NODs fell to 578 in October, down from 729 in September and 682 in August. Mid-month, they were on pace to reach 559. NOSs fell to 578, down from 725 in September and up from 519 in August. Mid- month pace was 627. TDs soared to 376, the second highest number ever recorded. This was up from 313 in September and 294 in August. The mid-month pace would have totaled 464.
I checked mid-month to try to figure out if the so call foreclosure moratorium was having any effect here. In a normal month, filings are typically a little higher in the second half of the month. NOD filings increased a bit in the second half, NOSs slowed a little, and TDs fell off fairly significantly.
We are at a point where I don’t really trust these foreclosure numbers any more. It is impossible to tell which are new filings and which are bank refilings to clean up their paper trail. But it is clear that the numbers remain frightenly elevated.
Is the Siena going on the auction block on 9 November? Paperwork was filed with the bankruptcy court on Monday requesting the sale, a hearing was scheduled yesterday, and the results of the hearing haven’t been made public yet. The tems of the proposed auction would have netted Siena owner Barney Ng a cool $7,000,000 exit fee, and I’m sure some objections were raised to THAT! Read the story and see the court filings at REreno.
GratefulD_420
So basically Mike…. we think that the trend of going up was momentarily held off by the momoritorium…that has recently been rescinded? We’ll see next month if there is no further intervention.
I’ve changed my price range… but still 5 years and can’t buy a house. Pretty sad stuff. I had such great luck renting for so many years… but increased family size (beautiful kids) had me moving on. As a renter I’ve had two bad experiences in a row now… and am again ready to pull the trigger on buying. Unfortunately, I take a good look and see the thing starting to fall off the cliff….
My target price (MAX availible on a tight one-income budget, (wife is at home with those beautiful ones!)) was $350 to $420k (If it was just right). So obviously with prices dropping there has never been any point at which the numbers would have crunched to buy such a house (investment+equity < renting loss). Over those 5 years….my rent was $600 (great family deal)…. then $1,000 (4 bedrooms, no family deal) recently foreclosed…now in a new place @ $1,300 (3 bedroom, definately no family deal!). So now that renting is becoming more expensive and the last two landlords have been real pains…. I'm thinking I can hold a slightly better house than renting @ ~$200k and pay less overall. I'm still crunching numbers & first look is risk is still high in declining values, even in the $200 to $250k market. The values on even the low end stuff just seem to keep going lower and lower trying to find some bottom… but it's just not there yet. Crazy stuff. If you want data… just find some active listings….go to Zillow and look at the history of pricing…… the prices are 40 to 50% off their highs…. and recently just keep reducing their prices…. still active…reducing their prices,,,, still active…. (maybe foreclosure)….. listing price…. reducing price…..still active… waiting for real offer to go pending.
Maybe someone knows the skinny??? I have noticed way more of the foreclosures being sold by Fannie. Did the feds.. through fannie actually purchase these defunct mortgages from the banks (for a banks profit and taxpayer loss) OR is this just a financing offer from the feds ("for the peoples benefit (RE propping) and taxpayer loss," on foreclosed properties? There truly is a huge change in the listing offer thru HomePATH.
Ralston
Grateful,
Fannie and Freddie guarantee the loans. When the loans go bad, they buy the loans from the lender. Freddie just announced a 3rd quarter loss of $4 billion, which it says is good news because it wasn’t as bad as previous quarterly losses. Fannie and Freddie are both now effectively nationalized, owned by the American taxpayers, and so yes all the losses inure to the taxpayers.
inclinejj
Next major bailout,..FHA right after the 2012 Election
Ralston
Freddie and Fannie just passed the $153 billion mark in taxpayer bailouts since they were nationalized in ’08. No doubt there is more to come.
But hell, that’s only about 20% or so of the defense budget for ONE YEAR.