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624-Day Foreclosure Timeline

How long is the foreclosure process taking?? Say one stops making payments on their mortgage, does it take 6 months to be foreclosed on? No, it is now taking up to 624 days. That 624-day foreclosure timeline is the national…

BPO – Broker Price Opinion Demand

The housing industry relies on about 10 million broker price opinions (BPOs) each year, according to Franklin E. Rodebaugh, principal broker and president of American Wholesale Properties, Inc. “BPOs are not going to go away,” Rodebaugh said during a panel…

Keep Your Home California Homeowner Assistance

[youtube]http://www.youtube.com/watch?v=9rfAGHzOcIo[/youtube] Homeowners, have you suffered a financial hardship? CALHFA (The State of California’s Housing Finance Agency) might be able to help. “Keep Your Home California” is a free service for homeowners who have suffered a financial hardship. They can help…

More And More Foreclosures / REO’s To Come…

Foreclosures continues to plague the U.S. housing market. Nationwide, foreclosure filings totaled 610,337 in the third quarter, an increase of less than 1% from the previous quarter, said RealtyTrac. Even though the increase was small, it is significant since it…

Owners Getting Cash for a Short Sale?

In order to avoid clogging the already sluggish home foreclosure pipeline further, some lenders have been offering cash incentives, or Cash For Keys to homeowners at risk of foreclosure in order to complete short sales and help move out of…

California Sees a Surge in New Foreclosures

Foreclosure starts soared during the month of August in states along the country’s western coast, reversing what had been a declining trend over the past several months, according to the tracking firm ForeclosureRadar. The California-based company keeps close tabs on…

More Than 1/5 of Mortgages Underwater: Report

Nearly 10.9 million, or 22.5 percent, of all residential mortgages had negative equity at the end of the second quarter of the year, according to a report released Tuesday by the analytics firm CoreLogic.

An additional 2.4 million borrowers had less than 5 percent equity in the second quarter, according to the report, which also shows that nearly three-quarters of homeowners in negative equity situations are also paying higher, above-market interest on their mortgages.

Nevada held the top position in terms of negative equity with 60 percent of all of its mortgaged properties underwater, followed by Arizona (49 percent), Florida (45 percent), Michigan (36 percent), and California (30 percent).

“High negative equity is holding back refinancing and sales activity and is a major impediment to the housing market recovery,” said Mark Fleming, chief economist with CoreLogic in releasing the data.

Fleming added, “The hardest hit markets have improved over the last year, primarily as a result of foreclosures. But nationally, the level of mortgage debt remains high relative to home prices.”

According to CoreLogic, 8 million borrowers with negative equity, or nearly 75 percent of all underwater borrowers, have above market rates.

Since the 2005 sales peak, non-distressed sales in ZIP codes with low negative equity have fallen 61 percent, compared to an 83 percent sales decline in high negative equity zip codes.

By: Phil Britt / DSNews.com