I am utterly shocked that this isn’t getting more press coverage. The LVRJ reports that Bank of America’s ReconTrust unit has been ordered by the courts to halt all foreclosures in Nevada. This stops 7500 foreclosures until the courts look into the situation more closely. The short version is that ReconTrust may not have a [...]
Home prices fell about a half a percent since August. Or maybe they fell 2% in the third quarter. Maybe you prefer to take a middle number, say losing 0.7% in September? Or if you are an optimist, they “rose less than forecast“? Unless they went down in most cities. All these stories were released [...]
That’s not the only bit of advice you’ll get on this weeks Getting REAL (Estate) in Vegas! Kari Phillips of Southern Fidelity Mortgage was a great guest, and she tells you exactly what you need to know about getting that mortgage.
Bank of America has decided to resume foreclosures in the 23 states that have judicial foreclosure. This does not include Nevada! GMAC will do so as well. This of course assumes that the individual states do not get court orders preventing foreclosures in their jurisdictions pending the investigations now underway in all 50 states. Otherwise, [...]
Tuesday, the President said we don’t need a moratorium on foreclosures. Indeed, the statement said the administration was concerned about unintended consequences. Wednesday, the states rendered his opinion irrelevant. Forty states — no, 49! — no, all 50!* — state Attorneys General have opened investigations into mortgage fraud. It should surprise nobody if one of [...]
As much as I would like to give a whole lot of deep analysis on this, there’s just too much news this week. Bank of America has joined Chase and GMAC in freezing foreclosure in states where a judge must actually sign off — not Nevada! — but Wells Fargo insists that there is no [...]
Welcome to Friday Figures! All information from the GLVAR MLS system. Touring, listing, or making a purchase offer in the Las Vegas Valley this weekend? Read this first! Summary: At 14937 available units, we’re at crunch time: does that number continue to go up by 200-300 every week, or does it level off and stay [...]
Unfortunately, some observers suspected that the conference — currently underway — might be biased against homeowners and advocates for affordable housing. As a bit of background, remember that in addition to the ongoing foreclosure and real estate valuation crisis, homebuilder confidence is sinking and mortgage backed bonds are slumping. The latter means that there are [...]
The headline over at the New York Times is “Seeking a Mortgage? Don’t Get Pregnant“. Over at CNBC, the same article is called “Need a Mortgage? Don’t Get Pregnant.” The gist is that if you are expecting or on maternity leave, you aren’t getting a mortgage because their “income has temporarily fallen while they are [...]
FHA financing has become very popular over the last few years, as it allows buyers to put as little as 3.5% of the purchase price as a downpayment. But many people don’t consider FHA financing because they think there are income limitations, or that they are only for first time buyers. That’s why I would [...]
