The number of completed foreclosures is down both nationwide and within the state of Texas. Real estate tracking service CoreLogic reports that the nationwide numbers for March 2012 were down 19% compared to the same month a year earlier. As foreclosure inventory is decreasing as well, analysts believe that more defaulted mortgage cases are solved [...]
Ally Bank’s loan servicing unit, “ResCap”, is bankrupt and has filed for Chapter 11 protection. Ally had contemplated this move at least for several weeks because ResCap faces millions of dollars of bond-related payments starting this week. According to the WSJ, the bank’s mortgage unit has been hit with billions of dollars worth of lawsuits [...]
Investors should use caution before entering the market in foreclosures, REO and short sales that is reportedly heating up in some areas of the country. According to a CNBC report, the states that were hardest hit by the crash in the housing market are now attracting investors who are competing for inventory that is perceived [...]
Foreclosure activity in April 2012 has reached it’s lowest level since July 2007. According to this report by real estate research firm RealtyTrac, 188,780 U.S. properties where in foreclosure that month. According to Brandon Moore, CEO of RealtyTrac, “Rising foreclosure activity in many state and local markets in April was masked at the national level [...]
Bank owned foreclosures and short sales hinder the housing recovery, according to analysts at CBS Market Watch. Inventories are at their peak levels, and the rumors about “shadow inventory” are holding up strong. However, most analysts are basing their findings on national data, which can be far more convoluted and confusing than local data sets. [...]