Jul 222014
 
Mortgage Foreclosure: Strategic default opposed by realtors who want short sale commissions

Realtors favor anything which generates a commission and oppose anything which fails to irrespective of whether or not this is good for buyers, sellers, or the market. For example, realtors recently lobbied against allowing bulk sales of foreclosures to private equity firms. Why? Because those… – Strategic default opposed by realtors who want short sale commissions


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Jul 222014
 
Principal forgiveness coupled with equity recapture avoids moral hazard

Millions of people are underwater on their mortgages, and many of those borrowers have payments straining their ability to pay. The favorite solution of pandering lefties is to simply forgive the debt and lower the borrower’s payments. Of course, the solution would bankrupt the banks and cause significant future problems with moral hazard because borrowers would have a strong incentive to borrow imprudently in hopes of obtaining free money. Principal forgiveness is not the answer, and despite loanowner’s false hope, no significant principal forgiveness is forthcoming. Excessive mortgage debt is a drain on our economy as too much money is [Read More...]

Jul 222014
 
OCHN: Some criminal bank executives should go to jail

 Punishing shareholders with corporate fines does little to deter bad behavior among corporate executives. Some of them need to go to jail.

If I had to narrow my list down to the people most responsible for the housing bubble, Anthony Mozilo would be near the top of the list.
The Option ARM … – Some criminal bank executives should go to jail


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Jul 212014
 

By Jim the Realtor The active inventory of houses for sale under $800,000 has risen 20% in the last month – yet the other categories are fairly steady. The UNDER-$800,000 Market: Date NSDCC Active Listings Avg. LP/sf DOM Avg SF November 25 95 $376/sf 47 1,988sf December 2 79 $371/sf 50 2,047sf December 9 72 $383/sf 43 1,954sf December […] …read more Source: bubbleinfo.com

Jul 212014
 
Real Estate Loan: With rising interest rates, loan assumability makes a comeback

I like to look into the future and stay ahead of the news cycle when I can. Three and a half years ago, I first wrote about loan assumabilityas a feature would garner new attention once interest rates began to rise. With the recent spike in interest rates, and with the widespread perception we… – With rising interest rates, loan assumability makes a comeback


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Jul 212014
 
USA Foreclosure: Federal Reserve is forcing seniors into foreclosure

The federal reserve controls short-term interest rates through buying and selling Treasury notes. These rates determine how much interest people earn in savings accounts, the asset class favored by senior citizens. The federal reserve lowered interest rates to zero to force money out of savings… – Federal Reserve is forcing seniors into foreclosure


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Jul 212014
 
FHA bailout justified by saving banks

The FHA has been the lender of last resort during the collapse of the housing bubble. Conventional lending dried up once they realized how lax lending standards became, and how likely it was that borrowers would strategically default and cause more losses. Without the FHA, a Las Vegas style… – FHA bailout justified by saving banks

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Jul 212014
 
OCHN: With flattening house prices how will 300,000 SoCal loanowners get above water?

When lenders began denying short sales, underwater owners were forced to wait for higher prices to sell, and with flattening prices, they are stuck.

Lenders caused the housing market to bottom and to rally in 2012 and 2013 by favoring loan modification over foreclosure and by denying short… – With flattening house prices how will 300,000 SoCal loanowners get above water?


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Jul 202014
 

By Jim the Realtor Hat tip to daytrip for sending this in: http://www.mercurynews.com/business/ci_26159482/homebuilder-adds-sweet-pet-suites-entice-buyers Standard Pacific Homes is building and selling homes in 27 developments from Florida to California and is believed to be the first to offer a pet suite as an option in every one. The most lavish suite is a 170-square-foot pet paradise with a step-in wash […] …read more Source: bubbleinfo.com

Jul 202014
 
Loan Mod Default: No-doc loan modifications available now!

When borrowers stop paying their mortgages, banks don’t want to foreclose because with so many so far underwater, the bank’s losses would be enormous; in fact, it would put most banks out of business. That simple truth drives every aspect of banking and government policy. Loanowners… – No-doc loan modifications available now!


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Jul 192014
 

By Jim the Realtor Last June we had the big panic due to the Fed suggesting they were thinking about possibly raising rates. Within a month, the conforming-mortgage rates jumped from the mid-3%s to the mid-4%s. We noted here on how the 30-year-fixed jumbo rates dropped below conforming rates, which I don’t think has ever happened before. From June 30, 2013: A […] …read more Source: bubbleinfo.com

Jul 192014
 

By Kelly G. Richardson/Special to the U-T Budgets and other financial documents from HOAs need to be distributed in a timely manner to owners. …read more Source: UT San Diego Real Estate

Jul 192014
 
Ponzi Debt: Profiles of the ordinary thieves of the housing bubble

People are basically honest and will do the right thing if given the chance. However, people are also opportunistic, and if encouraged and enabled to steal, many ordinarily good people will go down the wrong path. Lenders led many astray. During the housing bubble, lenders were desperate to loan… – Profiles of the ordinary thieves of the housing bubble


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Jul 192014
 
RE Ruin: Housing Bubbles as Cultural Pathology

What is a Cultural Pathology? There are certain beliefs if widely held and acted upon by a group of people leads inevitably to collective suffering and personal destruction. One example of a cultural pathology is demonstrated by the American auto industry. Before the age of imported cars, the… – Housing Bubbles as Cultural Pathology

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Jul 182014
 

By Jim the Realtor The realtor sex scandal isn’t over yet. The homeowners were unsatisfied with the response from CB, so they are publicizing their story on their own website: http://www.coldwellbankerstinks.com/ CB is claiming that now they are the victims, and accused the homeowners of extortion. Then the accused realtor’s wife followed him to a motel and beat the crap out […] …read more Source: bubbleinfo.com

Jul 182014
 
Debt Default: Affordability Mortgage Products Make Prices Unaffordable

We all want affordable housing. There are numerous government programs designed to provide low-cost rental and ownership properties to people in all walks of life. Lenders, builders, realtors and buyers all benefit from affordable housing because affordability means an increase in transaction… – Affordability Mortgage Products Make Prices Unaffordable


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Jul 182014
 
Housing Market: Is the threat of shadow inventory truly manageable?

With housing markets, the elephant in the room is shadow inventory. Much has been written about the subject over the last several years. It’s been portrayed as an apparition among the housing bulls, as if the millions of delinquent mortgages simply don’t exist. Most bulls comfort… – Is the threat of shadow inventory truly manageable?


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Jul 182014
 
OCHN: British legislators learned the housing bubble perils while American's did not

British legislators want to curb housing bubbles to avoid the economic pain, whereas American legislators want to reflate our housing bubble.

During the 00s lenders attempted foolish financial innovations that proved dismal failures; these loan products, deterioration of standards, and… – British legislators learned the housing bubble perils while American’s did not


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Jul 172014
 

By BARBARA HENRY / Special to the U-T Opponents of the state’s density bonus law, which lets builders squeeze more units into their projects than would otherwise be allowed, celebrated late Wednesday as the Encinitas City Council tightened some city development standards. …read more Source: UT San Diego Real Estate

Jul 172014
 

By Jim the Realtor Rich does a great job every month documenting our local market trends: http://piggington.com/june_2014_housing_data_rodeo Here is one of his 16 graphs for June, showing how the San Diego active inventory is 55% above last year’s pace: He also noted that pricing increased but sales dropped, which is natural when every seller is asking more, but fewer get/deserve […] …read more Source: bubbleinfo.com