, brokers, appraisers and other real estate professionals - the Bryan Ellis Real Estate Letter is among America's largest sources of unbiased coverage of politics and public policy for the real estate industry.
Bryan Ellis serves as editor in chief for the Bryan Ellis Real Estate Letter and is assisted by an extraordinary staff of writers, researchers and editors who are each real estate experts in their own right and who assure that the news we report is well researched, factual, and highly relevant to today's real estate industry.
Bryan is very happily married and has two wonderful daughters. He makes his home in the suburbs of Atlanta, Georgia. You can contact the team at the Bryan Ellis Real Estate Letter here.
