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Super Contributor
Justsaying
Posts: 205
Registered: ‎12-13-2009
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Americans Brace For Next Wave Of Foreclosures

[ Edited ]

 

(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.

 

...

RealtyTrac CEO Brandon Moore said the "numbers point to a gradually rising foreclosure tide as some of the barriers that have been holding back foreclosures are removed."

 

One big difference to the early years of the housing crisis, which was dominated by Americans saddled with the most toxic subprime products -- with high interest rates where banks asked for no money down or no proof of income -- is that today it's mostly Americans with ordinary mortgages whose ability to meet payment have been hit by the hard economic times.

 

"The subprime stuff is long gone," said Michael Redman, founder of 4closurefraud.org. "Now the folks being affected are hardworking, everyday Americans struggling because of the economy."

 

...

Burns and Fell are the new face of the U.S. housing crisis: Middle class, suburban or rural with a conventional 30-year fixed mortgage at a reasonable interest rate, but unemployed or underemployed. Although the national unemployment rate has fallen to 8.3 percent from its peak of 10 percent in October 2009, nearly 13 million Americans remain jobless, meaning many are struggling to keep up with their mortgage payments.

 

Real estate company Zillow Inc says more than one in four American homeowners were "under water" or owed more than their homes were worth in the fourth quarter of 2011. The crisis has wiped out some $7 trillion in U.S. household wealth.

 

"We're seeing more people coming through who have good loans with reasonable interest rates," said Ed Jacob, executive director of non-profit lender Neighborhood Housing Services of Chicago Inc, which provides foreclosure counseling. "But in many households only one person works now instead of two, or they had their hours cut."

 

"The answer to the housing crisis now is job creation."

 

...

EARLY SIGNS OF UPTICK?

 

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.

 

"The hangover from this crisis will far outlast the party of the boom years," said Zillow chief economist Stan Humphries.

 

Getting through the remaining foreclosures and dealing with the resulting flood of homes on the market in the wake of the bank settlement is a necessary part of the healing process for the U.S. housing market, he added.

 

Read more here: 

http://www.reuters.com/article/2012/04/04/us-foreclosure-idUSBRE83319E20120404

Silver Contributor
soopercommuter
Posts: 377
Registered: ‎08-17-2008

Re: Americans Brace For Next Wave Of Foreclosures

This is the slowest wave in the history of waves.  They media has been reporting this thing is coming for 3 years now.......  All the while the number of foreclosures has been falling, the number of NODs has been falling and the number of loan mods has been rising.

Super Contributor
Justsaying
Posts: 205
Registered: ‎12-13-2009
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Re: Americans Brace For Next Wave Of Foreclosures


soopercommuter wrote:

This is the slowest wave in the history of waves.  They media has been reporting this thing is coming for 3 years now.......  All the while the number of foreclosures has been falling, the number of NODs has been falling and the number of loan mods has been rising.



"This is the slowest wave in the history of waves." While this bit might be true it's also true that there is a wave nonetheless and that it's finally about to unfold! If one reads the whole article one might also confirm that there has been inumerous problems (e.g. robo-signing) that affected said "wave" to realize earlier!

 

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.


 


 


Silver Contributor
soopercommuter
Posts: 377
Registered: ‎08-17-2008

Re: Americans Brace For Next Wave Of Foreclosures

You really do believe everything you read huh.

 

Foreclosures are preceeded by Notice of Defaults, I'm sure everyone here knows that.  Here is the NOD data for Riverside county. This will tell you what kind of "wave" to expect.  After NODs are filed it can be anywhere from 90 days to 2 years before the foreclosure happens.  And of course some will never foreclose due to loan mods, short sales or whatever.

 

The Notice of Defaults fell 9% month to month

They fell 22.5% year to year.

 

Notice of Trustee sales fell 13% month to month and fell 12% year to to year.

 

Not only is that not a wave, it's more like lake drying up due to evaporation. 

Super Contributor
Justsaying
Posts: 205
Registered: ‎12-13-2009
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Re: Americans Brace For Next Wave Of Foreclosures


soopercommuter wrote:

You really do believe everything you read huh.

 

Foreclosures are preceeded by Notice of Defaults, I'm sure everyone here knows that.  Here is the NOD data for Riverside county. This will tell you what kind of "wave" to expect.  After NODs are filed it can be anywhere from 90 days to 2 years before the foreclosure happens.  And of course some will never foreclose due to loan mods, short sales or whatever.

 

The Notice of Defaults fell 9% month to month

They fell 22.5% year to year.

 

Notice of Trustee sales fell 13% month to month and fell 12% year to to year.

 

Not only is that not a wave, it's more like lake drying up due to evaporation. 


 

 

My postings are OBVIOUSLY NOT MEANT FOR PEOPLE LIKE YOU!!!

 

But thank you for taking the time to reply (even though we both know we have complete different interests here -- while I'm trying to HELP PROSPECTIVE HOMEBUYERS simply by helping -- you, on the other hand, have recently bought a home and these type of news are bad news for you!)

 

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.

 

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.

 

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.

 

 

 

Silver Contributor
soopercommuter
Posts: 377
Registered: ‎08-17-2008

Re: Americans Brace For Next Wave Of Foreclosures

Meant for me or not, your posts would be better received in a conspiracy forum.

 

I have three homes and all are doing just fine thanks.   These articles have nearly nothing to do with local conditions. You might as well post articles about the real estate market in Nigeria. Maybe a wave (or a ripple) will hit but it's more likely to hit Salt Lake City or DC than it is here. The areas that have fallen the fastest and the hardest are ripe for buyers and investors. You and the other tin foil hatters will miss the harvest if you think prices are going to fall farther around here!

 

BTW, You've posted this same thing before.  Let me refresh your memory,

 

On Feb 25th 2010 You posted "A New Wave of Foreclosures Upon Us" ...... WRONG

http://forums.redfin.com/t5/Inland-Empire/New-Wave-of-Foreclosures-Upon-Us/m-p/88237

 

So, over two years ago you were posting about this so called wave...... Still waiting.......

 

You just keep waiting to buy, The rest of us will be enjoying our lives in our own homes.

 

 

 

 

Super Contributor
Justsaying
Posts: 205
Registered: ‎12-13-2009
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Re: Americans Brace For Next Wave Of Foreclosures


soopercommuter wrote:

 

 

BTW, You've posted this same thing before.  Let me refresh your memory,

 

On Feb 25th 2010 You posted "A New Wave of Foreclosures Upon Us" ...... WRONG

http://forums.redfin.com/t5/Inland-Empire/New-Wave-of-Foreclosures-Upon-Us/m-p/88237

 

So, over two years ago you were posting about this so called wave...... Still waiting.....

_____________________________________________________________________________________________

 

Again, thank you so much for taking time of your sooper busy life to respond to a posting that was OBVIOUSLY NOT MEANT FOR YOU!!!

 

By the way, I was NOT WRONG when I posted the link you just posted! It's a matter of time and even YOU know it!

 

Feel free to keep on taking time to reply, let's keep this post on the top so PROSPECTIVE HOMEBUYERS will be INDEED HELPED!

 

 

 

 

 

 


 

Silver Contributor
soopercommuter
Posts: 377
Registered: ‎08-17-2008

Re: Americans Brace For Next Wave Of Foreclosures

So how about a rubuttal not penned by me!

 

http://www.latimes.com/business/money/la-fi-mo-foreclosure-wave-20120411,0,3279205.story

 

Foreclosure activity in the first quarter in the U.S. fell to its lowest level in more than four years despite predictions that a new wave of distressed homes would flood the market this year.

Foreclosure filings in the first quarter were down 2% from the fourth quarter of 2011 and 16% from the same period last year. An estimated 572,928 properties received foreclosure filings during the quarter, the lowest total since the fourth quarter of 2007, according to Irvine data firm RealtyTrac.

Sean O’Toole, founder of the website ForeclosureRadar, said the biggest factor holding back foreclosures is politics. Banks are trying to repair their images after the mortgage mess and the Obama administration is in general election mode. He said foreclosures will remain in a lull and that any sharp uptick is unlikely.

“The chances are zero,” O’Toole said. “If you take into account the political and bank issues, there is just no chance of it.”

Several factors could be keeping a lid on foreclosures, experts have said. Banks have learned how to manage their foreclosure inventory better, new incentives to do loan modifications have been added by the Obama administration, the Federal Reserve is pushing a plan to convert distressed homes into rental properties and the economy is haltingly adding jobs.

Economists and analysts had predicted that the chief result of a $25-billion foreclosure settlement between state attorneys general and the nation’s biggest mortgage servicers would be a resurgence in foreclosure activity. Although there was a spike last summer in certain Western states as a deal appeared imminent and a more recent uptick in other jurisdictions, the overall numbers have remained suppressed.

Super Contributor
Justsaying
Posts: 205
Registered: ‎12-13-2009
0

Re: Americans Brace For Next Wave Of Foreclosures

[ Edited ]

soopercommuter wrote:

 

 You just keep waiting to buy, The rest of us will be enjoying our lives in our own homes.

 

 

 


    Oh soopercommuter, the irony of your statement!

 

    Enjoying life in "YOUR OWN" homes?!?

 

   As you, and your forum's friends who've "purchased" (please read acquired debt in your name!) a "home" (please read depreciating "asset" or really a liability) "over the past 2 years"  or so, should know, if you have a mortgage YOU DO NOT OWN "YOUR" HOME/HOUSE, the bank/financial institution that facilitated this business transaction does! All of you have stated here in this forum that you do have a mortgage!

 

   "Let me refresh your memory,"

 

   http://forums.redfin.com/t5/Inland-Empire/Rates-plummet-to-3-74/m-p/272560#M18474

 

   Let's just agree to disagree and just enjoy life!!

   

Silver Contributor
soopercommuter
Posts: 377
Registered: ‎08-17-2008

Re: Americans Brace For Next Wave Of Foreclosures

 

Your are correct, I do have a mortage and the bank owns about 3/4 of my house (that goes down a TINY bit each month).  In 15 or so years it will be paid off and I will own it. When that happens I will have no house payment. Those people that chose to rent long term will be paying rent that will be far more than it is today.

 

btw, My other 2 homes are paid off!

 

I don't fall into the category of dreamers that think a house is an investment. That lie has been fanned by the real estate industry.  But you have to live somewhere and if you are ready to put down some roots then buying makes a lot more sense than renting. 

 

If you plan to stay put in this area long term then why on earth would you rent when it's cheaper to buy?  In addition, rents go up, (fixed rate) mortgage payments dont. The value of a home only matters twice. When you buy it and when you sell it. The rest of the time, who cares what it's worth.  I saw the value of my 2nd house go from $110k to $450k and then back to $150k. 

 

People need to look at thier own situation and see if buying is right for them. I don't want to be retired and have a house payment or worse, be renting a place. And most people probably feel the same way.  The best thing a family can do is get a house and get it paid off as soon as possible.  Unfortunately most families would rather have a bigger car, a boat or a pool like a movie star so they take 30 years (or more) to pay off a house.  When you make that final payment and you actually do OWN a home, there is no better feeling in the world!