Foreclosures fall to 5-year low

Discussion in 'Politics' started by The VOR, Oct 11, 2012.

  1. The VOR
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    The VOR Gold Member

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    Foreclosures fall to 5-year low - Oct. 11, 2012

    "Foreclosure filings -- including default notices, scheduled auctions and bank repossessions -- were reported on 180,427 properties in September, a 7% decline from August and down more than 16% from a year earlier, according to a report released Thursday by RealtyTrac, an online marketer of foreclosed properties. That's the lowest number of filings since September 2007."

    "Part of the reason for the overall improvement is that the government's and the banks' efforts to prevent homeowners from falling into foreclosure have taken hold. The government sponsored Home Affordable Modification Program has helped more than a million borrowers obtain more affordable mortgages. "

    More good news, unless you are a nutter that is.
     
  2. SniperFire
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    SniperFire Senior Member

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  3. Warrior102
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    Warrior102 Gold Member

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    Wow - foreclosures are at a low.

    Perhaps Biden will bring this up tonight.
     
  4. g5000
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    g5000 Diamond Member

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    This is very good news. Let's hope this is the start of a trend.

    However, HAMP had virtually nothing to do with it. This is the result of a wide variety of factors, including the fact that the peak of resets from the subprime lending bubble passed in the middle of last year. The toxicity level of home loans peaked in June 2008, at which time Pick-A-Payment loans were halted by the banks. So you look three years down the line from there, and presto, June 2011. There was a slight upsurge in the spring of this year, but not to the level of the reset peak of June of last year.

    What we are seeing now are foreclosures from those subprime loans which reset last year but were put on hold because of the robosigning scandal.

    Loans that are distressed now are those that were highly toxic to begin with and then refinanced to kick the bucket down the road, plus those that were roadblocked by the robosigning litigation.

    Investors are also more willing to allow the banks to refinance distressed loans since they have reached a near break-even point on their investments.

    So it should be downhill from here, barring any more economic shocks.

    .
     
  5. Mr. H.
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    Mr. H. Diamond Member

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    They're up in Illinois. By double digits.
    Maybe we were conveniently left out of that report.
     
  6. The Infidel
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    The Infidel EVIL CONSERVATIVE

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    I believe they are probably low.... becuz every1 has all reddy lost they houze
     
  7. B. Kidd
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    B. Kidd Gold Member

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    Another 'too good to be true' economy spin. There are still tons of foreclosure properties in the pipeline.
    Obviously you never heard of FORECLOSURE STUFFING.
    Here, let me educate you:

    Foreclosure Stuffing | ZeroHedge


    You're welcome.............:smoke:.
     
  8. candycorn
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    candycorn Alis volat propriis

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    They're oversampling homeowners
     
  9. Charles_Main
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    Charles_Main AR15 Owner

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    This is perhaps the only really good economic news, in a sea of Reports of so called good news. Though I would add it is going to take a lot more than the Slowing of Forecloses to fix the Housing market. There is a massive inventory of Homes for sale out there, and still depressed prices.
     
  10. Charles_Main
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    Charles_Main AR15 Owner

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    I do door to door Marketing for a Home Improvement company, and in this area there are some Neighborhoods where 2 out of ever 10 Homes on each street is empty, with Bank Notices, and warnings posted in the windows. Many of them Brand new, never been lived in, spec homes Contractors built and took a Bath on.
     

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