Thousands of first-time and move-up buyers who hoped to make a foreclosed property their new home now face uncertainty, anxiety and possibly remorse as they worry that closing on their desired property could be in jeopardy. Read more.
Earlier we had reported that California was not included in many of the freezes and problems that are plaguing the lending/foreclosure scene. While that is still true, California has now joined the list of states that are looking into the foreclosure processes used by various lenders. Although we don’t use the judicial system for our foreclosure procedure, strict legal requirements must be met. There are cases in which allegations of wrong-doing have been made.
Foreclosure auctions hit record as document crisis unfolds by CNNMoney.com
Bank repossessions and foreclosure auctions hit record levels in the third quarter, RealtyTrac said on Thursday.
372,445 foreclosure auctions were scheduled in July, August and September, while 288,345 properties were repossessed by lenders over the same time period. Continued.
Slide in [interest] rates sparks new refi boom
Five weeks of declining mortgage rates have spurred another refinancing boom, but demand for purchase mortgages sagged last week after a temporary surge of homebuyers rushing to beat stricter FHA standards. Read more.
While the Market is in a volatile and sensitive state, we believe that the recovery is still in progress. The above and other recent events might make minor ripples, but the biggest potential change will be caused by buyer perception. As long as there is no panic, the healing will continue.