Thursday, January 6, 2011

foreclosure help

RealtyTrac has just reported that even though the volume of foreclosed homes plunged by 25% from Q2 to Q3 and 31% from Q2 of 2009, the discount on foreclosed homes has hit a five year high, as interest in even ultra bargain properties has collapsed following the expiration of the homebuyer tax credit, and confirming yesterday's bad Case Shiller (remember that one?) number. Per RealtyTrac: "foreclosure homes accounted for 25 percent of all U.S. residential sales in the third quarter of 2010 and that the average sales price of properties that sold while in some stage of foreclosure was more than 32 percent below the average sales price of properties not in the foreclosure process — up from a 26 percent discount in the previous quarter and a 29 percent discount in the third quarter of 2009." Yet despite the major price drop, buying interest has evaporated as nobody there is no longer any purchasing power left in the lower and middle sections of the housing market: "a total of 188,748 U.S. properties in some stage of foreclosure — default, scheduled for auction or bank-owned (REO) — sold to third parties in the third quarter, a decrease of 25 percent from the previous quarter and a decrease of nearly 31 percent from the third quarter of 2009. The average sales price of properties in some stage of foreclosure was $169,523, down 2.46 percent from the previous quarter and down 0.44 percent from the third quarter of 2009." And while the average price of non-foreclosed homes posted a slight uptick in Q3, the volume drop was even worse: "The average sales price of properties not in foreclosure was $249,721, up 6.42 percent from the previous quarter and up 4.36 percent from the third quarter of 2009. Sales volume of non-foreclosure properties decreased 29 percent from the previous quarter and nearly 31 percent from the third quarter of 2009."

More from RealtyTrac's Jim Saccacio:


Mortgage Bankers Association Takes Stand Against Successful Foreclosure Prevention Programs


With foreclosures on pace to top one million this year, and federal programs designed to help troubled borrowers falling woefully short of their goals, a few states have stepped up and implemented their own programs aimed at stemming the foreclosure tide. Twenty states across the country are now offering what are known as mortgage mediation programs, which facilitate negotiations between lenders and borrowers before a foreclosure is finalized. In three states and two cities, these mediation sessions are required.


Such programs have been incredibly successful in keeping troubled borrowers in their homes, as the sessions require lenders to actively negotiate, instead of giving borrowers the run-around to which so many have been subjected. As Christopher Brecciano, a Connecticut attorney who represents borrowers in foreclosure, explained, mediation “requires the borrower to sit eye to eye with the bank’s attorney and means there is someone to hold accountable rather than just some service person on the telephone.” In Connecticut, which has an automatic mediation program, 62 percent of those entering mediation received a permanent loan modification. In Nevada, where the program is voluntary, the number is 74 percent.


But the mortgage lending industry is having a hard time getting on board with these successful efforts. In fact, the Mortgage Bankers Association, which represents many large mortgage lenders, opposes all such efforts to push banks into negotiating with borrowers:


John Mechem, a spokesman for the Mortgage Bankers Association, which represents the largest mortgage lenders, said the group is opposed to both mandatory and voluntary mediation programs. He argued that the programs are expensive and are often used by borrowers as a tactic to stall foreclosure. Mr. Mechem said the industry on its own has done almost 1.5 million mortgage modifications this year outside of mediation programs. If such programs must be implemented, he said, the MBA favors a voluntary system over mandatory meetings.


Of course, opposing smart efforts to help homeowners is nothing new for the MBA. Back in 2009, the MBA — with the help of Congressional Republicans — successfully lobbied against the adoption of mortgage cram-down legislation, which would have allowed judges to modify mortgages in bankruptcy court.


That legislation’s defeat, and the MBA’s subsequent celebrations, led Sen. Dick Durbin (D-IL) to say that when it comes to the Senate, the banks, “frankly, own the place.” And now that a moderately successful alternative has been found, which is allowing borrowers to stay in their homes and prevent all the negative effects of a foreclosure for both the borrower and the wider community, the MBA is standing in opposition once again.





surface encounters surface encounters macomb mi

<b>News</b> - Khloe Kardashian Becomes a Redhead! - Style &amp; Beauty <b>...</b>

"I'm so tired of [my sisters] copying everything I do with my hair, so I wanted to go red," she says.

PHP: <b>News</b> Archive - 2011

Latest news. For the latest news, check the homepage, or our Atom feed. Archives by year. 1998 � 1999 � 2000 � 2001 � 2002 � 2003 ... News Archive - 2010. Here are the most important news items we have published in 2010 on PHP.net. ...

Helen Thomas Joins Falls Church <b>News</b>-Press | ARLnow.com

Former White House correspondent Helen Thomas has come out of a seven-month retirement to write a column for the Falls Church News-Press. Thomas was a.


surface encounters rock tops surface encounters

<b>News</b> - Khloe Kardashian Becomes a Redhead! - Style &amp; Beauty <b>...</b>

"I'm so tired of [my sisters] copying everything I do with my hair, so I wanted to go red," she says.

PHP: <b>News</b> Archive - 2011

Latest news. For the latest news, check the homepage, or our Atom feed. Archives by year. 1998 � 1999 � 2000 � 2001 � 2002 � 2003 ... News Archive - 2010. Here are the most important news items we have published in 2010 on PHP.net. ...

Helen Thomas Joins Falls Church <b>News</b>-Press | ARLnow.com

Former White House correspondent Helen Thomas has come out of a seven-month retirement to write a column for the Falls Church News-Press. Thomas was a.


surface encounters macomb mi surface encounters macomb mi

<b>News</b> - Khloe Kardashian Becomes a Redhead! - Style &amp; Beauty <b>...</b>

"I'm so tired of [my sisters] copying everything I do with my hair, so I wanted to go red," she says.

PHP: <b>News</b> Archive - 2011

Latest news. For the latest news, check the homepage, or our Atom feed. Archives by year. 1998 � 1999 � 2000 � 2001 � 2002 � 2003 ... News Archive - 2010. Here are the most important news items we have published in 2010 on PHP.net. ...

Helen Thomas Joins Falls Church <b>News</b>-Press | ARLnow.com

Former White House correspondent Helen Thomas has come out of a seven-month retirement to write a column for the Falls Church News-Press. Thomas was a.


surface encounters rock tops surface encounters macomb mi

<b>News</b> - Khloe Kardashian Becomes a Redhead! - Style &amp; Beauty <b>...</b>

"I'm so tired of [my sisters] copying everything I do with my hair, so I wanted to go red," she says.

PHP: <b>News</b> Archive - 2011

Latest news. For the latest news, check the homepage, or our Atom feed. Archives by year. 1998 � 1999 � 2000 � 2001 � 2002 � 2003 ... News Archive - 2010. Here are the most important news items we have published in 2010 on PHP.net. ...

Helen Thomas Joins Falls Church <b>News</b>-Press | ARLnow.com

Former White House correspondent Helen Thomas has come out of a seven-month retirement to write a column for the Falls Church News-Press. Thomas was a.


surface encounters rock tops
surface encounters macomb

<b>News</b> - Khloe Kardashian Becomes a Redhead! - Style &amp; Beauty <b>...</b>

"I'm so tired of [my sisters] copying everything I do with my hair, so I wanted to go red," she says.

PHP: <b>News</b> Archive - 2011

Latest news. For the latest news, check the homepage, or our Atom feed. Archives by year. 1998 � 1999 � 2000 � 2001 � 2002 � 2003 ... News Archive - 2010. Here are the most important news items we have published in 2010 on PHP.net. ...

Helen Thomas Joins Falls Church <b>News</b>-Press | ARLnow.com

Former White House correspondent Helen Thomas has come out of a seven-month retirement to write a column for the Falls Church News-Press. Thomas was a.


surface encounters noblesville
surface encounters macomb mi

<b>News</b> - Khloe Kardashian Becomes a Redhead! - Style &amp; Beauty <b>...</b>

"I'm so tired of [my sisters] copying everything I do with my hair, so I wanted to go red," she says.

PHP: <b>News</b> Archive - 2011

Latest news. For the latest news, check the homepage, or our Atom feed. Archives by year. 1998 � 1999 � 2000 � 2001 � 2002 � 2003 ... News Archive - 2010. Here are the most important news items we have published in 2010 on PHP.net. ...

Helen Thomas Joins Falls Church <b>News</b>-Press | ARLnow.com

Former White House correspondent Helen Thomas has come out of a seven-month retirement to write a column for the Falls Church News-Press. Thomas was a.


surface encounters michigan
surface encounters michigan

<b>News</b> - Khloe Kardashian Becomes a Redhead! - Style &amp; Beauty <b>...</b>

"I'm so tired of [my sisters] copying everything I do with my hair, so I wanted to go red," she says.

PHP: <b>News</b> Archive - 2011

Latest news. For the latest news, check the homepage, or our Atom feed. Archives by year. 1998 � 1999 � 2000 � 2001 � 2002 � 2003 ... News Archive - 2010. Here are the most important news items we have published in 2010 on PHP.net. ...

Helen Thomas Joins Falls Church <b>News</b>-Press | ARLnow.com

Former White House correspondent Helen Thomas has come out of a seven-month retirement to write a column for the Falls Church News-Press. Thomas was a.


surface encounters macomb mi
surface encounters noblesville

<b>News</b> - Khloe Kardashian Becomes a Redhead! - Style &amp; Beauty <b>...</b>

"I'm so tired of [my sisters] copying everything I do with my hair, so I wanted to go red," she says.

PHP: <b>News</b> Archive - 2011

Latest news. For the latest news, check the homepage, or our Atom feed. Archives by year. 1998 � 1999 � 2000 � 2001 � 2002 � 2003 ... News Archive - 2010. Here are the most important news items we have published in 2010 on PHP.net. ...

Helen Thomas Joins Falls Church <b>News</b>-Press | ARLnow.com

Former White House correspondent Helen Thomas has come out of a seven-month retirement to write a column for the Falls Church News-Press. Thomas was a.


surface encounters macomb
surface encounters rock tops

<b>News</b> - Khloe Kardashian Becomes a Redhead! - Style &amp; Beauty <b>...</b>

"I'm so tired of [my sisters] copying everything I do with my hair, so I wanted to go red," she says.

PHP: <b>News</b> Archive - 2011

Latest news. For the latest news, check the homepage, or our Atom feed. Archives by year. 1998 � 1999 � 2000 � 2001 � 2002 � 2003 ... News Archive - 2010. Here are the most important news items we have published in 2010 on PHP.net. ...

Helen Thomas Joins Falls Church <b>News</b>-Press | ARLnow.com

Former White House correspondent Helen Thomas has come out of a seven-month retirement to write a column for the Falls Church News-Press. Thomas was a.


surface encounters rock tops
surface encounters macomb mi
surface encounters

<b>News</b> - Khloe Kardashian Becomes a Redhead! - Style &amp; Beauty <b>...</b>

"I'm so tired of [my sisters] copying everything I do with my hair, so I wanted to go red," she says.

PHP: <b>News</b> Archive - 2011

Latest news. For the latest news, check the homepage, or our Atom feed. Archives by year. 1998 � 1999 � 2000 � 2001 � 2002 � 2003 ... News Archive - 2010. Here are the most important news items we have published in 2010 on PHP.net. ...

Helen Thomas Joins Falls Church <b>News</b>-Press | ARLnow.com

Former White House correspondent Helen Thomas has come out of a seven-month retirement to write a column for the Falls Church News-Press. Thomas was a.


surface encounters rock tops
surface encounters macomb mi

<b>News</b> - Khloe Kardashian Becomes a Redhead! - Style &amp; Beauty <b>...</b>

"I'm so tired of [my sisters] copying everything I do with my hair, so I wanted to go red," she says.

PHP: <b>News</b> Archive - 2011

Latest news. For the latest news, check the homepage, or our Atom feed. Archives by year. 1998 � 1999 � 2000 � 2001 � 2002 � 2003 ... News Archive - 2010. Here are the most important news items we have published in 2010 on PHP.net. ...

Helen Thomas Joins Falls Church <b>News</b>-Press | ARLnow.com

Former White House correspondent Helen Thomas has come out of a seven-month retirement to write a column for the Falls Church News-Press. Thomas was a.


surface encounters noblesville
surface encounters noblesville

<b>News</b> - Khloe Kardashian Becomes a Redhead! - Style &amp; Beauty <b>...</b>

"I'm so tired of [my sisters] copying everything I do with my hair, so I wanted to go red," she says.

PHP: <b>News</b> Archive - 2011

Latest news. For the latest news, check the homepage, or our Atom feed. Archives by year. 1998 � 1999 � 2000 � 2001 � 2002 � 2003 ... News Archive - 2010. Here are the most important news items we have published in 2010 on PHP.net. ...

Helen Thomas Joins Falls Church <b>News</b>-Press | ARLnow.com

Former White House correspondent Helen Thomas has come out of a seven-month retirement to write a column for the Falls Church News-Press. Thomas was a.


surface encounters michigan
surface encounters macomb

<b>News</b> - Khloe Kardashian Becomes a Redhead! - Style &amp; Beauty <b>...</b>

"I'm so tired of [my sisters] copying everything I do with my hair, so I wanted to go red," she says.

PHP: <b>News</b> Archive - 2011

Latest news. For the latest news, check the homepage, or our Atom feed. Archives by year. 1998 � 1999 � 2000 � 2001 � 2002 � 2003 ... News Archive - 2010. Here are the most important news items we have published in 2010 on PHP.net. ...

Helen Thomas Joins Falls Church <b>News</b>-Press | ARLnow.com

Former White House correspondent Helen Thomas has come out of a seven-month retirement to write a column for the Falls Church News-Press. Thomas was a.


surface encounters rock tops
surface encounters michigan

<b>News</b> - Khloe Kardashian Becomes a Redhead! - Style &amp; Beauty <b>...</b>

"I'm so tired of [my sisters] copying everything I do with my hair, so I wanted to go red," she says.

PHP: <b>News</b> Archive - 2011

Latest news. For the latest news, check the homepage, or our Atom feed. Archives by year. 1998 � 1999 � 2000 � 2001 � 2002 � 2003 ... News Archive - 2010. Here are the most important news items we have published in 2010 on PHP.net. ...

Helen Thomas Joins Falls Church <b>News</b>-Press | ARLnow.com

Former White House correspondent Helen Thomas has come out of a seven-month retirement to write a column for the Falls Church News-Press. Thomas was a.


surface encounters

<b>News</b> - Khloe Kardashian Becomes a Redhead! - Style &amp; Beauty <b>...</b>

"I'm so tired of [my sisters] copying everything I do with my hair, so I wanted to go red," she says.

PHP: <b>News</b> Archive - 2011

Latest news. For the latest news, check the homepage, or our Atom feed. Archives by year. 1998 � 1999 � 2000 � 2001 � 2002 � 2003 ... News Archive - 2010. Here are the most important news items we have published in 2010 on PHP.net. ...

Helen Thomas Joins Falls Church <b>News</b>-Press | ARLnow.com

Former White House correspondent Helen Thomas has come out of a seven-month retirement to write a column for the Falls Church News-Press. Thomas was a.


surface encounters noblesville
surface encounters macomb

<b>News</b> - Khloe Kardashian Becomes a Redhead! - Style &amp; Beauty <b>...</b>

"I'm so tired of [my sisters] copying everything I do with my hair, so I wanted to go red," she says.

PHP: <b>News</b> Archive - 2011

Latest news. For the latest news, check the homepage, or our Atom feed. Archives by year. 1998 � 1999 � 2000 � 2001 � 2002 � 2003 ... News Archive - 2010. Here are the most important news items we have published in 2010 on PHP.net. ...

Helen Thomas Joins Falls Church <b>News</b>-Press | ARLnow.com

Former White House correspondent Helen Thomas has come out of a seven-month retirement to write a column for the Falls Church News-Press. Thomas was a.


surface encounters rock tops
surface encounters noblesville

<b>News</b> - Khloe Kardashian Becomes a Redhead! - Style &amp; Beauty <b>...</b>

"I'm so tired of [my sisters] copying everything I do with my hair, so I wanted to go red," she says.

PHP: <b>News</b> Archive - 2011

Latest news. For the latest news, check the homepage, or our Atom feed. Archives by year. 1998 � 1999 � 2000 � 2001 � 2002 � 2003 ... News Archive - 2010. Here are the most important news items we have published in 2010 on PHP.net. ...

Helen Thomas Joins Falls Church <b>News</b>-Press | ARLnow.com

Former White House correspondent Helen Thomas has come out of a seven-month retirement to write a column for the Falls Church News-Press. Thomas was a.


surface encounters macomb mi
surface encounters

<b>News</b> - Khloe Kardashian Becomes a Redhead! - Style &amp; Beauty <b>...</b>

"I'm so tired of [my sisters] copying everything I do with my hair, so I wanted to go red," she says.

PHP: <b>News</b> Archive - 2011

Latest news. For the latest news, check the homepage, or our Atom feed. Archives by year. 1998 � 1999 � 2000 � 2001 � 2002 � 2003 ... News Archive - 2010. Here are the most important news items we have published in 2010 on PHP.net. ...

Helen Thomas Joins Falls Church <b>News</b>-Press | ARLnow.com

Former White House correspondent Helen Thomas has come out of a seven-month retirement to write a column for the Falls Church News-Press. Thomas was a.


surface encounters noblesville
surface encounters macomb mi

<b>News</b> - Khloe Kardashian Becomes a Redhead! - Style &amp; Beauty <b>...</b>

"I'm so tired of [my sisters] copying everything I do with my hair, so I wanted to go red," she says.

PHP: <b>News</b> Archive - 2011

Latest news. For the latest news, check the homepage, or our Atom feed. Archives by year. 1998 � 1999 � 2000 � 2001 � 2002 � 2003 ... News Archive - 2010. Here are the most important news items we have published in 2010 on PHP.net. ...

Helen Thomas Joins Falls Church <b>News</b>-Press | ARLnow.com

Former White House correspondent Helen Thomas has come out of a seven-month retirement to write a column for the Falls Church News-Press. Thomas was a.


surface encounters macomb
surface encounters michigan

<b>News</b> - Khloe Kardashian Becomes a Redhead! - Style &amp; Beauty <b>...</b>

"I'm so tired of [my sisters] copying everything I do with my hair, so I wanted to go red," she says.

PHP: <b>News</b> Archive - 2011

Latest news. For the latest news, check the homepage, or our Atom feed. Archives by year. 1998 � 1999 � 2000 � 2001 � 2002 � 2003 ... News Archive - 2010. Here are the most important news items we have published in 2010 on PHP.net. ...

Helen Thomas Joins Falls Church <b>News</b>-Press | ARLnow.com

Former White House correspondent Helen Thomas has come out of a seven-month retirement to write a column for the Falls Church News-Press. Thomas was a.


surface encounters noblesville
surface encounters michigan

<b>News</b> - Khloe Kardashian Becomes a Redhead! - Style &amp; Beauty <b>...</b>

"I'm so tired of [my sisters] copying everything I do with my hair, so I wanted to go red," she says.

PHP: <b>News</b> Archive - 2011

Latest news. For the latest news, check the homepage, or our Atom feed. Archives by year. 1998 � 1999 � 2000 � 2001 � 2002 � 2003 ... News Archive - 2010. Here are the most important news items we have published in 2010 on PHP.net. ...

Helen Thomas Joins Falls Church <b>News</b>-Press | ARLnow.com

Former White House correspondent Helen Thomas has come out of a seven-month retirement to write a column for the Falls Church News-Press. Thomas was a.


surface encounters michigan

No comments:

Post a Comment