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Home | Tag Archives: Foreclosure

Tag Archives: Foreclosure

Distressed Properties Contribute to Low Average Market Time

The May 2017 Existing Home Sales Index was released Tuesday, showing that even though inventory is slightly on the rise compared to April 2017, median home prices are still increasing as well. Existing, unsold properties are coming off the market at record times, and foreclosures and short sales are contributing factors. Some industry professionals, however, wonder how long this trend will last.

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Two Bills that Affect Foreclosure Notices

The Maryland legislature has passed House Bill 26 (HB26) that amends the foreclosure notice provisions contained in Maryland Real Property Article 7-105.2. The legislature in Annapolis also passed House Bill 1048 (HB1048), which adds a new registration component to the Maryland foreclosure process. Once it becomes effective, the law will require the property to be registered with the states’ Department of Labor and Licensing Regulation within seven days of docketing the case.

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The Fight Against Blight in Maryland

Thursday, a fast-track foreclosure law expediting the foreclosure process was signed by Maryland Governor Larry Hogan. With the intent to reduce community blight, this bill was signed in the footsteps of a similar bill in Ohio. Industry experts provide commentary on the impact this bill may have, including being the push for other states to move forward with their own fast track foreclosure bills.

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Investors Filling Low Distressed Inventory Gap with New Homes

With inventory dropping, including the distressed sale inventory, investors are moving to built-for-rent sales. A recent report noted that more and more investors are building rental homes themselves to make up for the gaps. Putting the blame on tight mortgage standards and rising prices, many younger buyers are holding off on buying a home, and investors are cashing in on the desire for detached-homes without the down payment.

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Household Debt Reaches Recession-Level Highs

On Wednesday, the New York Federal Reserve released its Q1 report on household debt and credit. According to the report, total household debt totaled $12.73 trillion in Q1 2017. This means that household debt has finally surpassed its $12.68 trillion peak reached during the recession in 2008. This is a $149 billion quarterly increase.

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Philadelphia: Wells Fargo Violated the FHA

According to the City of Philadelphia, black borrowers of Wells Fargo loans were over twice as likely to receive high-cost or high-risk loans than white borrowers, while Hispanic borrowers were around twice as likely, and home in predominantly minority neighborhoods were 4.7 times more likely to be foreclosed. Two weeks before this case, the Supreme Court had ruled that Miami could sue Bank of America for predatory lending practices that allegedly increased segregation.

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Foreclosure Activity Down Across the Board

According to a new report, serious delinquencies, short sales, deeds-in-lieu, third-party sales, and foreclosure sales were all down for the month. Earlier-stage delinquencies were up in February, however, with loans 30 to 59 days delinquent rising from 377,000 to 404,000 for the month. Of February loan modifications, 19 percent had principal forbearance, while extend-term modifications accounted for 44 percent—something the report attributes to ever-climbing housing prices.

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Cities May Sue Banks Over Foreclosure, Industry Reacts

According to the Supreme Court, Miami has the standing to sue Bank of America Corp. and Wells Fargo & Co. under the Fair Housing Act, stating that the banks’ discriminatory and predatory lending practices led to a major shortfall in city tax revenues. We hear from industry lawyers on the case to gauge its implications.

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Non-current Loans Lowest in 11 Years

Non-current inventory is at an 11-year low, falling below historical norms for the fourth consecutive month. The states with the highest percentage of non-current loans were largely in the South, including Mississippi, Louisiana, Alabama, New Jersey, and West Virginia. States with the lowest share were in the Midwest and Western U.S., including Idaho, Montana, Minnesota, North Dakota, and Colorado.

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