Just when you thought that you had a handle on the scope of the problems presented by 2010’s robo-signer debacle and subsequent ForeclosureGate, turns out that the paperwork fiasco is also contributing to the growth of negative equity around the country[1]. According to a report from Zillow, “Accelerating home value declines, as well as a slowdown in the nation’s foreclosure rate following the late-2010 robo-signing controversy, contributed to an increase in negative equity.” Basically, when foreclosure delays started to pile up, more and more borrowers went “underwater” instead of ending …

Although most projections show that the housing market should start to make a very slow recovery this year, homebuilders are not joining in the atmosphere of cautious optimism. In fact, they are downright discouraged and don’t expect much to change for them any time soon, reported the National Association of Home Builders (NAHB) yesterday[1]. The air of general concern in this sector is largely due to some serious challenges that stem from new home construction. Because of the huge glut of homes – many relatively new and even unlived-in – …

Celebrities have surely done their part in helping the economy, the real estate market in particular, by purchasing houses even during the slump. Some though, have done more than just exhibit their purchasing powers. Take Black Eyed Peas frontman will.i.am: he actually built is own mortgage relief program.

Talking with U.K. paper “The Sun”, will.i.am reveals all the information about ‘i.am.home,” a program through which the rock star buys homes that would otherwise be foreclosed on and gives them, debt free, to the homeowners. He says,” I rescue families who are …

It is indeed time to sort out the mess brought about by sloppy paperwork regarding foreclosure procedures. With homeowners filing lawsuits left and right plus state attorneys general combining efforts to investigate on the matter, banks are really under hot water. They face further heat as they are set to make appearances in twin hearings in Congress this week.
Congress hearings on foreclosure practices are set for Tuesday and Thursday this week and are expected to renew pressure on banks to come up with ways of keeping borrowers in their homes. …

There have been too many news regarding errors on foreclosures and the paperwork that accompanies it. Given that homeowners on default have the option for loan modification, it is a wonder why banks do not just go that route. An attorney with the National Consumer Law Center gives the reason behind this.
National Consumer Law Center’s Diane Thompson explained why banks and servicers would rather foreclose than modify loans even if it’s being predicted that soon foreclosures will outnumber loan modifications by approximately two million foreclosures to 1.7 million modifications. According …

It is human nature: when things are starting to look up, people tend to relax a bit causing things to slip once more. This is why a government sponsored enterprise and a large mortgage lender warn of deeper problems amidst better third quarter returns as compared to that of last year’s.
Third quarter net loss for government-owned finance company Freddie Mac has been narrowed to $2.5 billion; last year, it was at $5.4 billion. And as delinquency rates edge down, credit losses reserves decline to $3.7B versus $5B in 2nd quarter. …

The housing market no longer needs to be told that it has been in the slumps for too long. Though it does not need another reason to be wallowing in the lows, the recent foreclosure paperwork mess has given it just that. And to make matters worse, a global rating agency predicts that the housing market will stay depressed if the foreclosure mess does not get rectified.
Because of the foreclosure delays that major banks implemented, Fitch Ratings made a prediction that the housing market insiders do not want to hear. …

There have been numerous reports saying that the commercial real estate market is faring better than the rest of the economy. While this may be true, a recent survey reveals that there should be caution in moving within the said market. The survey may agree with the reports, it also reveals that growth is but incremental.
The Real Estate Roundtable released its fourth quarter survey of over 110 senior commercial real estate executives and it agrees that the market indeed is improving, along with prices, transaction volume, and even access to …

Sometimes it’s a wonder if the housing market is still salvageable. It’s just not that home sales are down and prices are depressed and that the major mortgage servicers are in hot water for alleged mess in processing foreclosure paperwork, it’s also that the solutions that the government has offered seem to not be working. With everything looking as bleak as it is, analysts and real estate insiders say not to fret as there still is hope for the industry.
With talks of the banks making huge errors on foreclosure paperwork, …

Publicly traded companies are under an obligation to announce business developments to its investors and analysts. Admission of an error in foreclosure proceedings is counted under that particular obligation. This is probably why the country’s second largest mortgage servicer, which previously said no such errors occurred in their banks, is now making a disclosure.
Wells Fargo & Co. made an unexpected announcement last Wednesday regarding refiling 55,000 foreclosure affidavits. If the bank expected uproar over this announcement, they would have been disappointed: analysts and investors were not a bit shocked with …