Posted on 04/06/2010 5:39:37 AM PDT by blam
CNBC'S Olick: Foreclosure Wave About To Hit With "Thunderous Roar"
by CalculatedRisk on 4/05/2010 05:47:00 PM
From Diana Olick at CNBC: Let the Short Sales Begin
I'm ... starting to hear rumblings among the number crunchers that the wave of foreclosures we keep hearing about is about to hit with a thunderous roar.
Servicers are ramping up the mod process and pushing those who don't qualify out the door more quickly than ever.
I don't know about a "thunderous roar", but I do think we will see more distressed sales soon. Most trustee sales seem to be "postponed" each month, and perhaps the lenders were just waiting for the HAFA short sales program to begin. That program started today and anyone considering a short sale should ask their lender if they qualify.
Bingo!! Inner City gangsters and their moms will be given welfare checks and nice homes to live in and the power,water,septic bill will be paid for by the state
I expect they'll live up to the moniker "The Stupid Party".
Yup. Very unexpected that the whole ponzi government collapses.
Like Godzilla with no rent?
He might be right.
If you put that on a telemetry monitor it would spell code blue.
It is also better for the bank to have someone living there, even if it is practically free. That way the house is less likely to be damaged by frozen pipes or to be gutted for its copper pipes, etc.
At the same time the “housing justice activists” are ramping-up their squatters rights campaign (see yesterday’s S.F. news sources) All going according to plan...
In order to make their balance sheet look better,
the banks would rather have a $200k asset on their books
than a $100k short sale.
Yes,
The fraud that banks and insurance companies are allowed to
continue pretending that the assets behind the loans they have made for commercial and home real estate is enormous.
Insurance companies are now going to be squeezed even further as annuity sales dry up as they are heavily taxed via obamacare.
>> the Obama Admin. is using the guise of social engineering to offer foreclosed homes to those who still cant afford them.
That’s the feeling I get. It’s just another “society-leveling” communist scheme. Bambi doesn’t really give a hoot about the integrity of the American economy.
Interesting.
Debt fuels inflation.
We’ve been in an inflated market for decades and its simply losings its fuel.
In Detroit, the houses are worth what you pay for them in cash. If a market predominately requires debt to purchase, you can count on that market continuing downward.
Detroit is already in the crapper - and real estate has reached its true value.
the banks stopped taking possession and forcing the occupants onto the street.
this is an attempt to keep the value of the properties up, as the number of homes on the market would be rather large. also, homes would fall into disrepair if not lived in... thereby lowering their value.
There are/were people living in homes who haven’t made a mortgage payment in over a year. I don’t know why they have waited so long but I know that some of those people are finally getting the formal foreclosure and leaving their homes.
I read last week that the average price of a house within the city limits of Detroit is $7,000.00.
Good luck with that.
got a winner...
The black Barney Frank.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.