First off, I want to point out that our local home sales are up — propelled by over 1400 closings in the last week of June (which I told you about first!) But much more important is a case that hit the Nevada Supreme Court last week, one of three major rulings about foreclosures and [...]
I’ve got a few little news items to add for now. First off, today’s big news is that nationwide, 28.4% of homes with mortgages are “underwater.” Needless to say, that percentage is much higher in Nevada! Fannie Mae wants another $8,500,000,000 from Uncle Sam, bringing their bailout to near $100,000,000,000. Amazing! And finally, for those [...]
A draft of the agreement between mortgage companies and the various state Attorneys General has been released. There’s a link to the actual document here. The object of this agreement is to make the banks behave in a way that is fair to consumers and legal. But does it really address any of the problems? [...]
Well, I realize that “they couldn’t stay at historic lows forever” isn’t much of an answer. CNN‘s answer is that it’s because Treasury bond yields are going up. For those of you who missed yesterdays Getting REAL (Estate) in Vegas, we talked about investing in rent homes in Vegas and avoiding foreclosure-rescue scams.
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 [...]
