Foreclosure filings fall to lowest level since 2007

humtake March 10, 2013 Quick, there is positive news!!! Hurry, get online and start complaining and whining about it and saying how wrong it is! Do everything you can to make sure the news is spoiled so everyone can keep on thinking the world is ending and America is a 3rd world country!! Do it before reality hits people!!! 22 Reply

jkjk humtake March 10, 2013 Spoken like a true Realtor. Then why are 7 million homeowners SQUATTING in their homes? So that supply remains limited, foreclosures continue to "plunge," and prices go back up. Once the prices go high enough, then the banks will foreclose like crazy and then the banks won`t have to report such significant losses. In the meantime, they continue to report these bad loans as assets/account receivables. If banks kicked the squatters out now...the losses would CRUSH the banks (i.e. insolvency) 5 1 Reply

parishmp humtake March 10, 2013 When I read this article and actually look at the real numbers not what the Real Estate board or banks tell us the picture is much different. The last count I saw in December of empty homes was 19 million throughout the US. And Foreclosure Phase 2 process hasn`t started yet. Now that the Fed is buying up toxic mortgage paper at a clip of 45 billion a month those banks will finally be able to mark those "assets" to market at 100 cents on the dollar instead of the 10 to 20 cents they are worth. Once that happens then comes the foreclosure and ejection of the people who have sat not paying mortgages for the last three years. And since the banks have already received 100 cents of their loans on those homes from the Fed any extra money made on the sale becomes pure gravy. Even reading this story and taking every word as gospel says to me the housing market is a patient whom a doctors calls partially dead.....if you truly look at the numbers. 2 Reply

USdude humtake March 10, 2013 Wow humtake, you are right! Only 150K people are losing their homes each month - what a breath of fresh air! The economy is back on track! This report is equivalent to saying something like... "hey guys, watch this ball fall after I throw it up in the air, isn`t that amazing?". 1 Reply

Andrew Stalzer USdude March 10, 2013 You realize that people foreclose on their homes all the time (even in great economic times) right? 3 Reply

USdude Andrew Stalzer March 10, 2013 Yes, however, now we are back to 2007 levels per the headline (not a great economic time). 2007 was still 2x the foreclosure rate of "good" economic times. Thanks for playing though. 1 Reply

Andrew Stalzer USdude March 10, 2013 But when foreclosures were 2x their current level just a couple of years ago, then this is clearly good news. 2 Reply

Eric Hansen March 10, 2013 this only means they are running short on victims 13 Reply

bobpitt Eric Hansen March 10, 2013 I know a few people that lost their homes, but the reality is that they could not afford the house anyway, it was a disaster waiting to happen. 13 Reply

Rob bobpitt March 10, 2013 So what highly skilled financial wizard at the bank verified their income and signed off on the approvale process? This is all about greed, money, plain and simple. 4 Reply

Rob Eric Hansen March 10, 2013 No, they`re just waiting for the market to be more in their favor before they pursue the final steps and put more people out. That and get past all the legal action the government has put on them for all the false filings. 0 1 Reply

woodturner March 10, 2013 I have seen a rise in foreclosures over the last 4 months in the northeast. Here in Maine, the local paper lists them(by law for 3 times prior to final auction) and the page keep getting filled more. Even our small town now has 8 in the process where you never saw one before so where is it getting better? 5 Reply

Agent Know How woodturner March 10, 2013 The article certainly gets more readership when it`s less specific. Imagine if it said Foreclosure filings fall to lowest level since 2007 in California. 2 Reply

disqus_Im4OiQpCsG Agent Know How March 10, 2013 The reason is its harder for banks to foreclose due to govt policies .. This will only make it slower the numbers are not changed just the timing is .. The investors are now working with banks to inflate market so the prices are better for them .. Banks have already figured out a way to make use of the situation .. 1 Reply

Frank455444 woodturner March 10, 2013 Its getting better in the state of California were they passed the "BORROWERS" bill of rights law that "FINES" the lender $7500.00 if they try and foreclose on some deadbeat loser who files a "I cant pay my mortgage, cut my principle in half" modification! How about the entire country just file for a "MODIFICATION"? Or is that "PRIVILEGE" just for minorities too or losers who shouldn`t have a mortgage in the first place!? 6 5 Reply

tdeguisne Frank455444 March 10, 2013 losers who shouldn`t have a mortgage in the first place!?....People who qualified for a very afforable house 15 years ago, had a steady job, current on all bills and decent credit, who lost their job because of whatever you want to blame (banks, our government, combination of several things, whatever) are NOT LOSERS. They were just ordinary Americans trying to live the dream that got caught up in a bad situation. Stop thinking that everybody affected by this was living beyond their means, rolling the dice and lost, losers that can`t hold a job, minorities, etc. Yes, some of the people fit this catagory, but a majority are people who were honest, hard working Americans, and they got caught in a bad situation. 11 Reply

bobpitt Frank455444 March 10, 2013 You are right, they blame the banks, but is also the people that could not afford a mortgage and they got one anyway.. so one could not afford it and the bank knew it and gave it anyway to sell that mortgage to Fannie May or Freddy Mac for a 1% profit.. 2 Reply

disqus_Im4OiQpCsG bobpitt March 10, 2013 It`s harder for banks to foreclose due to govt policies .. This will only make it slower the numbers are not changed just the timing is .. The investors are now working with banks to re - inflate market so the prices are better ... While banks control inventory ...Banks have already figured out a way to make use of the situation .and we wonder why bankers are paid well... . 1 Reply

Rob Frank455444 March 10, 2013 Wow Frank, it would be nice if you could get your head out of your third point of contact. Some are people that were in over their head, yes but most no. There is a lot of fault to the "lenders" who earned a commission for these loans. But the brutal way these bank (Wells Fargo, Bank of America to name a few) have been stealing peoples houses for years well before 2007 by taking advantage of people when they are at their weakest. The big reason there is a slow down is it is not profitable for these companies to pursue forclosure right now, so they are letting 10`s of thousands of homes sit vacant. It`s driving down prices, hurting communities, and hurting people. Do a little more research Frank before you spout off. 1 Reply

ltreat37 woodturner March 10, 2013 Way better some time ago here. 0 Reply

fhsyrd386 March 10, 2013 Queue up the bitter republican Obama-haters saying how this really isn`t good news... 13 4 Reply

Insiteful fhsyrd386 March 10, 2013 Remember, the sub-prime lenders who started all of this, are Republicans, and more importantly, major Republican Campaign Supporters/Donors. 9 1 Reply

Frank455444 fhsyrd386 March 10, 2013 No, just the facts. Its getting better in the state of California were they passed the "BORROWERS" bill of rights law that "FINES" the lender $7500.00 if they try and foreclose on some deadbeat loser who files a "I cant pay my mortgage, cut my principle in half" modification! How about the entire country just file for a "MODIFICATION"? Or is that "PRIVILEGE" just for minorities too or losers who shouldn`t have a mortgage in the first place!? 5 2 Reply

Mike Mongo fhsyrd386 March 10, 2013 Allowing this President`s sub-standard mediocrity to become the new measure of excellence because he claims to be black is far more racist than calling him out on his failures. 3 1 Reply

1guest2u Mike Mongo March 10, 2013 You do realize 2007 was well over a year before Obama took office right? 2 Reply

kf March 10, 2013 Forget about Democrat and Republican, it`s not really a political party that is responsible for the this current recession. It`s the friggin BANKS/Financial institutions and their predatory lending and greed by padding their pockets at others expense. How many of them are in jail???? 4 Reply

RobertOKUSA kf March 10, 2013 Yes, that`s the big problem. Uncle Sam has socialized the "too big to fail" banks` losses, but privatized their profits! The system is rigged. 4 Reply

kf RobertOKUSA March 11, 2013 Yup, but on the fence if banks failing would be as catastrophic as they say. Letting some banks fail would show that there are consequences and they can`t get bailed by the american people cause of their greed. 0 Reply

Tom Evans kf March 10, 2013 If the banks made so much money off these bad loans why did they need a government bailout? It turns out that the banks exercised poor judgment and as a result lost money. They probably were motivated by greed but so were a lot of the home buyers. If you throw bankers in jail for poor judgment then you`d have to throw some of home buyers in jail too. 1 2 Reply

disqus_eJPRm5bYrD Tom Evans March 10, 2013 Poor judgement? LOL Try fraud, corruption, greed. 7 Reply

Tom Evans disqus_eJPRm5bYrD March 10, 2013 What about the home buyer that lies about his income? And for a lot of these people they were buying homes specifically for the purpose of turning them over in a couple years for a profit. I`d call that fraud and greed, maybe not corruption. 3 2 Reply

mtheumer Tom Evans March 10, 2013 "What about the home buyer that lies about his income?" I had to bring in a pay stub for a $3000 dollar loan. It would be irresponsible for a bank to not check someone`s income. 4 Reply

kf mtheumer March 11, 2013 Agreed, but the banks don`t care. They can package the mortgages into some sort of financial package and then sell that off to some other institution. Wiping their hands clean of the mortgage and they collect the profits from the fees + other things. Rules should be changed so that banks must hold on to the mortgages they sign. More incentive on their part for due diligence. 0 Reply

kf Tom Evans March 11, 2013 Definitely goes both ways. There were greed on some home buyers part but if you look up 1 institution in particular "CountryWide", you`d be shocked at what they did. When an institution purposely and systematically misleads an entire populace, due diligence on the consumers part may not save him/her. 0 Reply

DISTED March 10, 2013 Oh boy, now will you tell me what happened to all those houses fanne and freede had? So the tax payer is ging to have to eat it on this one? Or will you put them in the market? If so, what will this do to these no.s? The real question is how is doing when compaired to the no. of houses sold? New home sales are not back to 2007 levels, and there are still alot of houses out there. And getting a good job so you can pay for a house is harder than 2007 too. Houseing is not over it`s bumpy ride yet. 4 Reply

nononsense123 DISTED March 10, 2013 This is about foreclosures, not houses ready for sale. And what makes you think new home sales will, or should, get back to 2007 levels soon? From 2003-2007, housing was over-built by 1/3. 6 Reply

USAF63 March 10, 2013 Time for Repubs to get behind the president. 7 2 Reply

Tom Evans USAF63 March 10, 2013 Why. Apparently this recovery is happening with GOP obstruction. Maybe that is the key. 4 1 Reply

MadMax Tom Evans March 10, 2013 Of course it`s happening, sloooowwwwwwwwwwwwwly because of GOP obstruction. Time to grow up and stop trying to deny failure on their part. They had their 8 years of hands in the cookie jar. It`s OVER! Move on! 5 3 Reply

jayhoward March 10, 2013 Yep, after the stupid Republicans destroyed the economy, Obama has fixed it. 7 2 Reply

MadMax March 10, 2013 Even if Clinton were solely reponsible for the repeal (which is false), why would Republicans care? They`re the ones who are always waving the deregulation banner and it`s the current crop of GOPsters who are pushing for further deregulation. I don`t see these efforts being pushed with the same fervor by those on the left; quite the opposite. When Republicans chastise Clinton over the Glass-Steagall repeal, what they are effectively saying is this: "How dare you sign off on Republican legislation! Don`t you know we can`t be trusted?? Don`t ever believe us again!" And when Bush Jr. finally dusted off the bookshelf and found this bill, why did he push it through congress when it was flawed? Clinton did not push this bill through, he was exiting the whitehouse at the time. Bush Jr. pushed this , Republican crafted BS, under HIS Presidency! HE OWNS IT! Move on and Re-instate Glass-Steagall to it`s original 1933 form! 3 Reply

Tom Evans March 10, 2013 This is good news. In addition to working through the bad loans another big reason for this decline is due to tightening of lending standards that have occurred in the last 5 years. As a result there are very few foreclosures amongst the newer mortgages. This is the way it should be and hopefully the politicians won`t screw it up again by pressuring lenders to give a mortgage to anyone with a pulse. 3 1 Reply

PassizleToo Tom Evans March 10, 2013 It is good news. However, the political part of your post, I dont understand. No new laws have been changed that made lenders restrict lending standards. The same way there were no laws which forced them to loosen them to begin with. 4 2 Reply

Tom Evans PassizleToo March 10, 2013 They changed the requirements for FHA backed loans, which is most mortgages. In addition banks are forced to keep higher levels of reserves. 2 Reply

PassizleToo Tom Evans March 10, 2013 My post still stands. There were no laws that forced banks to make risky loans. They were all to happy to oblige, collect their share, chop up the loan, sell it as an "investment" and move on to the next bloodvessel. Its true that peple shouild not have taken out loans they could not afford, but as a person who dealt with that environment and wisley listen to his gut... it worked out for me. I had more offers than I could fall over in 2006 to buy a house 2-3 times what I could realistically afford. Lenders were so gernerous and so supportive to get me to sign that dotted line. They said, they could make the loan affordabale now, and if my situation did not improve, i could always sell or refi and make a hefty profit. No one losses in that game as long as the bubble had no leaks... The banks were the architects of this disaster, and lobbied congress to "trust them" with deregulation. Thats the problem with money in washington. Who would you listen to? The constituent who make no donations, calls and complains about everything, or the super-corporation with 5 million going into your re-election coffers? Get lobbyists out of Washington now! 1 Reply

mtheumer Tom Evans March 10, 2013 Link? 1 Reply

BRB123 March 10, 2013 You know, where I work we often laugh a people who get promoted or rewarded for claiming to clean up a mess that they created through their incompetence. So here our government passes legislation that loosens all the rules for getting a mortgage, the lenders go wild, people buy mortgages they should never have, the government rushes in and creates new legislation and now when all the bad mortgages have been rooted out and countless people have been put out of their homes, our elected officials crow about the good they have done!!!!!! And you know what else, half of you on this blog will hold you head high and say "lookie what I did".......... Ha, really pathetic, just pathetic...... 4 2 Reply

PassizleToo BRB123 March 10, 2013 That only makes sense if you ignore the billions lenders poured into lobbying to have the regulation removed. 7 Reply

datc192 March 10, 2013 This is because most of them have already been filed and there is huge backlog especially in states like Illinois where foreclosures are have to go through the courts. Most of the Illinois ones have not even been started yet. This is just another misleading, Obama butt kissing article by CNN to try and make Obama look good. 5 Reply

Joe Sixpack datc192 March 10, 2013 Your hatred for Obama is greater than your love of country.

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