Keep believing the morons like Larry Yun from NAR about the imminent housing recovery. With at least 6.6 million more foreclosures over the next few years, there will be no housing recovery. And this assumes that mortgage rates stay at 4%. If they go back to a normal level of 6% the housing market will collapse. Do you really think Bernanke can keep mortgage rates at 4% for the next four years?
Flood of foreclosures to hit the housing market
NEW YORK (CNNMoney) — The golden age for foreclosure squatters may soon be coming to an end now that the $26 billion mortgage settlement has been approved.The settlement, agreed to by the nation’s five largest mortgage lenders, is expected to speed up the foreclosure process by providing stricter guidelines for the banks to follow when repossessing homes.
The banks involved include Bank of America (BAC, Fortune 500), JPMorgan Chase (JPM, Fortune 500), Citibank (C, Fortune 500), Wells Fargo (WFC, Fortune 500) and Ally Financial.
Many foreclosures have been in limbo since fall 2010 following the so-called robo-signing scandal, when banks allowed employees to sign off on thousands of foreclosure documents a month with little verification.
Lenders hit the pause button on foreclosures because they “were afraid that anything they did would be under a microscope,” said Eric Higgins, a professor of business at Kansas State University.
As a result, borrowers who were seriously delinquent on their loans have been able to stay in their homes for months or even years without making a single payment. Nationwide, the average time it takes to foreclose on a home — from the first missed payment to the final bank repossession — stretched to 370 days during the first quarter, almost twice as long as it took five years ago, according to Daren Blomquist, the marketing director at RealtyTrac.
Foreclosure free ride: 3 years, no mortgage payment
In some states, delinquent borrowers have been squatting in their homes much longer. In Florida, the average time was 861 days, and in New York it was 1,056 days — close to three years.“Perhaps a million foreclosures could have been pursued last year but weren’t,” said Rick Sharga, executive vice president for real estate investment company, Carrington Holdings.
But that’s all about to change, he said. “We’re going to see an increase in the speed of foreclosures and a higher number of foreclosure starts.”
In fact, there are indications that the pace of foreclosures are already starting to pick up.
While overall foreclosure activity was down during the first quarter, filings were up 10% in the 26 states where foreclosures must undergo court scrutiny, according to RealtyTrac.
In the judicial state of Indiana, for example, foreclosure filings were up 45% year-over year. And in Florida, they were up by almost 26%, according to RealtyTrac.
Mr. Happy says:
There’s a website devoted to Lawrence Young. Here’s a couple of clips from said site:
Lawrence Yun Watch – Follow the NAR’s hack as he denies the housing bubble and crash
1) Wednesday, December 21, 2011
Lawrence Yun To Revise Down Years of Mistaken Home Sales Figures
Lawrence Yun and his ilk at the National Association of Realtors (NAR) cannot be trusted. You should be sorting colored balls for a living.
2) Are you going to take responsibility and resign? You are a discredited shill for the Realtors and have been made many predictions that were way off. For example in July 2008 Yun stated “I think we are very near to the end of the housing downturn,” Yun said (AP News).
3) Thursday, July 31, 2008
Glenn Beck Mocks the Yun & Lereah
Glenn Beck mocks the current and former chief economists at the National Association of Realtors, Lawrence Yun & David Lereah for the their history of bad predictions.
Glenn Beck mocks the current and former chief economists at the National Association of Realtors, Lawrence Yun & David Lereah for the their history of bad predictions.
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20th April 2012 at 10:51 am
Ron says:
Yes,its kind of tough for people with so few a jobs out there.Houses are over priced compared to wages also.
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20th April 2012 at 11:03 pm