Oct 302014
 
Real Estate Loan: An FHA bailout is paid for by high wage earners

Since most FHA borrowers only put 3.5% down, when factoring in a 6% commission, 2% closing costs, and a declining market, nearly all FHA borrowers over the last five years are effectively underwater. When these borrowers sell or quit paying, the losses will be huge because the capital recovery… – An FHA bailout is paid for by high wage earners


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Oct 302014
 
OCHN: Is the housing hangover cure more stimulants or more jobs?

 When the interest rate stimulus ended in mid 2013, sales slumped. Does the market need a dose of low rates, or should we wait for jobs to improve sales?

Government officials, lenders, and the federal reserve will do whatever’s necessary to prop up housing prices. Over the last five … – Is the housing hangover cure more stimulants or more jobs?


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Oct 292014
 

The auction atmosphere of a Trustee Sale with its immediacy and permanence is not for the indecisive. Buyers need to be ready to jump when the deals are available, and these deals do exist prompting many to don wings and parachutes and take their chances. This is the final installment of the… – Foreclosure 101: mechanics of a trustee sale

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Oct 292014
 
Bubble News: How Common were Stated-Income Loans?

One unique phenomenon of the Great Housing Bubble was the utilization of stated-income loans, also known as “liar loans” because most people were not truthful when stating their income. When house prices were going up, greed motivated many people to buy homes to capture appreciation. Actually hav… – How Common were Stated-Income Loans?

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Oct 292014
 
OCHN: How to save money for a down payment to buy a house

Soaring rents is preventing people from saving for a down payment, but saving is a critical first step to become a home owner.

The biggest barrier to sales today is the lack of a down payment. In the post How restricted for-sale housing inventory saps demand, I demonstrated how stagnant wages a… – How to save money for a down payment to buy a house


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Oct 282014
 
Mortgage Refinance: Who is Responsible for the Bubble

Who is responsible for the Great Housing Bubble? It is one thing to identify who or what caused the bubble, but it is another to assign responsibility and blame. Borrowers, lenders, investors, and the FED are all responsible; it is only a matter of degree. Irresponsible borrowers are like… – Who is Responsible for the Bubble


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Oct 282014
 
Mortgage Foreclosure: Did stopping HELOC abuse kill the economy?

Economists are busy studying the “wealth effect” to determine how important it is to the country’s economic health. Unfortunately, they don’t really understand the mechanics behind what they are studying. The basic assumption economists make is the people spend more of… – Did stopping HELOC abuse kill the economy?


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Oct 282014
 
Government policy manipulates the housing market

The housing market is anything but stable. Decisions by banks, government regulators, the federal reserve, congress, and Treasury department officials have tremendous impact on house prices. For example, decisions at the federal reserve regarding interest rates have imbued the market with such high payment affordability that buyers can finance the still-inflated prices of the previous bubble. Banks decided early this year to slow the rate they took back properties at foreclose auctions thus reducing MLS inventory of REO significantly. Government regulators changed accounting rules in 2009 to allow banks to keep delinquent mortgage squatters in place with delayed millions of [Read More...]

Oct 282014
 
Housing Market: GSEs permit unrestricted strategic default with no financial consequences

Paul Simon wrote There Are 50 Ways to Leave Your Lover. There are many ways people can leave their unwanted properties, but if the debt is recourse, they can’t walk away from the debt as the lender can track them down to force repayment. In fact, zombie debt collection will be a… – GSEs permit unrestricted strategic default with no financial consequences


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Oct 272014
 
OCHN: A fixed cost of housing is the best reason to buy a house

Homeowners generally feel more confident in their ability to make ends meet, largely because they fixed their ownership costs long ago.

The need for shelter is basic, often closely followed by the desire for community. In the United States, this often translates into a desire to take on a very… – A fixed cost of housing is the best reason to buy a house


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Oct 272014
 
USA Foreclosure: Federal Reserve willfully ignorant to real cause of MLS listing shortage

Sometime in late 2011 or early 2012, lenders changed their internal policies regarding foreclosure processing on delinquent borrowers. Prior to that time, most major lenders, and in particular the GSEs, were processing foreclosures to reduce the level of shadow inventory and stop delinquent… – Federal Reserve willfully ignorant to real cause of MLS listing shortage


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Oct 272014
 
Zombie debt: the legacy of the housing bubble

Most people who leave their houses behind under duress believe they have no liability. Even the ones who suspect they might will generally duck their lender’s calls and letters and hope the problem goes away on its own. It won’t.   California recently passed legislation barring… – Zombie debt: the legacy of the housing bubble

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Oct 272014
 
OCHN: Young renters see little or no reason to buy a house

With high prices, a perception of high risk, and little appreciation potential, many young renters see little reason to buy a house.

People can obtain shelter in one of two ways: they can rent, or they can own. Each method of possessing real estate has its advantages and drawbacks, and the rent… – Young renters see little or no reason to buy a house


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Oct 262014
 
Loan Mod Default: Man refuses to sell house he couldn't afford, complains about foreclosure

We’ve become so accustomed to foreclosures on underwater homes that we forget that’s not how it used to be. Foreclosures have always been part of the system, and prior to the housing bust, foreclosures happened to people who had equity in their properties. Foreclosures happen because… – Man refuses to sell house he couldn’t afford, complains about foreclosure


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Oct 262014
 
USA Housing: Award-winning realtor fouls competing house with dead rats

When people get greedy or desperate, they sometimes do foolish things. A recent LA Times article detailed the atrocious behavior of two landlords — a realtor and her husband — who terrorized tenants to induce them to move out so the landlords could make a quick buck. They cut holes… – Award-winning realtor fouls competing house with dead rats


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Oct 262014
 
OCHN: Riverside County Housing Market News: October 2014

Historically, properties in this market sell at a 18.5% discount. Today’s discount is 21.5%. This market is 3.0% undervalued.
Median home price is $290,100 with a rental parity value of $369,500. This market’s discount is $79,400.
Monthly payment affordability has been improving over… – Riverside County Housing Market News: October 2014


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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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