Mortgage crisis hitting harder in some areas more than others

Tuesday, February 07, 2012

Mortgage loan applications have increased 23% this last week due to record low rates.

Orlando, FL (MBNews.org) -- Historic record low have encouraged many homeowners to refinance according to the Mortgage Bankers Association.

We have seen refinancing activity climbed 26.4% just this week week ending January 13, to its highest level since early August, the MBA reported. Meanwhile applications for new mortgages climbed 10.3% week-over-week.

Time to buy a house? Home prices have fallen and mortgage interest rates are lower than they have ever been.

Miami (MBNews.org) — Time to buy a house? Home prices have fallen and mortgage interest rates are lower than they have ever been.

A recent report from J.P. Morgan Asset Management, titled “Housing: A time to buy,” written by David Kelly and David Lebovitz, made the case for why a home may be a wise purchase. Read more: Mortgage rates plunge beyond expectations.

Although the U.S. housing market remains extremely depressed, we believe that given current valuations and demographic dynamics, now may be the time to consider an investment in housing,” the report said.

Goldman, Two Firms Agree on Foreclosure-Signing Practice

Goldman Sachs will compensate some home loan borrowers for wrongful foreclosures under an agreement reached with a New York state banking regulator.

The agreement, which New York financial services superintendent Benjamin Lawsky reached with Goldman [GS 112.16 -4.06 (-3.49%) ] and Ocwen Financial [OCN 13.28 -0.52 (-3.77%) ], contains several measures to strengthen the oversight of foreclosure proceedings.

It also will allow Goldman's planned sale of its Litton Loan Servicing LP unit to continue.

U.S. asks Bank of America to report back up plans if conditions worsen

The U.S. Federal Housing Finance Agency plans to sue "more than a dozen" major banks for billions of dollars over alleged misrepresentation of mortgage-backed securities sold before the housing bubble burst, the New York Times reported late Thursday.

U.S. asks Bank of America to report back up plans if conditions worsen

U.S. regulators have pushed Bank of America Corp. to show what measures it could take if conditions worsen for the Charlotte, N.C., lender, according to people familiar with the situation.

U.S. regulators have pushed Bank of America Corp. to show what measures it could take if conditions worsen for the Charlotte, N.C., lender, according to people familiar with the situation. Read more...

More Americans at Risk of Foreclosure

The number of Americans at risk of foreclosure is rising, reflecting the U.S. economy’s continued struggles.

The Mortgage Bankers Association said Monday that 8.44 percent of homeowners missed at least one mortgage payment in the April-June quarter. That figure, which is adjusted for seasonal factors, rose 0.12 percentage point from the January-March period. Read more...

New York AG Kicked Off Foreclosure Probe Panel

Iowa Attorney General Tom Miller said late yesterday that his New York counterpart, Eric Schneiderman, had been removed from the executive committee working on a multistate foreclosure probe – and potential settlement – with U.S. banks.

Mortgage crisis hitting harder in some areas more than others

Secondary Market

Thursday, 26 August 2010 13:27

By Elizabeth Martinez

Miami FL- Foreclosure trends can differ greatly among different sectors of the country. In Bend, Oregon, for example, Home sale prices have fallen by nearly 19 percent over the past year ended June 30 - the biggest drop of any metropolitan area - according to calculations released Wednesday by the Federal Housing Finance Agency.

Including this year's drop, housing prices in the outdoorsy central Oregon area are down by more than 15 percent over a five year period ended June 30, the agency reported. Similarly, The FHFA reported that housing prices fell by more than 15 percent over a year ago in six other metropolitan areas, including Ocala, Fla., Lakeland-Winter Haven, Fla., and the Reno, Nev., area.

On the other hand, in the Midwestern city of Springfield, Ill., housing prices rose - albeit by a meager 2.68 percent - over the year, and are up nearly 10 percent for the five-year period. Similarly, other metropolitan areas that saw small year-over-year gains include Dubuque, Iowa, and the areas surrounding San Jose and Anaheim, Calif. Allison Linn, from lifeinc.com explains that the news was not all good for even the areas seeing housing prices rise: “Both California metropolitan areas are still seeing significantly lower prices than five years ago.”

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