Mortgage Default Information

RELIEF NOW, A PRICE LATER

2010-09-04T02:10:05Z

Walking away from a mortgage you can afford won't be the end of the story

The news is bad enough that three homeowners out of four in the Las Vegas Valley owe more on their houses than they're worth. And there's no comfort in the prediction that the local real estate market won't recover for years. For those two reasons, hushed discussions can be heard around the office water cooler, between spouses ...

Banks to allow local groups to buy foreclosures

2010-09-01T07:00:05Z

Banks say governments, nonprofits will get first chance to buy foreclosures in new program

Major banks are agreeing to give local governments and nonprofit groups the ability to buy foreclosed homes before they are sold to private investors. The Obama administration says local officials could benefit from acquiring these properties and using the land for redevelopment projects. Congress has provi...

Summary Box: Underwater mortgages in US fell in 2Q

2010-08-26T15:30:21Z

Summary Box: Foreclosures thin number of US homes with mortgages higher than property is worth

SLIGHT DECLINE: Real estate data provider CoreLogic says the number of U.S. homes with mortgages that exceed what the properties are worth fell slightly between the second quarter and the first three months of this year. It's the second co...

Number of underwater mortgages in US fell in 2Q

2010-08-26T12:15:16Z

Foreclosures help winnow 2Q number of US homes with mortgages higher than property is worth

Real estate data provider CoreLogic says the number of U.S. homes with mortgages that exceed what the property is worth declined slightly in the second quarter versus the first three months of this year. The firm said Thursday there were 11 m...

Foreclosures fall but new delinquencies rise: MBA

2010-08-26T07:30:10Z

NEW YORK (Reuters) - The number of U.S. homes headed for foreclosure fell in the second quarter for the first time since the housing slump began in 2006, but improvements may be fleeting as the number of newly delinquent homeowners rose, a banking group said on Wednesday. The percentage of loans in the foreclosure process declined last quarter to 4.57 percent from 4...

Re-defaults on modified mortgage loans falling

2010-08-24T10:45:16Z

Repeat defaults by borrowers with recently modified mortgages falling, group finds

Borrowers who had their mortgages modified recently are faring better than those who had them altered earlier in the housing crisis. That's according to a report Tuesday by a group of state banking and law enforcement officials. They say the findings suggest that earlier predictions of a coming wave of defaults may not pan out. The State Foreclosure Prevention Working Group compared...

Nearly 50 percent leave Obama mortgage-aid program

2010-08-20T14:45:08Z

Obama mortgage-aid effort is struggling to stem the rising number of foreclosures in US

Nearly half of the 1.3 million homeowners who enrolled in the Obama administration's flagship mortgage-relief program have fallen out. The program is intended to help those at risk of foreclosure by lowering their monthly mortgage payments. Friday's report from Reuters) - A New York judge has put on hold a foreclosure auction for equity in Manhattan's giant Stuyvesant Town and Peter Cooper Village apartment complexes, a victory for senior len...

Lending a hand

2010-08-19T02:15:30Z

Obama administration provides more relief for jobless homeowners

When President Barack Obama visited Green Valley High School in February, he announced a new $1.5 billion fund to help jobless homeowners nationwide avoid foreclosure. The announcement was most welcome in Southern Nevada, w...

Philadelphia housing director facing foreclosure

2010-08-13T06:45:16Z

Head of Philadelphia Housing Authority is facing foreclosure on $600K condominium

The executive director of the Philadelphia Housing Authority is facing foreclosure. Wells Fargo Bank has foreclosed on Carl Greene's $615,000, three-bedroom, 2,100-...

Bank repossessions drive up July foreclosures

2010-08-12T07:45:07Z

NEW YORK (Reuters) - More Americans fell into foreclosure in July as a sour job market kept them from making payments, and banks took over homes at a near record pace. Banks repossessed the second highest monthly number of homes ever last month, working through distressed loans already on their books rather than sharply stepping up new default notices, real estate data company Home repossessions surged in July, but pace of new home loan defaults continued to slow

The number of U.S. homes lost to foreclosure surged in July, another sign lenders are moving quicker to take back properties from homeowners behind in payments. Lenders repossessed 92,858 properties last month, up 9 percent from June and an increase of 6 percent from July 2009, foreclosure listing firm Summary Box: Home repossessions surged in July, pace of new home loan defaults slowed further

REPOSSESSIONS RISING: The number of homes lost to foreclosure jumped 6 percent in July from the same month last year and climbed 9 percent from June's tally as lenders step up the pace on repossessions to clear out the backlog of bad loans. INITIAL DEFAULTS FALLING: Lenders continued to dial back the pace of initial default notices. The number of properties receiving such...

Trend of U.S. mortgages "underwater" drops: Zillow

2010-08-08T21:15:15Z

NEW YORK (Reuters) - A smaller percentage of U.S. homeowners were saddled with "underwater mortgages" in the second quarter as more homes entered the foreclosure process even as price declines slowed, real estate website Zillow.com said on Monday. Fewer homeowners with so-called underwater mortgages -- where the amount owed on the mortgage exceeds the home's value -...

Colorado foreclosure filings down in 2nd quarter

2010-08-05T11:15:12Z

New 2nd quarter foreclosure filings in Colorado fall nearly 16 percent from last year

The number of new foreclosure filings in Colorado has reached its lowest point in more than a year, state housing officials said Thursday. There were 10,233 new filings in the second quarter, the Colorado Department of Local Affairs

Summary Box: States get $600M in housing aid

2010-08-04T10:16:10Z

Summary Box: Treasury approves $600M in housing aid to 5 states with high unemployment

AID TO UNEMPLOYED: The Obama administration plans to send $600 million to help unemployed homeowners avoid foreclosure through state-designed programs. FIVE STATES GET HELP: The Treasury Department approved mortgage-assistance prop...

Foreclosures up in 75 percent of top U.S. metro areas

2010-08-03T16:46:44Z

NEW YORK (Reuters) - Foreclosures rose in 3 of every four large U.S. metro areas in this year's first half, likely ruling out sustained home price gains until 2013, real estate data company RealtyTrac said on Thursday. Unemployment was the main culprit driving foreclosure actions on more than 1.6 million ...

Florida mortgage firm settles federal charges

2010-07-29T15:45:19Z

Florida mortgage relief firm paying back $2.4 million to settle charges it misled consumers

Federal regulators say a Florida company they accused of misleading borrowers who were seeking to avoid foreclosure has agreed to repay the consumers $2.4 million to settle those charges. The Federal Trade Commission said Thursday that

Foreclosure activity up across most US metro areas

2010-07-28T21:15:09Z

Report: Most large US metro areas saw spike in foreclosure warnings between January-June

Households across a majority of large U.S. cities received more foreclosure warnings in the first six months of this year than in the first half of 2009, new data shows. The trend is the latest sign that the nation's foreclosure crisis is worsening as homeowners battling high unemployment, slow job growth and an uneven ...

Treasury says latest mortgage-aid report flawed

2010-07-28T14:16:36Z

Treasury to revise estimates of dropouts from mortgage-aid program after analysts note flaws

The Obama administration is revising the latest report on its troubled mortgage-relief program, and the changes are likely to show a greater number of borrowers facing foreclosure after having their loans modified. The Treasury D...

Focusing on foreclosures

2010-07-28T02:15:58Z

Some cities think Clark county's fines go too far

Across the valley, local governments are using fines and other tactics to pressure owners and lenders to more quickly repair and sell abandoned houses before they become eyesores. ¶ Clark County, for instance, has begun requiring owners to submit a plan for rehabilitating properties that have fallen into disrepair or face a $1,000-a-day penalty. Unpaid f...

Bailout watchdog calls mortgage programs a bust

2010-07-21T07:45:08Z

Bailout watchdog says Treasury's $50 billion mortgage programs did little to stem foreclosure

A government watchdog says there has been little impact from the multibillion-dollar effort to help at-risk homeowners avoid foreclosure. Special inspector general for the financial bailouts Neil Barofsky says the program has not "put an appreciable dent in foreclosure filings." He says Petitions to foreclose down in Mass. in June, but completed foreclosures soar

Fewer petitions to foreclose on homes were filed in Massachusetts in June compared with a year ago, even while the number of homeowners who lost their homes to foreclosure more than doubled. The Warren Group, an independent publisher of real estate data, say...

More than 40 pct. leave Obama mortgage-aid program

2010-07-20T08:45:19Z

Obama loan help program struggles as more than 40 percent of those enrolled drop out

The number of people dropping out of the Obama administration's program main program to help those at risk of losing their homes outstripped those who received aid for the second-straight month. The Treasury Department says about 530...

A look at state foreclosure rates from Jan.-June

2010-07-15T10:45:37Z

At a glance, state foreclosure rates from January through June

Here is a list of foreclosure rates, by state, from January through June. The ratio shows, for example, that one out of every 17 households in Nevada received a foreclosure notice during this period. Rate State
Ratio of foreclosures to
Total properties rank

households in state
with filings

Nevada
1:17
64,42...

Banks repossess homes at record pace: RealtyTrac

2010-07-15T07:30:15Z

NEW YORK (Reuters) - Banks repossessed a record number of U.S. homes in the second quarter, but slowed new foreclosure notices to manage distressed properties on the market, real estate data company RealtyTrac said on Thursday. The root problems of job losses and wage cuts persist, making a sustained U.S....

Homes lost to foreclosure on track for 1M in 2010

2010-07-14T21:30:15Z

US homes lost to foreclosure on track to eclipse '09 levels as banks work through backlog

More than 1 million American households are likely to lose their homes to foreclosure this year, as lenders work their way through a huge backlog of borrowers who have fallen behind on their loans. Nearly 528,000 homes were taken over by lenders in the first six months of the year, a rate that is on track to eclipse the more than 900,000 homes repossessed in 2009, according t...

Finding gold in them thar foreclosures

2010-07-03T21:15:17Z

With eye for bargains and stomach for risk, investors sift through wreckage of housing bust

If we're going to search for gold in the wreckage of the mortgage crisis, then 6:57 a.m. in front of 1009 W. Juanita Avenue is as good a time and place as any to start. The Cooper Ranch subdivision, tucked behind an industrial park 25 minutes from downtown Phoenix, is just beginning to stir. But when

Nearly 1 in 3 Q1 home sales a foreclosure: report

2010-06-29T21:15:10Z

NEW YORK (Reuters) - Nearly one out of every three U.S. home sales in the first quarter was a foreclosure property as steep price discounts boosted demand for distressed real estate, RealtyTrac said in a new report on Wednesday. Foreclosure homes accounted for 31 percent of all residential sales in the fi...

Report says gov't mortgage modifications work best

2010-06-23T09:30:10Z

Report: Delinquent borrowers most successful under government's foreclosure prevention program

Borrowers with mortgages modified under the federal government's foreclosure prevention program are more likely to stay current than those with other modifications, a report Wednesday showed. Fewer than 17 percent of home loans modified under the Obama administration's $75 billion Firm: Median home price in California jumps 21 percent in May from previous year

The median home price in California last month surged 20.9 percent from May 2009 to $278,000, as inventories of low-cost foreclosures dwindled and transactions in mid-range and high-end neighborhoods claimed a greater share of sales, a tracking firm reported Thursday. Last month's median was up from $230,000 a year ago and up 9 perce...

Firm: NorCal median home price rises in month

2010-06-17T11:30:38Z

Firm: Median home price in NorCal rises 20 percent in May from previous year

The median home price in Northern California last month rose 20.1 percent to top $400,000 for the first time in nearly two years, as inventories of low-cost foreclosures dwindled and transactions in mid-range and high-end neighborhoods claimed a greater share of sales, a tracking firm reported Thursday. The median for t...

SoCal median home price up in May from year ago

2010-06-15T11:47:22Z

Southern California median home price up 23 percent in May from year ago

The median home price in Southern California last month rose 22.5 percent from a year earlier and topped $300,000 for the first time in 20 months, as sales continued shifting from low-priced inland areas to higher-end coastal regions, a tracking firm reported Tuesday. San Diego-based MDA

Summary Box: Foreclosures steady; banks hold back

2010-06-16T11:20:12Z

Summary Box: May foreclosure notices level off as banks give borrowers more time

FORECLOSURES FLAT: The number of people facing foreclosure in May was nearly flat from a year ago, a sign the foreclosure crisis may be leveling off. BUT REMAIN HIGH: Nearly 323,000 households, or one in every 400 homes, received a foreclosure-related notice in May, according to RealtyTrac Inc. That was up 0.5 percent from ...

US foreclosure activity decreases in May: tracker

2010-06-16T11:20:03Z

US foreclosure filings continued to level off in May, decreasing by three percent compared to the previous month, industry tracker RealtyTrac said Thursday. The filings, which include default notices, scheduled auctions and bank repossessions increased less than one percent compared to May 2009, after the first decrease in four years last month over the same period a year before. RealtyTrac said foreclosure filings were report...

May foreclosure rate steadies as banks hold back

2010-06-16T11:20:01Z

May foreclosure notices level off but remain high; banks give delinquent borrowers more time

The foreclosure crisis appears to be leveling off. The number of people facing foreclosure is nearly flat from a year ago, according to the latest report from a private foreclosure listing service. A third fewer people are receiving legal warnings that they could lose their homes. And foreclosures are receding in some of the hardest-hit cities. Still, the number of foreclo...

Illinois town ups citations for unkempt yards

2010-06-16T11:18:54Z

As foreclosures increase, Peoria, Ill., issues more citations for unmowed lawns

Residents of the Illinois town of Peoria may want to take time this weekend to mow their lawns. That's because the city has boosted the number of citations for unruly grass by more than 73 percent this year. Those fines begin at $30 but can escalate to as much as $500 for grass that's at least 1...

Only 1 bid made for Ill. home where family slain

2010-06-16T11:18:37Z

Southwestern Ill. home where mother, 2 sons were found strangled draws only 1 bid at auction

The white, three-bedroom, lakeside home with blue shutters in the well-manicured subdivision might have drawn more bidders to a foreclosure auction if not for the triple slaying that took place there last year. Police have said former bodyguard Christopher Coleman spray-painted graffiti on a living room ...

Mortgage delinquencies, foreclosures break records

2010-06-16T11:17:58Z

Mortgage delinquencies and foreclosures break records as foreclosure crisis fails to abate

The number of homeowners who missed at least one payment on their mortgage surged to a record in the first quarter of the year, a sign that the foreclosure crisis could worsen. The Mortgage Bankers Association says more than 10 percent of homeowners had missed at least one mortgage paymen...

SoCal median home price up in April from year ago

2010-06-16T11:17:51Z

Southern California median home price up 15 percent in April from year-ago low point

Home sales in Southern California declined last month for the first time in nearly two years, as buyers appeared to time their purchases to cash in on a state tax credit and supplies of affordable inland properties dwindled, a tracking firm reported Tuesday. San Diego-based MDA

THE SUNÕS MOST READ STORIES*

2010-06-16T11:17:47Z

1. Pedestrian killed crossing East Flamingo Road. Man struck while crossing East Flamingo Road west of South El Oro Street.
2. Bank foreclosures, delinquent mortgages continue to rise. Nevada retained its No. 1 ranking in terms of percentage of foreclosure filings.
3.Hawaii man dies after vehicle strikes palm tree. A Honolulu m...

Wells Fargo April mortgage modifications decline

2010-06-16T11:17:43Z

Wells Fargo mortgage modifications fall in April, as thousands slip out of US program

Wells Fargo & Co. on Monday said the number of mortgages it had modified or placed in active trial through its own programs and the federal government's foreclosure-prevention program fell 3.5 percent in April. As if April 30, the bank had ...

W.Va. mortgage foreclosures up 24 pct in 2009

2010-06-16T11:17:27Z

Mortgage foreclosures up 24 percent in West Virginia in 2009

State officials say mortgage foreclosures in West Virginia grew 24 percent in 2009 compared with the year before. Division of Banking Commissioner Sally Cline said Thursday both state-chartered and national banks headquartered in West Virginia accounted for just 12 percent of the 3,200 foreclos...

Hawaii foreclosures way up again

2010-06-16T11:17:27Z

Hawaii foreclosures way up again in April

While there are signs of economic recovery, homeowners in Hawaii continue to struggle to meet their mortgage payments. The real estate research firm RealtyTrac reports 1,474 properties in the state received foreclosure notices in April. That's more than double the 684 recorded in the same month last year. April's figur...

Foreclosure Rates

2010-07-14T21:45:12Z

In this photo taken May 24, 2010, a man walks in front of a bank owned foreclosed home in Palo Alto, Calif. RealtyTrac Inc. will report half-year foreclosure rates Thursday, July 15, 2010. Nearly 528,000 homes were taken over by lenders in the first six months of the year, a rate that is on track to eclipse the more than 900,000 homes repossessed in 2009, according to data released Thursday by Treasury Secretary Henry Paulson, Jr., testifies before the House Financial Services Committee hearing, on the ongoing mortgage foreclosure problems. The government has accused Goldman Sachs & Co.

Despite National Drop, Foreclosures In Connecticut On The Rise

2010-06-16T10:28:00Z

BRIDGEPORT, CT - MARCH 12: An abandoned property is boarded up on March 12, 2010 in Bridgeport, Connecticut. A new report by RealtyTrac Inc. announced that the number of foreclosed homes in Connecticut, one of the nation's wealthiest states, is up 3.4 percent from January to February of this year. Nationwide foreclosures have decr...

Foreclosures

2010-06-16T10:29:47Z

In this photo made Sept. 16, 2009, a foreclosed home is shown in Owosso, Mich. The number of borrowers falling behind on their mortgage payments dropped sharply at the end of 2009, a sign the foreclosure crisis is beginning to ebb. (AP Photo/Paul Sancya)

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Mortgage Aid

2010-06-16T10:31:16Z

In this Jan. 12, 2010 photo, Dave Rose, foreground, and his wife Cindy rest at their home in Murrieta, Cailf. The couple are facing foreclosure. (AP Photo/Jae C. Hong)

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