MMC
04-05-2012, 11:47 AM
GARFIELD HEIGHTS, Ohio (Reuters) - Half a decade into the deepest U.S. housing crisis since the 1930s, many Americans are hoping the crisis is finally nearing its end. House sales are picking up across most of the country, the plunge in prices is slowing and attempts by lenders to claim back properties from struggling borrowers dropped by more than a third in 2011, hitting a four-year low.
But a painful part two of the slump looks set to unfold: Many more U.S. homeowners face the prospect of losing their homes this year as banks pick up the pace of foreclosures.
In 2011, the "robo-signing" scandal, in which foreclosure documents were signed without properly reviewing individual cases, prompted banks to hold back on new foreclosures pending a settlement.
Five major banks eventually struck that settlement with 49 U.S. states in February. Signs are growing the pace of foreclosures is picking up again, something housing experts predict will again weigh on home prices before any sustained recovery can occur.
Mortgage servicing provider Lender Processing Services reported in early March that U.S. foreclosure starts jumped 28 percent in January.
Although foreclosure starts were 50 percent or more lower than for the same period in 2010, those begun by Deutsche Bank were up 47 percent from 2011. Those of Wells Fargo's rose 68 percent and Bank of America's, including BAC Home Loans Servicing, jumped nearly seven-fold -- 251 starts versus 37 in the same period in 2011. Bank of America said it does not comment on data provided by other sources. Wells Fargo and Deutsche Bank did not comment.
Online foreclosure marketplace RealtyTrac estimated that while foreclosures dropped slightly nationwide in February from January and from February 2011, they rose in 21 states and jumped sharply in cities like Tampa (64 percent), Chicago (43 percent) and Miami (53 percent).
Zillow expects the resurgence in foreclosures this year, combined with excess inventory of unsold, bank-owned homes will contribute to a 3.7 percent national decline in prices before the market hits bottom in 2013 and stays there until 2016.
A January report by the Neighborhood Economic Development Advocacy Project in New York found that in the first half of 2011 the number of 90-day pre-foreclosure notices in New York City outnumbered court foreclosure actions by a ratio of 14 to one, indicating that while proceedings were initiated against many homeowners, they were left incomplete.
"Now the banks have a settlement, foreclosure numbers for 2012 are going to be high," said NEDAP co-director Josh Zinner.
A recent survey by the California Reinvestment Coalition, an umbrella group of nearly 300 non-profit groups in the state, of member agencies found 75 percent of respondents expected increased demand for their foreclosure prevention services in 2012 but more than a third had to scale back services because of funding cuts.
"Until banks engage in meaningful principal reduction as a matter of course," ESOP's Seifert said after a recent protest at a Chase branch in Cleveland, "this crisis will not end.".....snip~
http://news.yahoo.com/americans-brace-next-foreclosure-wave-210253440.html
Reuters – 16 hrs ago<<<<< More Here Way More!
This morning on the Radio Am 560 they were stating Illinois has the highest Foreclosure rate in the Country. I don't know if it is true but is one of the worst.
I even had to deal with this crap and I own my home outright. We had Wells Fargo/Wachovia.....but their front company was American Servicing Corporation. So thats who was always dealt with. The one day we got a letter in the mail from the Duetsche Bank. Foreclose Notice. I was like WTF.
Came to find out Wells Frago had sold mortgages to Duetsche Bank. Duetsche Bank didn't know shiznit on paperwork or anything. Which wells Fargo Put thru American Servicing Company. Needless to say I sent the German Bank a few of my thoughts. Telling them come on and try and take myshiznit.
Anyhow they were talking about how all these foreclosures have been sitting in the courts just waiting. The Cook County Sherrifs Office or Chicago even issued statements that they were not going to even attempt to put people out of their homes unless all the paperwork from wherever was done and complete. Now they plan to hit this year with all this allegedly recovery that the MS Media is talking about.
It does have to happen tho in order to turn the market around. I think we also had a convo on what people could do to increase the value of their homes now thru this time period.
But a painful part two of the slump looks set to unfold: Many more U.S. homeowners face the prospect of losing their homes this year as banks pick up the pace of foreclosures.
In 2011, the "robo-signing" scandal, in which foreclosure documents were signed without properly reviewing individual cases, prompted banks to hold back on new foreclosures pending a settlement.
Five major banks eventually struck that settlement with 49 U.S. states in February. Signs are growing the pace of foreclosures is picking up again, something housing experts predict will again weigh on home prices before any sustained recovery can occur.
Mortgage servicing provider Lender Processing Services reported in early March that U.S. foreclosure starts jumped 28 percent in January.
Although foreclosure starts were 50 percent or more lower than for the same period in 2010, those begun by Deutsche Bank were up 47 percent from 2011. Those of Wells Fargo's rose 68 percent and Bank of America's, including BAC Home Loans Servicing, jumped nearly seven-fold -- 251 starts versus 37 in the same period in 2011. Bank of America said it does not comment on data provided by other sources. Wells Fargo and Deutsche Bank did not comment.
Online foreclosure marketplace RealtyTrac estimated that while foreclosures dropped slightly nationwide in February from January and from February 2011, they rose in 21 states and jumped sharply in cities like Tampa (64 percent), Chicago (43 percent) and Miami (53 percent).
Zillow expects the resurgence in foreclosures this year, combined with excess inventory of unsold, bank-owned homes will contribute to a 3.7 percent national decline in prices before the market hits bottom in 2013 and stays there until 2016.
A January report by the Neighborhood Economic Development Advocacy Project in New York found that in the first half of 2011 the number of 90-day pre-foreclosure notices in New York City outnumbered court foreclosure actions by a ratio of 14 to one, indicating that while proceedings were initiated against many homeowners, they were left incomplete.
"Now the banks have a settlement, foreclosure numbers for 2012 are going to be high," said NEDAP co-director Josh Zinner.
A recent survey by the California Reinvestment Coalition, an umbrella group of nearly 300 non-profit groups in the state, of member agencies found 75 percent of respondents expected increased demand for their foreclosure prevention services in 2012 but more than a third had to scale back services because of funding cuts.
"Until banks engage in meaningful principal reduction as a matter of course," ESOP's Seifert said after a recent protest at a Chase branch in Cleveland, "this crisis will not end.".....snip~
http://news.yahoo.com/americans-brace-next-foreclosure-wave-210253440.html
Reuters – 16 hrs ago<<<<< More Here Way More!
This morning on the Radio Am 560 they were stating Illinois has the highest Foreclosure rate in the Country. I don't know if it is true but is one of the worst.
I even had to deal with this crap and I own my home outright. We had Wells Fargo/Wachovia.....but their front company was American Servicing Corporation. So thats who was always dealt with. The one day we got a letter in the mail from the Duetsche Bank. Foreclose Notice. I was like WTF.
Came to find out Wells Frago had sold mortgages to Duetsche Bank. Duetsche Bank didn't know shiznit on paperwork or anything. Which wells Fargo Put thru American Servicing Company. Needless to say I sent the German Bank a few of my thoughts. Telling them come on and try and take myshiznit.
Anyhow they were talking about how all these foreclosures have been sitting in the courts just waiting. The Cook County Sherrifs Office or Chicago even issued statements that they were not going to even attempt to put people out of their homes unless all the paperwork from wherever was done and complete. Now they plan to hit this year with all this allegedly recovery that the MS Media is talking about.
It does have to happen tho in order to turn the market around. I think we also had a convo on what people could do to increase the value of their homes now thru this time period.