Federal Reserve Continues to Buy Fannie and Freddie Debt
This week the Fed continued it’s buying binge, purchasing $5.15 billion of Fannie Mae, Freddie Mac and Federal Home Loan Bank’s debt this Monday. This is the eighth purchase of government securities since a buyback policy was announced last month. As part of a bid to help lower borrowing costs, the Fed purchased about $60 [...]
1st Quarter US Forclosure rate is up 24%
Nationwide, nearly 805,000 homes received at least one foreclosure-related notice from January through March, up from about 650,000 in the same time period a year earlier, according to RealtyTrac, Inc. There are a few reasons why this the numbers are up. For the past few months, many banks were in the process of negotiating with [...]
Mortgage Delinquencies Rise, More Homeowners Under Water
The mortgage loan delinquency rate — the percentage of borrowers who are 60 days or more past due on making a payment — hit a national average high of 4.58 percent for the fourth quarter of 2008, according to Transunion.com. Traditionally seen as a precursor to foreclosures, this statistic is up from 3.96 percent in [...]
Obama Foreclosure Plan
Some of the biggest players in the mortgage industry will halt home foreclosures while the Obama administration hammers-out a plan to help struggling homeowners. The plan may cost at least $50 billion, according to news issued from the White House. Government-controlled mortgage finance companies Fannie Mae and Freddie Mac, as well as major banks such [...]
Foreclosure Activity Slows in January
Foreclosure filings, including default notices, auction sale notices and bank repossessions, declined 10 percent in January from December, but is still up 18 percent from January 2008, according to RealtyTrac, an online marketer of foreclosure properties. One in every 466 homes received a foreclosure filing during the month, for a total of 274,399 total filings.
Nevada [...]
Hancock Tower Faces Foreclosure
Even the most famous building in Boston real estate is not immune from the foreclosure crisis. The John Hancock Tower, one of the Back Bay’s most notable landmarks, is scheduled to be auctioned off to the highest bidder next month after owner, Broadway Partners, defaulted on some of its debt payments. Broadway Partners purchased the building in December 2006 [...]
As Jobless Claims Soar, Impact on Housing Inevitable
According to a government statement on Thursday, the number of people receiving unemployment benefits has reached an all-time record. The Labor Department reported that the number of Americans continuing to claim unemployment insurance for the week ending Jan. 17 was a seasonally adjusted 4.78 million, the highest on records dating back to 1967. This number [...]
Examining the Year-End Foreclosure Data
Foreclosure filings were reported on 2.33 million properties in 2008, an 81 percent increase in total properties from 2007 and 225 percent higher than 2006, according to a year-end study from RealtyTrac, an online marketer of foreclosure properties. The research shows that 3.16 million foreclosure filings — including default notices, auction sale notices and bank [...]
MA Foreclosures Soar 62 Percent In 2008
Foreclosure activity in Massachusetts surged 62.4 percent in 2008 compared to 2007, and was nearly four times the level seen in 2006, according to The Warren Group, publisher of Banker & Tradesman.
A total of 12,430 foreclosure deeds were recorded last year, up from 7,653 in 2007 and 3,130 in 2006. In December, there were 936 [...]
MA Foreclosure Deeds Climb 38 Percent From A Year Ago
The number of foreclosure deeds recorded in Massachusetts dipped in November compared to the prior month, but jumped 38 percent from the same month last year, according to Banker & Tradesman.
A total of 880 foreclosure deeds were filed in November, down 11.6 percent from 996 in October and 37.9 percent higher than the 638 foreclosure [...]
