Real Estate News – July 14-15, 2011




An estimated 1 million foreclosure-related notices for defaults, auctions, and home repossessions that should be filed by lenders this year will be pushed back until next year, according to the latest report by RealtyTrac (via REALTORMag): http://bit.ly/nSN81v


RealtyTrac said this morning that foreclosure filings during the first half of the year were down 14 percent in Minnesota compared to the same period last year, that was the equivalent of one filing for every 159 households. Nationwide there was a 29 percent decline in filings, one for every 111 households (via StarTribune.com): http://bit.ly/qsVIvk


North Side revival:  Churches and other faith-based groups redouble efforts to restore housing — and hope — in the ravaged neighborhood (via StarTribune.com): http://bit.ly/pOyfBZ


JPMorgan Chase & Co. listed about $2.5 billion in second-quarter costs tied to cleaning up faulty mortgages and foreclosures as the industry tries to quell concern over lending practices (via Bloomberg.com): http://bloom.bg/nACAc4


In their final opportunity to express disapproval with the Consumer Financial Protection Bureau before it’s launched, House Republicans on Thursday raised concerns that the agency will limit the kinds of mortgages and credit available to borrowers (via MarketWatch.com): http://bit.ly/pUtwRI


The Department of Housing and Urban Development (HUD) next week will transfer hundreds of pending investigations of alleged violations of the Real Estate Settlement Procedures Act (RESPA) to the newly created Consumer Financial Protection Bureau (CFP, which is taking over responsibility for RESPA enforcement (via inman.com): http://bit.ly/quq5xP


Lenders are losing out on thousands of dollars–sometimes within just mere hours–due to short sale fraud, which is skyrocketing and plaguing the housing market, investigators say (via REALTORMag): http://bit.ly/pNorm1


When will we reach bottom in the housing market? With lenders filing foreclosures more slowly and an excess inventory of homes, housing prices could fall another 20 percent next year, says one economist. Gary Shilling, one of the economists who predicted the subprime mortgage crisis, says the “depressing effect” of two to 2.5 million homes in excess inventory will push prices down (via abcnews.go.com): http://abcn.ws/qgnoJF


Six Federal Home Loan Banks are seeking to intervene in Bank of America  Bank of America (via bizjournals.com): http://bit.ly/pRHuFT



 

Posted in Blog, Real Estate Law