While there were fewer loan applications in the second quarter of 2008 compared to a year ago, reported cases of mortgage fraud in the U.S. jumped by 45 percent, according to a new report by the Mortgage Asset Research Institute. Nearly two-thirds of fraud cases (65 percent) involved general application misrepresentation (such as name, occupancy [...]
A record one in 10 U.S. mortgage holders were either behind in their payments or in foreclosure at the end of the third quarter, according to data released this morning by the Mortgage Bankers Association. The group estimates that 2.2 million homeowners will enter the foreclosure process this year.
Federal Reserve Chairman Ben Bernanke recommends additional government action to help distressed homeowners avoid foreclosure and stay in their homes. Speaking at a Fed housing conference in Washington yesterday, Bernanke said the housing crisis has “played a central role” in the nation’s broader economic problems. Perhaps as many as 15 to 20 percent of mortgage [...]
HOPE NOW, a private-sector alliance of mortgage firms, counselors and investors that is working to help prevent foreclosures, reports that lenders have prevented 1.7 million foreclosures in the first 10 months of 2008, an increase over the 1.5 million prevented last year when the program began. Mortgage lenders averted 225,000 foreclosures in October, or 13,000 [...]
A growing percentage of American homeowners are behind on their mortgage payments, according to new data from TransUnion, the credit reporting agency based in Chicago. In the third quarter, 3.96 percent of all mortgage holders in the U.S. were 60 or more days behind on their payments, compared to 2.56 percent in the same period [...]
One thing I think Boston real estate buyers need to realize is that not every condo and loft on the market is a foreclosure. It should be pretty obvious, but it is still pretty difficult to find a foreclosure in prime neighborhoods such as the Back Bay, Beacon Hill and the South End. Not every [...]
Alright all you Boston Real Estate junkies. Here is a deal for you. If you are looking for lots of space in walking distance to Harvard Square on a shoe-string budget, I have found the place for you. This first-floor and basement duplex features recent renovations and 2,358 square feet. It is a foreclosed 3 [...]
Before mid-September it seemed that the Boston luxury real estate market was almost immune from what the rest of the nation was feeling. Not so anymore. This spectacular 5 bedroom, 5.5 bath single-family in Newton was foreclosed on and is now available for purchased for $1,299,000. The home is assessed for $2,086,700. The home features 5,583-square-feet of [...]
In October 2005 the median sales price for a U.S. home was about 7.3 times per capita income. By this May it was just about back tot he historical norm at 5.7 times per capital income. In many locations it looks like inventory has flattened and the decline has ended. SmartMoney Magazine has noted that the following [...]
Fannie Mae and Freddie Mac announced today that they will suspend foreclosure sales and evictions involving occupied single-family properties from Nov. 26, 2008 until Jan. 9, 2009. The holiday season moratorium is designed to give attorneys and loan services more time to reach out to borrowers who have defaulted on their loans and continue to [...]
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