July 2012 Archives » North OC Housing News

Newsom wants the eminent domain of mortgages to be explored

Jul 312012

He didn’t give his full support, but it’s noteworthy since more politicians are calling are giving this idea a serious look. However, the banking industry owns a lot of these people, so I wonder how far this idea will advance. Newsom calls eminent domain plan in San Bernardino County ‘bold’ By Alejandro Lazo July 27, 2012, 4:36 p.m One of California’s highest-ranking politicians, Lt. Gov. Gavin Newsom, has told an investor group to “back off” and allow San Bernardino County to explore a controversial plan that would employ its eminent domain powers to seize and restructure troubled mortgages. The cities of Ontario and Fontana, in partnership with the county, are exploring using private funds to acquire mortgages that are “underwater” [Read More...]

The number of months to sell a new completed house increasing

Jul 302012

There is record low existing housing inventory, so you think that with mortgage rates being so low that new homes would sell extremely fast. However, the number of months a new home sits on the market until it’s purchased by a buyer has increased. If fact new home sales for June has decreased. David Rosenberg Points To One Indicator That’s Showing No Sign Of A Housing Recovery Sam Ro| Jul. 26, 2012, 7:22 PM David Rosenberg, the bearish economist at Gluskin Sheff, isn’t convinced that the U.S. housing market is on the up and up. He points to the number of months it takes to sell a new house. From his note today: How can it possibly be that the [Read More...]

Proposals for the eminent domain of mortgages spread to Chicago

Jul 292012

It’s barely been proposed in California and now other cities are looking into to his process. It’s interesting that the idea is spreading so fast considering it hasn’t even tried or tested in the courts. Chicago considers eminent domain to seize underwater mortgages By Jon Prior July 27, 2012 • 10:47am The City of Chicago will hold a hearing over using eminent domain to seize underwater mortgages. The idea first came under consideration in San Bernardino County, Calif. Venture capital firm Mortgage Resolution Partners is pitching the idea to several cities across the country. Using investor dollars, local governments would seize performing mortgages in negative equity, reduce the principal for the borrower and refinance it into a government-backed loan. Chicago [Read More...]

Buying trends in the North Orange County housing market: 7-28-2012

Jul 282012

234 South BARBARA Way Anaheim, CA 92806 $479,000 2842 East SOUTH St 0.32 miles 4 bd / 2 ba 1,650 Sq. Ft. $425,000 2704 North RIVER TRAIL Rd 0.38 miles 4 bd / 2.5 ba 1,987 Sq. Ft. $403,000 2622 North RIVER TRAIL Rd 0.41 miles 4 bd / 2.5 ba 1,987 Sq. Ft. $375,000 2756 North PAMPAS St 0.49 miles 4 bd / 2 ba 1,550 Sq. Ft. $495,000 2633 East NORM Pl 1.03 miles 3 bd / 2 ba 1,641 Sq. Ft. $435,000 2622 East STRONG Pl 1.12 miles 3 bd / 2 ba 1,736 Sq. Ft. $375,000 505 South RESEDA St 1.18 miles 3 bd / 1.75 ba 1,415 Sq. Ft. $349,900 512 South REVERE St 1.28 [Read More...]

Delinquencies are creeping back up

Jul 272012

Usually in a recovery economy delinquencies shouldn’t be increasing. I think is in a leading indicator that economy is not well and the housing market isn’t recovered. LPS Releases June First-Look Delinquency Data 07/25/2012 By: Tory Barringer Lender Processing Services (LPS) released Wednesday its “first look” month-end mortgage performance data for June, revealing that the loan delinquency rate fell year-over-year. According to statistics from LPS’ loan-level database, loan delinquency fell from June 2011 by 7.3 percent. However, delinquency increased month-over-month, w The total U.S. loan delinquency rate is an estimated 7.14 percent. These statistics include loans that are 30 or more days overdue but are not yet in foreclosure. LPS’ data also revealed an estimated 3,602,000 properties are 30 or [Read More...]

WSJ discusses the idea of eminent domain of underwater mortgages

Jul 262012

Please note this program would refinance out of private mortgages and into mortgages that federally guaranteed. If you want to fix housing then strategic default is best. Seizing Mortgages Could Yield Big Returns By Al Yoon | The Wall Street Journal Tapping the power of eminent domain to repair underwater mortgages could generate investor returns of up to 30% and billions of dollars in fees for bankers behind the proposal, according to people with knowledge of the plan. The use of eminent domain to seize and restructure mortgages is an idea that has enraged bondholders who worry they will be forced to sell mortgages from their securities to municipal governments at a steep discount. But the proposal, being pitched to [Read More...]

Housing bubble Bottom callers beware

Jul 252012

We had one little uptick in home value and Zillow it calling it the end of the housing bubble. Please keep in mind we have: Artificially low borrowing costs Federally guaranteed loans Federally guaranteed and insured low downpayment loans Shadow Inventory Increasing taxes due to debt costs Decreasing incomes compared to 2007 With all these threats is the housing bubble really over? Home Price Bottom or Bubble? Published: Tuesday, 24 Jul 2012 | 11:23 AM ET By: Diana Olick CNBC Real Estate Reporter Home prices rose, just barely, in the second quarter of this year annually for the first time since 2007, according to online real estate firm Zillow. That prompted the popular site to call a “bottom” to home [Read More...]

HOA’s to banks: Pay your fees!

Jul 242012

You can’t tell their isn’t accounting system that will allow to banks to more timely paid their HOA fees. Deadbeats! Now It’s the Big Banks That Are Getting Foreclosed On Published: Friday, 20 Jul 2012 | 3:06 PM ET By: Diana Olick CNBC Real Estate Reporter Call it a case of man bites dog. Since the start of the housing crash, millions of Americans have lost their homes to foreclosure. Many of them lived in homeowner or condo associations. These are organizations that collect monthly dues to pay for amenities, like added security, maintenance and recreational areas; one in five Americans currently lives in an association-governed community. These associations have been hit hard by the housing crisis, as many delinquent [Read More...]

The housing bubble didn’t just affect the young

Jul 232012

I was shocked when I read this article. I thought the housing mostly affected the younger generation was really didn’t save their money. The older generation was supposed to be conserved. AARP: Older Homeowners Hit Just as Hard by Foreclosure Crisis 07/19/2012 By: Tory Barringer A report released Thursday from AARP suggests that older Americans may not have escaped the foreclosure crisis unscathed, as some previously thought. The report, titled Nightmare on Main Street: Older Americans and the Mortgage Market Crisis, showed that many of the country’s older citizens are taking their mortgage debt with them into retirement. As of December 2011, an estimated 3.5 million older (age 50 and up) mortgage holders were underwater. Approximately 600,000 older homeowners were [Read More...]

The lack of homes for sale hurting the overall real estate market

Jul 222012

With banks and squatters not selling their homes, it has completely stopped the supply of home coming on the market. As investors and first home buyers picked the cheapest homes, it has reduced the overall demand for the market. Regular buyers and move up buyers can’t participate in the market. Why Drop in Foreclosures Is Bad for Housing Market CNBC.com | July 19, 2012 | 11:59 AM EDT In a normal housing market, lack of supply is generally considered a good thing. When demand outweighs supply, home prices rise and homeowners gain equity. Like so many things in this historic economic recovery, that premise doesn’t exactly apply. This housing market has been running on distress for the past year, as [Read More...]