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Economics Discuss Foreclosures spike as banks ramp up repossessions at the Political Forums; With jobless rates higher and now this can't help our Economic situation. So Mr. President please stop taking credit so ...

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Old 11-14-2014, 02:23 PM
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Default Foreclosures spike as banks ramp up repossessions

With jobless rates higher and now this can't help our Economic situation.

So Mr. President please stop taking credit so soon after what might be good news is released. And then turns sour or worst. IMHO..

Plus you and your Party didn't get what the mid terms was telling you and your party and in 2016 it will hit you again, just my opinion and not related to this sad news... IMHO..

If anyone wants to debate this opinion then take it to a New Thread and PM me to go and debate it.



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Foreclosures spike as banks ramp up repossessions


CNBC.com November 13, 2014 6:40 AM




More than five years after the foreclosure crisis began, the number of borrowers losing their homes is rising again.

.
More than five years after the foreclosure crisis began, the number of borrowers losing their homes is rising again.

Most of the troubled loans are not new; instead, the backlog of homes in the foreclosure process is finally starting to move more quickly. There was, however, a slight uptick in foreclosures on loans made in 2013 and 2014, a troubling turn.

Foreclosure filings, which include default notices, scheduled auctions and bank repossessions, were reported on 123,109 properties in October, according to RealtyTrac, a foreclosure sales and data company. That is a 15 percent increase from September, and the largest monthly increase since the peak of the crisis in March of 2010. The numbers are still down 8 percent from a year ago.



Foreclosure activity usually spikes in the months before the holiday season, as banks want to get as many done before implementing holiday moratoria. Over the past three years there has been an average 8 percent monthly uptick in foreclosure auctions in October.

Read More Mortgage volume stalls with rates


"But the sheer magnitude of the increase this year demonstrates there is more than just a seasonal pattern at work," said RealtyTrac vice president Daren Blomquist. "Distressed properties that have been in a holding pattern for years are finally being cleared for landing at the foreclosure auction."

Since the crisis began, there has been a distinct difference in foreclosure volumes between states that require a judge in the process and those that do not. Now the difference is fading. Foreclosure auctions in judicial states rose 21 percent month-to-month, while those in non-judicial states rose 27 percent.


"There is still strong demand from the large institutional investors at the foreclosure auction in some markets, but even in markets with decreasing demand at the foreclosure auction, banks can be confident in selling REO [repossessed] properties quickly and at a good price," Blomquist added. "That's because there is still strong demand from buyers, particularly in the lower price ranges, combined with a dearth of distressed homes listed for sale."

Read More Full housing recovery may not happen until 2018: Survey


Strong buyer demand at foreclosure auctions has helped stem the number of properties being repossessed by banks. October, again, was an anomaly, with lenders taking ownership of nearly 28 thousand properties, up 22 percent from September. Still, repossessions were down 26 percent from a year ago.

"We see far more opportunity to buy than we have capital," said Laurie Hawkes, president and COO of American Residential Properties, a Scottsdale, Arizona-based, single-family rental REIT in a September interview. "The fallacy is that the buying is over. It's not."

But it is slowing for large institutional investors, especially as home prices continue to rise. In some markets, however, where home prices have risen most in the recovery, banks would rather repossess the homes because they know they can sell them for a good price. As investors slow their buying, banks are getting more aggressive with long-delinquent borrowers.


Among the nation's top 20 metropolitan housing markets, Miami, Tampa, Baltimore, Riverside-San Bernardino and Chicago had the highest foreclosure rates, according to RealtyTrac. Investors have been moving to these markets from former foreclosure hot spots, like Phoenix and Las Vegas.

Read More Home prices and supply map


Most of the loans going through the foreclosure process now have been delinquent for several years, but a particularly troubling sign was the number of newly started foreclosures in October: 56,452 homes. That is a 12 percent jump from September, though down 4 percent from a year ago.This was the largest monthly increase in foreclosure starts since August 2011.

"Many of the mediation programs, loan modification programs and even short sale programs have run their course. Distressed properties that could not be saved by those programs are being placed back on the foreclosure track," noted Blomquist.
https://homes.yahoo.com/news/foreclo...114000770.html
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Old 11-14-2014, 05:13 PM
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Default Re: Foreclosures spike as banks ramp up repossessions

Quote:
Originally Posted by mlurp View Post
With jobless rates higher and now this can't help our Economic situation.

So Mr. President please stop taking credit so soon after what might be good news is released. And then turns sour or worst. IMHO..

Plus you and your Party didn't get what the mid terms was telling you and your party and in 2016 it will hit you again, just my opinion and not related to this sad news... IMHO..

If anyone wants to debate this opinion then take it to a New Thread and PM me to go and debate it.



Video is at this site...



https://homes.yahoo.com/news/foreclo...114000770.html
they never should have bailed out the mortgage lenders who were steep in cow dung cheaters to begin with. Just let the crumbs go bankrupt and by now we would have had a real boom as people could afford the rock bottom prices that those homes fell to.
But oh heck no, they couldn't let that happen it might have actually helped the former middle class. Think of all the repair and remodel out of work construction workers could have right now.
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Old 11-14-2014, 08:46 PM
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Default Re: Foreclosures spike as banks ramp up repossessions

Something else is driving foreclosures up. A bit sneaky but many mortgages are being sold to off shore banks who then make it difficult to send proper payments. Various tricks and confusing notifications are used to confuse mortgagees.

We almost met that fate when ours was sold to a bank IN CHINA. We managed to get it fixed yesterday after two rather stressful months.
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Old 11-14-2014, 08:52 PM
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Default Re: Foreclosures spike as banks ramp up repossessions

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Something else is driving foreclosures up. A bit sneaky but many mortgages are being sold to off shore banks who then make it difficult to send proper payments. Various tricks and confusing notifications are used to confuse mortgagees.

We almost met that fate when ours was sold to a bank IN CHINA. We managed to get it fixed yesterday after two rather stressful months.
from what I gather the fix was so watered down the leeches are creeping back to do the same dang thing they did before.
and nobody went to jail.
pretty soon 3 or 4 entities will own your mortgage-or at least they will think they do.
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Old 11-15-2014, 01:53 PM
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Default Re: Foreclosures spike as banks ramp up repossessions

I moved into this home back in March of 2007. A brand new {being finished while I was looking} They wanted $157,000.00. A bit to high for my liking but I did want it. And then the realtor had other homes for me to look at. All duds.

I went back to that new house several times trying to get a better deal. But could only get the builder to come down $2,000.00.
Now if he had dropped it say $148,000.00 I would have taken it. So he lost his pants, shirt and all profit.

Look at how over priced it was. Almost $40,000.00 welcome to America... Now I with a GI bill could have bought it at the asking price but my parents did teach me a few thing as well as the mean street...

Then about 8 months later I get this realtor's post card saying I could buy it for $118.000.00, brand new and by ths time I found most of the covered over and not repair item in this home that I paid several thousand more for and it was built in 1993.

Note these dates.... Once the market fell look at the over priced market which to the hit.

In cases like this the best one can do is buy a Home Owner's Warranty which will save you plenty.
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