More exaggeration by the media

[ricksfolly]

A realistic approach to the numbers of present foreclosures is to compare them with the numbers before the recession, 2007, not start with ZERO.

According to USA today, The number of U.S. homes that slipped into some stage of foreclosure in 2007 was 79% higher than in the previous year, a real estate tracking company said Tuesday. Many homeowners started to fall behind on mortgage payments in the last three months, setting the stage for more foreclosures this year.

About 1.3 million homes received foreclosure-related warnings last year, up from 717,522 in 2006, Irvine-based RealtyTrac Inc. said. Foreclosure filings rose 75% from the previous year to 2.2 million.

ricksfolly

 

[repeter]

The numbers are still cause for serious concern, however. With all the stories of automated foreclosure report readers in the banks, you have to wonder just how many of those foreclosures could be avoided. In the area where I live, 20 houses have been foreclosed, and the few owners I know said the banks were simply unwilling to refinance their loans, and were perfectly willing to let the houses go straight into foreclosure.

It seems such a waste; these banks are losing millions from the loans they gave people for thousands of vastly undervalued homes, and a crappy real estate market...

 

[ricksfolly]

The numbers are still cause for serious concern, however. With all the stories of automated foreclosure report readers in the banks, you have to wonder just how many of those foreclosures could be avoided. In the area where I live, 20 houses have been foreclosed, and the few owners I know said the banks were simply unwilling to refinance their loans, and were perfectly willing to let the houses go straight into foreclosure.

It seems such a waste; these banks are losing millions from the loans they gave people for thousands of vastly undervalued homes, and a crappy real estate market...

According to WASHINGTON (AP) — Potential flaws in foreclosure documents are threatening to throw the real estate industry into a full-blown crisis, as Bank of America on Friday became the first bank to stop sales of foreclosed homes in all 50 states.

The move, along with another decision on foreclosures by PNC Financial Services Inc., adds to growing concerns that mortgage lenders have been evicting homeowners using flawed court papers.

Other banks will be forced to take the same steps now, and sleazy loan practices will finally be out in the open.

ricksfolly