Page 1 of 2
Home Repossessions Sets Record in May
Posted: Thu Jun 10, 2010 8:14 am
by travelinman67
Yay, Stimulus.
US May home repossession hits record, defaults ebb
(AFX UK Focus) 2010-06-10 05:15
http://www.iii.co.uk/news/?type=afxnews ... on=article
NEW YORK, June 10 (Reuters) - U.S. lenders repossessed homes at a record pace in May, although foreclosure activity slowed slightly as lenders tackled the backlog of distressed properties already in the system rather than pile on new defaults.
However, a sustained turnaround in the pace of failing loans will be elusive without a meaningful improvement in the job market, the Irvine, California-based real estate data company said.
Banks took control of 93,777 properties in May, a record, topping the prior record in April by 1 percent and spiking 44 percent from a year earlier.
Every state saw more bank repossessions than a year ago.
It remains to be seen whether "we may be at a point where most of the damage has already been done and it's just a question of working through the wreckage before we come to a full recovery, as opposed to the pipeline continuing to get fuller and fuller," RealtyTrac senior vice president Rick Sharga, said in an interview...
..."Lenders appear to be ramping up the pace of completing those forestalled foreclosures even while the inflow of delinquencies into the foreclosure process has slowed," RealtyTrac's CEO James J. Saccacio said in a statement.
With notices on 322,920 properties, one in every 400 U.S. housing units got a foreclosure filing in May compared with one in every 387 the prior month.
"Employment is still weaker than it needs to be to facilitate a fully recovery in the housing market, but it's at least not getting any worse," said Sharga.
There are 5.5 million seriously delinquent loans still in the system, according to RealtyTrac.
"Best case scenario is you're still looking at about another three years to work through the inventory that's already in the pipeline of distressed properties," he said...
...The overhang of foreclosures will keep prices from rebounding much over the next two to three years, though another freefall is unlikely as long as the homes are resold at a measured pace, most industry experts agree.
Ten states accounted for more than 70 percent of all May foreclosure actions: California, Florida, Michigan, Arizona, Illinois, Nevada, Georgia, Texas, Ohio and New Jersey.
California had 22 percent of the national total with 72,030 properties getting a foreclosure notice, up 3 percent in the month but down nearly 22 percent from May 2009.
Nevada, Arizona, Florida and California had the highest rates of foreclosure last month. These were among states with the most overbuilding and price inflation during the boom and the most pain in the bust.
Nevada, with one in every 79 housing units getting a filing in May, had the highest rate for the 41st straight month even with a nearly 12 percent drop in foreclosure activity from April and 16 percent drop in the year.
Other states with foreclosure rates among the top 10 in May were Michigan, Georgia, Idaho, Illinois, Utah and Maryland.
Ahem...
Jobs. Industry.
Re: Home Repossessions Sets Record in May
Posted: Thu Jun 10, 2010 8:21 am
by AZGrizFan
..."Lenders appear to be ramping up the pace of completing those forestalled foreclosures even while the inflow of delinquencies into the foreclosure process has slowed," RealtyTrac's CEO James J. Saccacio said in a statement.
With notices on 322,920 properties, one in every 400 U.S. housing units got a foreclosure filing in May compared with one in every 387 the prior month.
"Employment is still weaker than it needs to be to facilitate a fully recovery in the housing market, but it's at least not getting any worse," said Sharga.
There are 5.5 million seriously delinquent loans still in the system, according to RealtyTrac.
5,822,920 crooked bankers, right T-Man?
Re: Home Repossessions Sets Record in May
Posted: Thu Jun 10, 2010 8:22 am
by ASUG8
I wish I had some extra cash right now and I'd be buying some property.
Re: Home Repossessions Sets Record in May
Posted: Thu Jun 10, 2010 12:16 pm
by Baldy
Thank you, President Obama.
Re: Home Repossessions Sets Record in May
Posted: Thu Jun 10, 2010 12:35 pm
by Ivytalk
Waiting for blueballs to weigh in on this one.
Re: Home Repossessions Sets Record in May
Posted: Thu Jun 10, 2010 1:00 pm
by blueballs
Ivytalk wrote:Waiting for blueballs to weigh in on this one.
I don't know quite what to make of it, although I can state that April, May, and June have been unbelievably busy for my company and me personally, due in no small part to the first time homebuyer tax credit sunsetting 6/30.
Pending contracts are at an all time high here in Central FL for a couple of reasons: a) the entire state of Florida is on sale and prices are at all time lows adjusted for inflation and it is certainly a buyer's market, and b) there is a backlog (bottleneck inthe pipeline) of pendings vs. closings because the banks, asset managers, and servicers can't get their heads out of their asses and push the short sales through. They sit on properties and play games instead of pushing the deals through.
The cynical side of me says that the banks would rather foreclose than short sell or modify becuse they perceive a market bottom has been established and prices will begin to rise again, which is already the case in many MSA's.
The other thing is that an extremely high percentage of distressed buyers who have modified since 2007 have found themselves right back in hock and the banks just aren't throwing a second lifeline and who can blame them? Also, in title theory states it is usually easier to foreclose than lien theory states so that may be a factor.
The bank REO departments that I deal with here in central FL are to a man the absolutely dumbest, rudest, and unethical pieces of shit I've dealt with in my 27 years in this industry. The banks are in no way willing to work with buyers and try to force bad contracts on buyers and their lenders. The whole REO process is just a nightmare and what is often perceived as a deal for the buyer turns out to be anything but.
There is no way I would buy an REO except to flip it.
I could go on forever about this but I'll stop for now...
Re: Home Repossessions Sets Record in May
Posted: Thu Jun 10, 2010 2:24 pm
by 93henfan
Ever since I saw Amityville Horror as a kid, I've had nightmares about home repossession. I don't even go in my basement any more.
Re: Home Repossessions Sets Record in May
Posted: Thu Jun 10, 2010 8:48 pm
by Chizzang
93henfan wrote:Ever since I saw Amityville Horror as a kid, I've had nightmares about home repossession. I don't even go in my basement any more.
The above post actually made me laugh out loud...
~
Re: Home Repossessions Sets Record in May
Posted: Thu Jun 10, 2010 11:44 pm
by travelinman67
Chizzang wrote:93henfan wrote:Ever since I saw Amityville Horror as a kid, I've had nightmares about home repossession. I don't even go in my basement any more.
The above post actually made me laugh out loud...
~
Holy crap...
...you're not blaming the repo crisis on Wal-Mart?
Re: Home Repossessions Sets Record in May
Posted: Fri Jun 11, 2010 12:14 am
by Chizzang
travelinman67 wrote:Chizzang wrote:
The above post actually made me laugh out loud...
~
Holy crap...
...you're not blaming the repo crisis on Wal-Mart?
I don't blame anything on Wal-Mart...
Wal-Mart is what we deserve - in fact we are Wal-Mart - it's like looking in the American Mirror
Re: Home Repossessions Sets Record in May
Posted: Fri Jun 11, 2010 9:50 am
by native
Chizzang wrote:travelinman67 wrote:
Holy crap...
...you're not blaming the repo crisis on Wal-Mart?
I don't blame anything on Wal-Mart...
Wal-Mart is what we deserve - in fact we are Wal-Mart - it's like looking in the American Mirror
Painful but true. What a fascinating gadfly you are, Cleets!
Re: Home Repossessions Sets Record in May
Posted: Fri Jun 11, 2010 4:01 pm
by Chizzang
native wrote:Chizzang wrote:
I don't blame anything on Wal-Mart...
Wal-Mart is what we deserve - in fact we are Wal-Mart - it's like looking in the American Mirror
Painful but true. What a fascinating gadfly you are, Cleets!
Wait..?
Doesn't Gadfly mean "persistently annoying"
actually now that I think about it... that describes me perfectly
Re: Home Repossessions Sets Record in May
Posted: Fri Jun 11, 2010 5:18 pm
by native
Chizzang wrote:native wrote:
Painful but true. What a fascinating gadfly you are, Cleets!
Wait..?
Doesn't Gadfly mean "persistently annoying"
actually now that I think about it... that describes me perfectly
Re: Home Repossessions Sets Record in May
Posted: Wed Jun 16, 2010 10:28 am
by Appaholic
Chizzang wrote:travelinman67 wrote:
Holy crap...
...you're not blaming the repo crisis on Wal-Mart?
I don't blame anything on Wal-Mart...
Wal-Mart is what we deserve - in fact we are Wal-Mart - it's like looking in the American Mirror
Walmart is the single biggest contributor to improving the quality of lives for the underpaid &/or underemployed....it surely has improved the lives of lower income people more than any government social program in recent memory....& at a fraction of the cost....
Re: Home Repossessions Sets Record in May
Posted: Wed Jun 16, 2010 10:30 am
by 93henfan
Appaholic wrote:Chizzang wrote:
I don't blame anything on Wal-Mart...
Wal-Mart is what we deserve - in fact we are Wal-Mart - it's like looking in the American Mirror
Walmart is the single biggest contributor to improving the quality of lives for the underpaid &/or underemployed....it surely has improved the lives of lower income people more than any government social program in recent memory....& at a fraction of the cost....
I just wish they sold ripe bananas. I've been waiting two days now for these things to turn yellow. Fuck.
Re: Home Repossessions Sets Record in May
Posted: Wed Jun 16, 2010 10:34 am
by Appaholic
93henfan wrote:Appaholic wrote:
Walmart is the single biggest contributor to improving the quality of lives for the underpaid &/or underemployed....it surely has improved the lives of lower income people more than any government social program in recent memory....& at a fraction of the cost....
I just wish they sold ripe bananas. I've been waiting two days now for these things to turn yellow. Fuck.
Can't have it all 93....
Re: Home Repossessions Sets Record in May
Posted: Wed Jun 16, 2010 10:47 am
by native
Appaholic wrote:
...Walmart is the single biggest contributor to improving the quality of lives for the underpaid &/or underemployed....it surely has improved the lives of lower income people more than any government social program in recent memory....& at a fraction of the cost....
Also true!
...except you're not quite the same gadfly as is Cleets.
Re: Home Repossessions Sets Record in May
Posted: Wed Jun 16, 2010 10:54 am
by 93henfan
native wrote:Appaholic wrote:
...Walmart is the single biggest contributor to improving the quality of lives for the underpaid &/or underemployed....it surely has improved the lives of lower income people more than any government social program in recent memory....& at a fraction of the cost....
Also true!
...except you're not quite the same gadfly as is Cleets.
I'm not that well-read on the whole Wal-Mart love/hate issues. I can only offer an anecdotal account. When they came to my hometown (Milford, DE), within two years they put an Acme supermarket, an A&P supermarket, a Rose's department store, an Ames department store, a Woolworth's department store, a JC Penney department store, two shoe stores, two drug stores, and likely many others I can't quickly rattle off, out of business. They completely wiped out the vibrant downtown for at least ten years, but it's starting to make a comeback finally.
Re: Home Repossessions Sets Record in May
Posted: Wed Jun 16, 2010 10:57 am
by Appaholic
93henfan wrote:native wrote:
Also true!
...except you're not quite the same gadfly as is Cleets.
I'm not that well-read on the whole Wal-Mart love/hate issues. I can only offer an anecdotal account. When they came to my hometown (Milford, DE), within two years they put an Acme supermarket, an A&P supermarket, a Rose's department store, an Ames department store, a Woolworth's department store, a JC Penney department store, two shoe stores, two drug stores, and likely many others I can't quickly rattle off, out of business. They completely wiped out the vibrant downtown for at least ten years, but it's starting to make a comeback finally.
Walmart didn't put them out of business. The residents' of your town, with their desire to save money, took their business to WalMart instead of locally-owned retail outlets.
Re: Home Repossessions Sets Record in May
Posted: Wed Jun 16, 2010 10:59 am
by 93henfan
Appaholic wrote:Walmart didn't put them out of business. The residents' of your town, with their desire to save money, took their business to WalMart instead of locally-owned retail outlets.
No doubt, and I'm as guilty as the rest.
Re: Home Repossessions Sets Record in May
Posted: Wed Jun 16, 2010 11:29 am
by AZGrizFan
93henfan wrote:Appaholic wrote:Walmart didn't put them out of business. The residents' of your town, with their desire to save money, took their business to WalMart instead of locally-owned retail outlets.
No doubt, and I'm as guilty as the rest.
Well I'm not. I haven't been to Walmart but about once in the past 5 years. And then ONLY as a last resort after every other possible option didn't have what I was looking for.
I refuse to give Sam Walton any of my money.
Re: Home Repossessions Sets Record in May
Posted: Wed Jun 16, 2010 11:40 am
by Appaholic
AZGrizFan wrote:93henfan wrote:
No doubt, and I'm as guilty as the rest.
Well I'm not. I haven't been to Walmart but about once in the past 5 years. And then ONLY as a last resort after every other possible option didn't have what I was looking for.
I refuse to give Sam Walton any of my money.
You're in the minority....& as president of a financial institution, can afford to be....
Re: Home Repossessions Sets Record in May
Posted: Wed Jun 16, 2010 11:45 am
by 89Hen
Appaholic wrote:Walmart didn't put them out of business. The residents' of your town, with their desire to save money, took their business to WalMart instead of locally-owned retail outlets.
Interesting take. You could make an case for legalizing crack with that kind of thinking. It's not the crack that's the problem, but the residents of your state, with their desire to get high for cheap that's the problem.
Re: Home Repossessions Sets Record in May
Posted: Wed Jun 16, 2010 11:46 am
by AZGrizFan
Re: Home Repossessions Sets Record in May
Posted: Wed Jun 16, 2010 12:03 pm
by Appaholic
89Hen wrote:Appaholic wrote:Walmart didn't put them out of business. The residents' of your town, with their desire to save money, took their business to WalMart instead of locally-owned retail outlets.
Interesting take. You could make an case for legalizing crack with that kind of thinking. It's not the crack that's the problem, but the residents of your state, with their desire to get high for cheap that's the problem.
I didn't realize shopping at WalMart was illegal? Or, are you just comfortable with the idea of limiting choices & mandating your view upon the rest of society...sounds like a nanny state, elitism, socialism or all of the above....
Don't like WalMart, be sure to patronize the local shops. Don't want them in your town, then create zoning laws to inhibit their ability to locate there. But once in town, don't blame them for the demise of the locally-owned business as you "roll back" for the discounts on everyday goods...