Oct 252014
 
Ponzi Debt: HELOC Abuse Grading System (redux)

HELOC abuse is one display in many of the properties I profile each day. I made my point about HELOC abuse years ago, and I originally wrote today’s post back in early 2010. No matter how many of these I profile, many readers, including myself, find these stories interesting. It’s… – HELOC Abuse Grading System (redux)


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Oct 252014
 
RE Ruin: Buying and Selling Real Estate during a Decline

During the bubble price rally, sellers and realtors, the agents of sellers, had everything going their way. It was easy to price and sell a house. A realtor would look at recent comparable sales, and set an asking price 5% to 10% higher and wait for multiple bids on the property – some of which w… – Buying and Selling Real Estate during a Decline

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Oct 242014
 
Debt Default: Allowing delinquent mortgage squatting causes more strategic defaults than crashing prices

Ever since the housing bust began, banks have been caught between a rock and a hard place. On one side, if they foreclose and liquidate their inventory, prices plummet which prompts underwater borrowers to strategically default. The downward spiral of strategic default is in clear evidence in… – Allowing delinquent mortgage squatting causes more strategic defaults than crashing prices


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Oct 242014
 
OCHN: Have lenders purged the Ponzis?

Delinquency rates on consumer loans hit a record low as lenders can-kick legacy loans and tighten standards to eliminate Ponzis.

The financial media is abuzz with talk about tight credit and how it must be made looser to stimulate lending and the economy. This chatter, plus lender’s… – Have lenders purged the Ponzis?


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Oct 242014
 
Housing Market: Lenders will target near-equity squatters for future foreclosures

Banks are letting delinquent borrowers squat rather than foreclosing on them and booting them out. At first, it was a self-preservation measure by the banks taken out of desperation when the first wave of foreclosures caused prices to crash. However, now the banks are content to allow squatting,… – Lenders will target near-equity squatters for future foreclosures


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Oct 232014
 
Real Estate Loan: People with second mortgages and HELOC faced tough times

HELOC abusers and lenders face day of recast reckoning Home equity lines of credit (HELOCs) were the favored tools of Ponzis during the housing bubble. These were used like a credit card with an ever-expanding credit balance that didn’t need to be paid back because the house was paying for it. M… – People with second mortgages and HELOC faced tough times


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Oct 232014
 
OCHN: Regulators capitulate to lending industry lobbyists

Aligning two sets of mortgage rules established for different purposes, regulators provide room for lenders to make bad loans without risk retention.

In a complete victory for lending industry lobbyists, the Qualified Residential Mortgage rules match the Qualified Mortgage rules. The Dodd-Frank … – Regulators capitulate to lending industry lobbyists


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Oct 222014
 
Housing Forecast: Foreclosure 101: non-judicial foreclosure

Today we embark on a five-minute exploration of Judicial and Non-Judicial foreclosure and the ramifications for different borrowers, and we will also go step-by-step through the non-judicial process. Foreclosure 101: vesting title Foreclosure 101: non-judicial foreclosure Foreclosure 101:… – Foreclosure 101: non-judicial foreclosure

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Oct 222014
 
Bubble News: House Prices Were Supported By Fundamentals… Not!

In every asset bubble people will claim the prices are supported by fundamentals even at the peak of the mania. During the Great Housing Bubble, people believed everyone was making two-times their actual income, and that the unstable loan programs developed during the time were innovations that… – House Prices Were Supported By Fundamentals… Not!

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Oct 222014
 
OCHN: The housing market depends entirely on interest-rate stimulus

Without affordability products the housing market depends on low mortgage rates for sales to occur at today’s high prices.

Back in February of 2013 when mortgage rates were near record lows, I wrote that future housing markets would be very interest-rate sensitive, despite assurances to… – The housing market depends entirely on interest-rate stimulus


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Oct 212014
 
Mortgage Refinance: How Can To Tell If There Is a Housing Bubble?

Prices went up a large amount during the Great Housing Bubble, but what makes this price increase a bubble? To answer this question it is necessary to accurately measure price levels and review historic measures of affordability to establish these price levels are not sustainable. Measuring… – How Can To Tell If There Is a Housing Bubble?


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Oct 212014
 
Mortgage Foreclosure: Faith in home price appreciation is religion in California

Kool aid is flowing again. Last week, I read the following comment that encapsulates the religious faith of most Californians, Besides, OC real estate has been and will continue to be desirable. It’s also very cyclical and I knew there would be another cycle coming much sooner than the bears p… – Faith in home price appreciation is religion in California


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Oct 212014
 
The housing market recovery is a rocky road

With the acute shortage of resale inventory across the Southwest, it’s hard to imagine prices going down, and in the short term, they won’t. Of course, circumstances could change quickly as they did this spring, so anything is possible. However, if the federal reserve can keep interest rates at record lows, and if the lending cartel can process the backlog of distressed loans without causing resale inventories to spike, then prices will not go down in the future. But is it realistic to think both of these circumstances will come to pass? Mortgage interest rates hit all-time lows because the [Read More...]

Oct 212014
 
Housing Market: Rising prices stoke fears of kool aid intoxication

Everyone wants to make money for doing nothing. Learning about investing takes time and effort, and the results are far too slow to satisfy most people. Plus, you have to sell the investment and pay taxes on the gains. It’s too much hassle. Real estate is so much better. Everyone is… – Rising prices stoke fears of kool aid intoxication


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Oct 212014
 
OCHN: Are the GSEs returning to subprime lending?

Mel Watt announced a number of changes designed to loosen the credit box and stimulate lending. This doesn’t mean a return to subprime.

Those of us who watched the housing bubble and bust and detailed it’s causes are greatly concerned about returning to the disastrous lending… – Are the GSEs returning to subprime lending?


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Oct 202014
 
USA Foreclosure: Mortgage fire is realization of American Dream

According to Wikipedia:  The American Dream is a national ethos of the United States, a set of ideals in which freedom includes the opportunity for prosperity and success, and an upward social mobility achieved through hard work. In the definition of the American Dream by James Truslow Adams in … – Mortgage fire is realization of American Dream


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Oct 202014
 
OCHN: As personal finances improve, debt collectors come calling

Lenders didn’t collect on bad debts during the recession when borrowers were broke, but now that personal finances are improving, lenders want their money.

Most borrowers who defaulted on debts during the recession waited anxiously for their lenders to come after them for the bad debt…. – As personal finances improve, debt collectors come calling


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Oct 192014
 
Loan Mod Default: Will the high cost of FHA financing derail the housing recovery?

First-time homebuyers are the foundation of the housing market. Move-up buyers need first-time homebuyers to purchase their property to provide the equity to make the move up possible. With the collapse of toxic loan products from the bubble, first-time homebuyers suddenly needed to have… – Will the high cost of FHA financing derail the housing recovery?


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Oct 192014
 
USA Housing: Sell now, mortgage interest rates to keep rising

The conventional wisdom is that fence-sitting buyers buy homes in reaction to rising interest rates for fear of being priced out of the housing market. In the past, this has often been the case, mostly because realtors use this scare tactic to generate quick commissions. However, with the… – Sell now, mortgage interest rates to keep rising


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Oct 192014
 
OCHN: Los Angeles County Housing Market News: October 2014

Historically, properties in this market sell at a 9.5% discount. Today’s discount is 11.7%. This market is 2.1% undervalued.
Median home price is $475,200 with a rental parity value of $536,800. This market’s discount is $61,600.
Monthly payment affordability has been improving over… – Los Angeles County Housing Market News: October 2014


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