Barney Frank has stated that the legislative branch is greatly disappointed with the initial results of Obama’s Making Home Affordable Plan. If the lending industry doesn’t increase successful loan modifications, bankruptcy legislation will return. read article here
Monthly Archives:: July 2009
CNN is reporting that they received about 500 complaints from homeowners trying to obtain loan modifications through the Obama housing plan. They have featured some of those stories here. read original article
Home prices throughout the nation have fallen 19% over the last 12 months. Home prices are only 7% more than where they were in early 2000. Read full article here
We continue to see in an increase in the number of short sale listings on the market. Out team is currently closing in excess of 90% of the short sales we list. Average time for approvals is 3.6 months. Patience is the key!
Vineyard Bank NA in Rancho Cucamonga and Temecula Valley Bank inTemecula both suffered the same tragic fate last week. Read full article here.
Is the Making Home Affordable Program a bang or a bust? The Senate Banking Committee heard reports from industry leaders on Thursday regarding the statistics of actual foreclosure preventions and successful loan modifications. Even with the best expectations, millions of foreclosures are still predicted. Is enough being done? Read Full Article Here
Very interesting article from Tim Iacono From July 13th, 2009. read here
I have often wondered how the banking industry got us into the mess we are currently in. This recent article explains a lot. Wells Fargo sues itself. Total lack of common and business sense. And waste of money, time and effort. Maybe the Stockton short sales we process with Wells could move a little bit […]
Pending home sales have been rising for four consecutive months, made possible by affordable home prices and a first-time buyer tax credit, according to the National Association of Realtors (NAR). The Pending Home Sales Index, increased to 90.7 in May up from 90.6 in April, and is 6.7% higher than May 2008, when it was […]
In a new report released from PMI Mortgage Insurance Co. it is projected that 60% of the top 50 metropolitan statistical areas (MSAs) have a greater than 50% probability of lower home prices in the first quarter of 2011. According to PMI, as many as 324 of the nation’s 381 MSAs now face increased risk […]
Yesterday, the Mortgage Bankers Association released its Weekly Mortgage Applications Survey for the week ending June 26, 2009. The Market Composite Index, a measure of mortgage loan application volume, was 444.8, a decrease of 18.9 percent on a seasonally adjusted basis from 548.2 one week earlier. On an unadjusted basis, the Index decreased 18.5 percent […]