By News Desk, on November 21st, 2009
Joy Jackson Personally Responsible for Over $16 Million in Losses to Mortgage Lenders; Used Over $800,000 of Fraudulently Obtained Proceeds to Pay for Her Wedding
U.S. District Judge Roger W. Titus sentenced the president of the Metropolitan Money Store, Joy Jackson, age 41, of Fort Washington, Maryland, today to 151 months in prison followed by five years of supervised release for conspiracy to commit mail and wire fraud in connection with a mortgage fraud scheme that falsely promised to help homeowners facing foreclosure keep their homes and repair their damaged credit, announced United States Attorney Continue Reading →
By Dennis Norman, on November 20th, 2009 Missouri ranks 21st in delinquencies and 30th in foreclosures
According to a report just issued by the Mortgage Bankers Association, the mortgage delinquency rate on one-to-four-unit residential properties in the U.S. rose to a new record rate of 9.64 percent. Here in Missouri, the delinquency rate is slightly lower at 9.41 percent.
Included in the MBA’s report as a “delinquency” are loans that are at least one payment past due, but does NOT include loans somewhere in the process of foreclosure. At the end of third quarter 2.05 percent of mortgage loans in Missouri were in the foreclosure process. Therefore Continue Reading →
By Dennis Norman, on November 19th, 2009 New Site Aimed at Helping More Hispanics Buy Homes
FannieMae announced the company launched a Spanish version of its HomePath.com website designed to help more potential homeowners who speak Spanish purchase Fannie Mae-owned properties.
The new website in Spanish mirrors the English version of HomePath.com featuring an interactive search tool of Fannie Mae-owned properties nationwide, details about HomePath® financing, a mortgage payment calculator, property alerts, as well as information on foreclosure prevention and the Making Home AffordableSM program.
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By Dennis Norman, on November 19th, 2009 Dennis Norman
According to a report issued by First American CoreLogic national home prices continue to decline with their HPI (Loan Performance Home Price Index) declining by 9.8 percent in September 2009 compared with the year before. If you take the distressed sales out (foreclosures, short sales, etc) the nation decline in HIP for the same period was 6.2 percent.
St. Louis home prices did better according to the report with the HPI declining 3.85 percent in Sepetember 2009 from the year before. This is an improvement over August which was down 4.09 percent from the year before. Continue Reading →
By Dennis Norman, on November 19th, 2009
Even with a decline in the Midwest in new home starts and completions, new home construction activity is still outpacing new home sales potentially leading to inventories increasing again.
The US Census Bureau and US Department of Housing and Urban Development (HUD) issued a their report on New Residential Construction for October 2009 showing a decrease in new home construction activity in the Midwest from September.
The report shows the following for the Midwest Region:
Continue Reading →
By Dennis Norman, on November 18th, 2009 Dennis Norman
Home sales in the St.Louis area through October 31st are down 4.8 percent from the same period a year ago, however this is a decrease of almost 40 percent from the month before when sales were down 7.9 percent from the same period the year before. St. Louis area median home prices for the period are down 6.5 percent from a year before however this is also an improvement from the 7.1 percent decrease for the month before. The average time it takes to sell a home in the St. Louis area is 2.2 percent less Continue Reading →
By Dennis Norman, on November 17th, 2009 St. Louis mortgage rates dropped this week to almost record lows according to St. Louis-based Paramount Mortgage Company.
Lower interest rates, low prices and the extension and expansion of the home-buyer tax credit should be pretty tempting to buyers out there.
St. Louis Mortgage Rates – November 17, 2009 *
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By Dennis Norman, on November 16th, 2009 Dennis Norman
TransUnion released the results of its analysis of trends in the mortgage industry for the third quarter of 2009 and the associated impact on the U.S. consumer.
Part of this report focused on delinquencies on mortgages and the rate of mortgage delinquency. The report showed that mortgage loan delinquency (the ratio of borrowers 60 or more days past due) increased for the eleventh straight quarter, hitting an all-time national average high of 6.25 percent for the third quarter of 2009, a 7.57 percent increase from the record-setting second quarter rate.
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By Dennis Norman, on November 13th, 2009 Dennis Norman
I can remember a time, not that long ago, where about the last thing people were concerned about was the value of their home going down. After all, for decades, our homes proved to be safe investments….no, we weren’t going to see their values shoot up 50 percent in one month like some hot tech stocks of the past, but nor were we going to see them drop by the same amount in a month. Nationally home values increased about 5 percent a year, year after year. That was until around the end of 2007 when Continue Reading →
By Dennis Norman, on November 12th, 2009 The Justice Department announced it has filed a lawsuit today in federal court for the Eastern District of Missouri alleging a pattern or practice of violations of the Fair Housing Act by the owner and managers of Forum Manor Apartments, a federally-subsidized apartment complex, for refusing to rent to African-Americans and males, refusing to allow tenants to have African-American visitors, sexually harassing female tenants and retaliating against tenants who complained about such discrimination.
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By Dennis Norman, on November 12th, 2009 Dennis Norman
Monroe and Jefferson County saw sharp increases however.
RealtyTrac® released its Foreclosure Market Reporttmfor October showing that foreclosure filings (default notices, scheduled auctions and bank repossessions) were down 3.3 percent in October from the month before in the US and up 18.86 percent from the year before.
Here in St Louis, overall the picture is much better. For the 16 counties and 1 city included in the RealtyTrac® report for the St Louis metro area foreclosure filings in October were down 29.47 percent from the month before and down 30.39 percent from the year before. Included Continue Reading →
By Ted Gayer, on November 11th, 2009 Publishers note: If you have been reading our blog for a while you are probably aware we have been supporters and advocates of the home-buyer tax credit as well as the extension and expansion of the credit, which happened last week. We realize however, there are people that do not support the credits for a variety of reasons. I came across the article below which was written prior to passage of the extension of the credit by Ted Gayer. I think this is a well written piece and does present the “other side of the coin”…Ted agreed to allow us Continue Reading →
By Dennis Norman, on November 10th, 2009 St. Louis mortgage rates dropped this week to almost record lows according to St. Louis-based Paramount Mortgage Company.
Lower interest rates, low prices and the extension and expansion of the home-buyer tax credit should be pretty tempting to buyers out there.
St. Louis Mortgage Rates – November 10, 2009 *
Continue Reading →
By Dennis Norman, on November 10th, 2009 Dennis Norman
Foreclosure rates in St. Louis increased for the month of September over the same period last year according to a report released by First American CoreLogic. The report showed the St. Louis metro area to have a foreclosure rate of 1.26 percent in September, up just slightly from August’s rate of 1.24 percent, but up over 59 percent from a year ago when the rate was 0.79 percent.
The national foreclosure rate for September was over double the rate of St. Louis at 2.93 percent and was an increase of 75 percent from a year Continue Reading →
By Dennis Norman, on November 9th, 2009 Dennis Norman
The percent of American home owners with mortgages in a negative equity position fell to 21 percent in the third quarter of this year, down from 23 percent in the second quarter, as home values stabilized in the short term and more underwater homeowners lost their homes to foreclosure, according to the third quarter Zillow Real Estate Market Reports.
Year-over-year home values in the U.S. declined for the 11th consecutive quarter, falling 6.9 percent to a Zillow Home Value Index of $190,400. However, the rate of year-over-year decline shrank for the third quarter in a row, meaning Continue Reading →
By News Desk, on November 8th, 2009 Department of Justice Press Release
TAMPA—United States Attorney A. Brian Albritton today announced the results of a nine-month-long Mortgage Fraud Surge investigation that has resulted in charges against more than 100 defendants and involves allegations concerning more than $400 million in loans procured by fraud and more than 700 properties. U.S. Attorney Albritton is holding events throughout the district this week to highlight the announcement.
There are currently mortgage fraud-related charges pending against approximately 500 defendants in federal mortgage fraud cases around the nation. The cases concern both mortgage schemes designed to defraud mortgage lenders and “foreclosure rescue Continue Reading →
By Dennis Norman, on November 6th, 2009 Dennis Norman
If you are a homeowner facing losing your home in foreclosure but you do not qualify for or have not been able to sustain other loan-workout solutions, such as a modification, you may have another alternative: The Deed for Lease program announced yesterday by Fannie Mae for homeowners with loans insured by Fannie Mae.
“The Deed for Lease Program provides an additional option for qualifying homeowners who are facing foreclosure and are not eligible for modifications,” said Jay Ryan, Vice President of Fannie Mae. “This new program helps eliminate some of the uncertainty of foreclosure, keeps Continue Reading →
By Dennis Norman, on November 5th, 2009 Dennis Norman
UPDATE 11/06/09 5:14 p.m. – Thanks to Denis T who was commenting on this post, click here to go to the IRS site with information on the new tax credits.
UPDATE 11/06/09 1:00 p.m. – I just heard that a short while ago President Obama signed the bill into law. IT’S OFFICIAL! So if you are in the market for a home .. Go For It!
Continue Reading →
By Dennis Norman, on November 4th, 2009 St. Louis mortgage rates dropped this week according to St. Louis-based Paramount Mortgage Company.
Low interest rates and the homebuyer tax credit, which is close to getting extended beyond the current expiration date of November 30th, should be tempting to buyers.
St. Louis Mortgage Rates – November 4, 2009 *
Continue Reading →
By Dennis Norman, on November 4th, 2009 Dennis Norman
UPDATE 11/05 2:00 pm – The House has passed the bill by a vote of 403 – 12 – It now goes to the President who is expected to sign today or tomorrow.
UPDATE 11/05, 12:35 pm- To read the section of H.R. 3548 that contains the details concerning the first-time home-buyer tax credit click here.
If you care to read the entire bill click here.
UPDATE: At 5:28 p.m. by a vote of 98 to 0 the Senate Passed H.R. 3548 – It now will go to the House where it is expected to pass Continue Reading →
By Charles Hugh Smith, on November 4th, 2009 Loose lending standards in government-backed mortgages is setting up the next wave of defaults and sharp declines in housing prices.
Charles Hugh Smith, Of Two Minds
Beneath the hype that housing has bottomed is an ugly little scenario: lending standards are still loose and the low-down payment, high-risk loans being guaranteed by government agencies are setting up the next giant wave of defaults and foreclosures.
You might have thought that the near-demise of risky-mortgage mills Fannie Mae and Freddie Mac would have cooled the supply of highly leveraged Continue Reading →
By Debi Averett, on November 3rd, 2009 I posted yesterday on the Wall Street Journal article Report Sheds Light on Why Homeowners Walk Away. A couple of commenters on the WSJ article said why they were walking away from their mortgage, and I thought their comments were interesting enough to repeat. The first walker says that as a good borrower he is unable to have his loan modified, the second blames bank policies:
The banks (my lender is CITI) are unwilling to modify mortgages for the people able to pay. I suspect if the people underwater, but with money and good credit – you know, responsible people Continue Reading →
By Dennis Norman, on November 2nd, 2009 Dennis Norman
UPDATED: 6:15 pm Central Time-
The Senate voted 85-2 this afternoon to end debate on the amendment..This is clears a procedural hurdle and will allow the bill and amendment to be voted on by the Senate, most likely on Tuesday or Wednesday….If passed by the Senate it would then need to go back to the House for passage and then on to the President.
Here’s the latest info I have on the possible extension of the home-buyer tax credit:
The Dodd-Lieberman-Isakson Amendment I spoke of in last Friday’s update was added to the unemployment bill Continue Reading →
By Dennis Norman, on November 2nd, 2009 Lawrence Yun, Chief Economist, NAR
Today the National Association of REALTORS(R) issued their Pending Home Sales Index Report for September showing pending sales in the U.S. rose again for the eighth consecutive month – marking the longest streak since since NAR began the pending home sale index in 2001. The pending home sales index for the US rose 6.1 percent from August. Here in the Midwest the pending home sales index rose 8.1 percent from August marking the third month in a row the index in the Midwest increased.
As I have expressed previously, I’m somewhat cautious about Continue Reading →
By Dennis Norman, on November 1st, 2009 Gerry Loesch, PE
In part one, part two, part three and part four of this series I gave you some background on Gerry Loesch as well as his informative E-View TM.
Now we’ll finish with the final post of his E-View TM:
Q-What should a consumer look for when choosing a building inspector?
A-In my opinion, when selecting a building inspector the following things should be considered:
Continue Reading →
By Dennis Norman, on October 31st, 2009 Gerry Loesch, PE
In part one, part two and part three of this series I gave you some background on Gerry Loesch as well as his informative E-View TM. Now we’ll pick up where we left off.
Gerry’s closing remarks show his passion for his profession: “I still love what I do. It is the only job where I get to give my opinion, no one has to agree with it, and I still get paid.” Well said Gerry! Where do I sign up???
Now we’ll continue with the E-View TM:
Q-Many cities and municipalities throughout the country Continue Reading →
By Dennis Norman, on October 30th, 2009 Dennis Norman
In yesterday’s update I had some rather encouraging news about the possible extension of the first-time home buyer tax credit of $8,000 that has stimulated some home buying but is set to expire on November 30th. The good news was that there is an agreement amongst the powers that be with regard to extending the home buyer tax credit, which in itself is a HUGE step toward getting the credit extended, but as I said yesterday, “the fat lady hasn’t sang yet”.
Based upon the latest news I just received in an email update from the Continue Reading →
By Dennis Norman, on October 29th, 2009 Dennis Norman
I have been talking a lot lately about the first-time home buyer tax credit of $8,000 that has stimulated some home buying but is set to expire on November 30th. I have also shared the efforts by organizations such as the National Association of REALTORS, The Mortgage Bankers Associaiton, The National Association of Home Builders and Fix Housing First to urge Congress to extend the home buyer tax credit as well as expand it to include more than just first-time home buyers.
Unfortunately there are some inaccurate reports I’m seeing this morning that indicating the Senate Continue Reading →
By Dennis Norman, on October 29th, 2009 Gerry Loesch, PE
In part one and part two of this series I gave you some background on Gerry Loesch as well as his informative E-View TM. Now we’ll pick up where we left off.
Gerry graduated from the University of Missouri at Rolla with a Bachelors and Master degree in Civil Engineering. He has been performing home inspections and engineering consultations for 32 years and during that period has inspected almost 15,000 homes.
Now we’ll continue with the E-View TM:
Continue Reading →
By Dennis Norman, on October 28th, 2009 Gerry Loesch, PE
In part one of this series I gave you some background on Gerry Loesch as well as the beginning of his informative E-View TM. Now we’ll pick up where we left off.
Gerry served as the National President of ASHI (American Society of Home Inspectors) in 1984-1986 and has served as well in various positions of numerous other local and national industry related organizations over the years.
Now we’ll continue with the E-View TM:
Continue Reading →
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