· 53 thoughts on ” Banks stockpile homes buyers don’t need to buy ” guess what! May 24, 2011 at 3:02 pm. Lenders don’t capitulate. They never will. There is no comparison between a lender and an inndividual housedebtor.
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Freddie Mac Unloads Foreclosures Paying Closing Costs – Troubled mortgage giant freddie mac is making a new effort to unload its bloated inventory of foreclosed homes paying home buyers closing costs. The government backed lender, which has been bailed out by tax payers at a cost of more than $148-billion with its sister lender Fannie Mae is making the offer to home buyers for most of the summer.
Simone Mancuso with Real Estate 3000 has earned the nationally recognized short sales and Foreclosure Resource certification. The National Association of REALTORS® offers the SFR certification to REALTORS® who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed sales grows.
Pending home sales reverse course Pending Home Sales Reverse Course, Rise 0.9 Percent in June – Pending home sales in the South climbed 1.1 percent to an index of 124.2 in June, but are 0.3 percent below a year ago. The index in the West inched forward 0.7 percent in June to 95.4, but is 5.6.
· All those houses in the shadow inventory would be on the market, pulling prices down like a ship’s keel. So the price correction would have been more brutal, and a lot more FBs would have taken it in the shorts, but in short order, instead of just being bled dry like now.
Combined, Fannie Mae and Freddie Mac still hold more than 180,000 homes repossessed through foreclosure, known as REO, despite reductions in the third quarter. Fannie Mae sold more than 58,000 REO.
The housing depression will last for a decade or more. This is by design. the past few months, all that inventory, real and shadow, would take 103 months to unload. That’s nearly nine years. Of.
Freddie Mac chief economist on threats to housing By. while others remain below levels from more than a decade ago. How long will areas like Phoenix dominate price gains?. [real-estate-owned.
If so, and if house inventory data reported by the NAR are correct, it will take much longer to unload. can’t have missed two consecutive payments on any consumer debt within two years..
If its current trend is sustained and a net 1,000 REO properties are unloaded quarterly, it would take Freddie Mac an estimated 60 quarters or 15 years to bring down its total inventory to zero in the wake of a severely constricted foreclosure pipeline attributed to loan modifications and recent regulations.