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California Foreclosure Volume up 50%

Image via Wikipedia Foreclosure sales bounced back to levels not seen since robo-signing moratoriums went into effect last fall. With significant increases in Arizona, California, Nevada, Oregon and Washington; foreclosure sales rose both in terms of properties that went Back to the Bank and those Sold to Third Parties, typically investors. As a result Bank Owned Inventories (REO) increased everywhere except in Oregon where banks sold more homes then they took back. “We have not seen this level of activity on the courthouse steps for months,” says Sean O’Toole, CEO and Founder of ForeclosureRadar.com. “The increase in foreclosures is just

Housing Takes a Hit As Mortgage Rates Top 5%

February is when potential home sellers start painting walls beige and cleaning out closets, preparing for the spring homebuying season. But sellers got some unnerving news last week: The interest rate on a 30-year mortgage jumped up to a level not seen since last April. In November, the average rate slipped to a 40-year low of 4.17 percent. Today, it’s just over 5 percent, and concerns are growing that rates will keep rising — enough to scare away potential buyers. It’s at least enough to make those buyers rethink the advantages of homeownership Why Rates Rose The housing industry had

Silicon Valley Home Prices to Suffer “Double-Dip” Then Turn Higher

Image via Wikipedia After rebounding from a low reached in early 2009, home values in Santa Clara and San Mateo counties have dropped again in a double dip that renews worries about the strength of the housing market, real estate information service Zillow reported Tuesday. Santa Clara County home values have fallen 25.2 percent since their peak in 2006, while San Mateo home values have fallen 24.2 percent. The phrase “double dip” refers to a new drop in home prices after the recovery from a previous drop. The latest downward trend in area home values began in the middle of

10 Reasons to be Bullish on Housing in Bay Area

Image via Wikipedia Almost five full years into the housing downturn, it’s still cool to be bearish on real estate. But cool isn’t always right: Despite headwinds such as looming shadow inventory, a lackluster job market, and geopolitical instability, there are plenty of reasons why rose-colored glasses may be the real estate eyewear of choice. Below are 10 reasons why it may finally be time to be bullish on housing … but first, one huge caveat: The local bottom that the broad housing market experienced in April 2009 may yet be surpassed to the downside. If it is, housing bears

Mortgage Finance Overhaul to Raise Costs, Reduce Home-Ownership

Image via Wikipedia In spite of differences between Democrats and Republicans on reforming housing finance, both sides back proposals that would make mortgages more expensive and difficult to obtain. Government officials and lawmakers want to make the market less vulnerable to another credit crisis, and all the options lead the same general direction: Borrowers will need larger down payments than in the bubble years, have higher credit scores, and pay extra fees to cover risks and premiums for federal guarantees on government-backed mortgage bonds. While those measures would create a sounder system, they also mean that fewer borrowers will qualify

Warren Buffett: Is Real Estate Finally a Good Investment?

Image via Wikipedia The housing market still looks pretty bleak: There were a record one million foreclosures last year, home prices are still falling in many regions and the number of “underwater” properties is at a record high. And things don’t look much better in other areas of real estate. The number of construction jobs continues to decline, even as other parts of the economy have added jobs. And mortgage rates have moved higher as long-term Treasury yields have backed up during the past few months. Basically, the real estate market remains a mess. Real estate encompasses a wide range

Global Inflation Finally Hits Home

Image by Getty Images via @daylife The United Nations food agency (FAO) kicked off 2011 by announcing that December of 2010 saw food prices eclipse the record levels hit during the 2008 food crisis, which triggered riots in Egypt, Cameroon, and Haiti at the time. The current spike in food prices has already caused violent food riots in Algeria, Tunisia, Morocco, Yemen, and Jordan. Food inflation has already hit double digits in China, India and Brazil. It’s not hard to see why when you look at how some of the major soft commodities have performed over the last 12 months:

Foreclosure ruling could be setback for banks

Image via Wikipedia The highest court in Massachusetts agreed with a lower court ruling that two home foreclosures were invalid and found that lenders Wells Fargo Bank and US Bank had failed to prove they owned the mortgages. Massachusetts’ highest court upholds the invalidation of two foreclosures in a case involving mortgage-backed securities, saying Wells Fargo and US Bank failed to prove they owned the mortgages.The case, which dealt with loans that had been pooled into mortgage-backed securities, could be another significant setback for the home lending industry. “Since this is the first real state supreme court ruling, you can

Richard Maize Comments on Real Estate Trends

Richard Maize, one of America’s most respected businessmen and philanthropists, responds to current indicators for the US real estate market for 2011. He is a respected leader in the mortgage banking real estate industry, and a mentor to young entrepreneurs, has generously supported organizations and causes including the American Cancer Society, Vista Del Mar Child and Family Services, Hurricane Katrina, Los Angeles Police Foundation, USO, Haiti earthquake relief efforts, Israel Flying Aid, Maccabiah Jewish Olympic Games and the Cedars Sinai Board of Governors. “Here are a few simplicit factors that have an affect in the US real estate market: interest

7 Mortgage Predictions for 2011

Image by Getty Images via @daylife Financial experts suggest that borrowers should apply for a new mortgage loan, or refinance their home loan when the time is right for their individual needs, rather than attempt to time the market. While risk takers may be enthusiastic about waiting until the last minute to lock in a low mortgage interest rate, most homeowners and homebuyers prefer to observe general mortgage market trends and focus more intently on their own finances. Predicting a specific mortgage rate for a particular time is pretty nearly impossible, but real estate market observers have identified a few

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