Aug 282014
 
Real Estate Loan: Has FHA increased their fees so high they are now a predatory lender?

Just in case you didn’t know FHA is a government insurance program for lenders. FHA has front-end Mortgage Insurance and regular Mortgage Insurance and it’s paid by the borrower.  These rates have greatly increased since 2007. Now a new question is being asked.  Is FHA now one the l… – Has FHA increased their fees so high they are now a predatory lender?


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Aug 282014
 
OCHN: What if Millennials and boomerang home buyers never materialize?

Housing bulls continue incorrectly predicting the return of Millennials and boomerang buyers. It’s time to consider what happens if they never come back.

As home ownership rates plummeted with waves of foreclosures in the aftermath of the housing bubble, real estate pundits pinned hopes f… – What if Millennials and boomerang home buyers never materialize?


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Aug 272014
 
Housing Forecast: Ownership Cost: Homeowners Associations

High HOA fees can make a ghost town out of a good neighborhood. This cost is unique among our cost estimates because there is a high degree of uncertainty about the future of HOA fees — and worse yet, the possibility of assessments — that are not in a point-in-time analysis like our… – Ownership Cost: Homeowners Associations

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Aug 272014
 
Bubble News: Why Most Real Estate Speculators Fail

Despite the huge price spike in the final two years of the Great Housing Bubble caused by wild speculation, most speculators will lose a great deal of money. They will buy when prices are high, and they will sell when prices are low. The causes are rooted in basic human emotions that work… – Why Most Real Estate Speculators Fail

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Aug 272014
 
OCHN: Coastal California housing least affordable in US

Persistent shortages of housing in Coastal California inflates both rent and home ownership costs relative to incomes, making housing an economic drain.

Despite the rapid home price increases from March 2012 to July 2013, I’ve consistently maintained we are not in a new bubble — at… – Coastal California housing least affordable in US


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Aug 262014
 
Mortgage Refinance: Ravings of an entitled whiner struggling to keep a house she can't afford

The housing bust is littered with sob stories about people losing their family homes. As I noted Responsible Homeowners are NOT Losing Their Homes. To see the truth in this statement, one needs to have a clear definition of “responsible homeowner.” A “responsible homeowner” is a buyer who, if the… – Ravings of an entitled whiner struggling to keep a house she can’t afford


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Aug 262014
 

People get caught up in their empathy with those losing their family homes to foreclosure. Its easy to get sucked in to the emotional stories of victimhood and believe that perhaps we should stop foreclosures. We all forget that the distressed debtor who rented money from the bank to occupy the… – New families find the houses lost in foreclosure


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Aug 262014
 
Foreclosure counseling wasted taxpayer money

Most federal assistance programs are a waste of money. They set up an entrenched bureaucracy that drains taxpayer resources and provide little economic return. There are exceptional government programs that deliver great benefit at little cost to taxpayers, but the foreclosure counseling services are not one of those programs. Most of these borrowers are hopelessly underwater or overextended. The counseling might have done some good before they got into this mess, but at this point, telling them what they should have done differently isn’t going to help. Programs like this are created as political cover to deflect criticism that the [Read More...]

Aug 262014
 
OCHN: Sign of housing market top: high-end home flipping soaring

Headlines of house flipping and increased novice investor participation of signs of a top in the housing market for high-end homes.

Contrarian investing is the art of selecting and timing investments by directly opposing the actions and attitudes embraced by the crowd of enthusiastic but… – Sign of housing market top: high-end home flipping soaring


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Aug 252014
 
USA Foreclosure: How lenders liquidate legacy loans will lift or lower house prices

The housing bust is over. Struggling borrowers found new high-paying jobs, cured their delinquent loans, and eliminated the temporary stress on the housing market brought about by the Great Recession. … Well, at least that’s what the mainstream media wants everyone to believe. If… – How lenders liquidate legacy loans will lift or lower house prices


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Aug 252014
 
Increasing borrowing costs will lower house prices

Borrowing costs are likely to increase in 2012 for a variety of loans. The lower conforming limit will push many borrowers to either the FHA or the jumbo market where borrowing costs are higher. The FHA may also raise its borrowing costs again to cover the inevitable losses from the ongoing… – Increasing borrowing costs will lower house prices

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Aug 252014
 
OCHN: Chinese government policy change kills Coastal California housing market

Coastal California housing demand from Chinese nationals surged in recent years; however, Chinese officials abruptly shut down this source of demand.

The people who deny a real estate bubble in China are wrong, and the deflating Chinese property bubble could destabilize the world economy, but… – Chinese government policy change kills Coastal California housing market


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Aug 242014
 
Loan Mod Default: Banks faced legal challenges from their bubble-era misconduct

Major banks were bailed out during the financial crisis of 2008. Ever since then, they have been scrambling to avoid financial responsibility for their imprudent lending practices that precipitated the crisis. The banks entered into a large settlement with the attorneys general across the… – Banks faced legal challenges from their bubble-era misconduct


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Aug 242014
 
USA Housing: B of A prevented qualified borrowers from obtaining loan modifications

Banks don’t want to modify borrower’s loans. They would far rather be paid back the money they borrowed with interest at the terms originally negotiated in the promissory note. The only reason banks are even considering loan modifications is because the collateral backing behind the… – B of A prevented qualified borrowers from obtaining loan modifications


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Aug 232014
 
Ponzi Debt: Southern California's cultural pathology (redux)

I began writing about the housing market back in February of 2007. Over the last five and one half years, I’ve covered a lot of ground. Many of my earliest posts serve as a foundation for my philosophy that comes through my daily posts. I know many of you who read this blog have been with… – Southern California’s cultural pathology (redux)


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Aug 232014
 
RE Ruin: Price-to-Income Ratio Estimates of the Housing Market Bottom

Since incomes and rents are closely related, evidence for the Great Housing Bubble that appears in the price-to-rent ratio also appears in the price-to-income ratio. National price-to-income ratios are quite stable. There has been a slight upward drift with the decline of interest rates since… – Price-to-Income Ratio Estimates of the Housing Market Bottom

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Aug 222014
 
OCHN: Chronic shortages of housing supply inflates California house prices

Empowered by State regulations, local development opposition groups prevent construction of much-needed home supply creating shortages that inflate prices.

When any commodity is in short supply, prices tend to rise; houses are no exception. Beginning in the 1970s, California produced more high… – Chronic shortages of housing supply inflates California house prices


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Aug 222014
 
Housing Market: Lenders Are More Culpable than Borrowers (redux)

Apportioning blame for the housing bubble has become a polarized political issue. The Left wants to portray the evil banks as taking advantage of hapless borrowers thus entitling these borrowers mortgage relief or absolution for strategic default. The Right points out the responsibility… – Lenders Are More Culpable than Borrowers (redux)


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Aug 212014
 
Real Estate Loan: Lender propaganda campaign extolls adjustable-rate mortgages

What is the price for your soul? What would you have to be paid to advocate for something you knew was harmful? Would you feel comfortable creating ads for cigarette companies? Would you work for a lender making subprime loans or HELOCs? How dangerous does a product have to be before you… – Lender propaganda campaign extolls adjustable-rate mortgages


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Aug 212014
 
OCHN: Loan modifications destroyed the move-up market for a generation

Loan modifications for underwater borrowers preserves the debt so appreciation that ordinarily supports a move-up housing market instead flows to lenders.

Lenders limit financed homebuyers based on borrower income, yet many houses sell at prices prices far above the limits of borrowing power… – Loan modifications destroyed the move-up market for a generation


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