Archive for 'Foreclosures'

The latest statistics from Corelogic shows that completed foreclosures continue dropping and are at their lowest numbers since 2007.  The numbers for mortgages in default over 90 days have also declined from a year ago.

CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled services provider, today released its June 2015 National Foreclosure Report which shows that the foreclosure inventory declined by 28.9 percent and completed foreclosures declined by 14.8 percent since June 2014. The number of foreclosures nationwide decreased year over year from 50,000 in June 2014 to 43,000 in June 2015, representing a decrease of 63.3 percent from the peak of 117,119 completed foreclosures in September 2010, according to CoreLogic data.

Experience the interactive Multimedia News Release here:

Completed foreclosures are an indication of the total number of homes actually lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 5.8 million completed foreclosures across the country, and since home ownership rates peaked in the second quarter of 2004, there have been approximately 7.8 million homes lost to foreclosure.

As of June 2015, the national foreclosure inventory included approximately 472,000, or 1.2 percent, of all homes with a mortgage compared with 664,000 homes, or 1.7 percent, in June 2014. The June 2015 foreclosure rate is the lowest since December 2007.

CoreLogic also reports that the number of mortgages in serious delinquency (defined as 90 days or more past due, including those loans in foreclosure or REO) declined by 23.3 percent from June 2014 to June 2015, with 1.3 million mortgages, or 3.5 percent, falling into this category. This is the lowest serious delinquency rate since January 2008. On a month-over-month basis, the number of seriously delinquent mortgages declined by 3.4 percent.

“The foreclosure rate for the U.S. has dropped to its lowest level since 2007, supported by a continuing decline in loans made before 2009, gains in employment, and higher housing prices,” said Frank Nothaft, chief economist for CoreLogic. “The decline has not been uniform geographically, as the foreclosure rate varies across metropolitan areas. In the Denver and San Francisco areas, the foreclosure rate has fallen to 0.3 percent, whereas in the Tampa market the rate is 3.5 percent and in Nassau and Suffolk counties it is an elevated 4.8 percent.”

“Serious delinquency is at the lowest level in seven and a half years reflecting the benefits of slow but steady improvements in the economy and rising home prices,” said Anand Nallathambi, president and CEO of CoreLogic. “We are also seeing the positive impact of more stringent underwriting criteria for loans originated since 2009 which has helped to lower the national seriously delinquent rate.”

Additional highlights as of June 2015:

  • On a month-over-month basis, completed foreclosures increased by 4.8 percent from the 41,000* reported in May 2015*. As a basis of comparison, before the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006.
  • The five states with the highest number of completed foreclosures for the 12 months ending in June 2015 were: Florida (102,000), Michigan (46,000), Texas (33,000), California (29,000) and Ohio (27,000). These five states accounted for almost half of all completed foreclosures nationally.
  • Four states and the District of Columbia had the lowest number of completed foreclosures for the 12 months ending in June 2015: South Dakota (32), the District of Columbia (107), North Dakota (313), Wyoming (499) and West Virginia (566).
  • Four states and the District of Columbia had the highest foreclosure inventory as a percentage of all mortgaged homes: New Jersey (4.7 percent), New York (3.7 percent), Florida (2.7 percent), Hawaii (2.5 percent) and the District of Columbia (2.4 percent).
  • The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were: Alaska (0.3 percent), Minnesota (0.4 percent), Montana (0.4 percent) Nebraska (0.4 percent) and North Dakota (0.4 percent).

*May 2015 data was revised. Revisions are standard, and to ensure accuracy CoreLogic incorporates newly released data to provide updated results.

Judicial Foreclosure States Ranking (Ranked by Completed Foreclosures)

Non-Judicial Foreclosure States Ranking (Ranked by Completed Foreclosures)

Foreclosure Data for the Largest Core Based Statistical Areas (CBSAs) (Ranked by Completed Foreclosures)

Figure 1 – Number of Mortgaged Homes per Completed Foreclosure

Figure 2 – Foreclosure Inventory as of June 2015

Figure 3 – Foreclosure Inventory by State

For ongoing housing trends and data, visit the CoreLogic Insights Blog:

The data in this report represents foreclosure activity reported through June 2015.

This report separates state data into judicial versus non-judicial foreclosure state categories. In judicial foreclosure states, lenders must provide evidence to the courts of delinquency in order to move a borrower into foreclosure. In non-judicial foreclosure states, lenders can issue notices of default directly to the borrower without court intervention. This is an important distinction since judicial states, as a rule, have longer foreclosure timelines, thus affecting foreclosure statistics.

A completed foreclosure occurs when a property is auctioned and results in the purchase of the home at auction by either a third party, such as an investor, or by the lender. If the home is purchased by the lender, it is moved into the lender’s real estate-owned (REO) inventory. In “foreclosure by advertisement” states, a redemption period begins after the auction and runs for a statutory period, e.g., six months. During that period, the borrower may regain the foreclosed home by paying all amounts due as calculated under the statute. For purposes of this Foreclosure Report, because so few homes are actually redeemed following an auction, it is assumed that the foreclosure process ends in “foreclosure by advertisement” states at the completion of the auction.

The foreclosure inventory represents the number and share of mortgaged homes that have been placed into the process of foreclosure by the mortgage servicer. Mortgage servicers start the foreclosure process when the mortgage reaches a specific level of serious delinquency as dictated by the investor for the mortgage loan. Once a foreclosure is “started,” and absent the borrower paying all amounts necessary to halt the foreclosure, the home remains in foreclosure until the completed foreclosure results in the sale to a third party at auction or the home enters the lender’s REO inventory. The data in this report accounts for only first liens against a property and does not include secondary liens. The foreclosure inventory is measured only against homes that have an outstanding mortgage. Generally, homes with no mortgage liens are not subject to foreclosure and are, therefore, excluded from the analysis. Approximately one-third of homes nationally are owned outright and do not have a mortgage. CoreLogic has approximately 85 percent coverage of U.S. foreclosure data.

Source: CoreLogic
The data provided is for use only by the primary recipient or the primary recipient’s publication or broadcast. This data may not be re-sold, republished or licensed to any other source, including publications and sources owned by the primary recipient’s parent company without prior written permission from CoreLogic. Any CoreLogic data used for publication or broadcast, in whole or in part, must be sourced as coming from CoreLogic, a data and analytics company. For use with broadcast or web content, the citation must directly accompany first reference of the data. If the data is illustrated with maps, charts, graphs or other visual elements, the CoreLogic logo must be included on screen or website. For questions, analysis or interpretation of the data, contact Lori Guyton at or Bill Campbell at Data provided may not be modified without the prior written permission of CoreLogic. Do not use the data in any unlawful manner. This data is compiled from public records, contributory databases and proprietary analytics, and its accuracy is dependent upon these sources.

About CoreLogic
CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled services provider. The company’s combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit

CORELOGIC and the CoreLogic logo are trademarks of CoreLogic, Inc. and/or its subsidiaries.

CONTACT: For real estate industry and trade media: Bill Campbell,, 212-995-8057; For general news media: Lori Guyton,, 901-277-6066


Las Vegas Real Estate Setting Records for Sales

Las Vegas Homes


We knew it had to happen sooner or later. Nothing lasts forever, not even the low housing prices in Los Vegas. The investors are coming out of the woodwork and have snapped up about 60% of the homes in Vegas for cash. Read more about it here:,0,3278002.story

SW Florida Home Sales Jump 20%

home for sale

SW Florida Home Sales Jump 20%-mage by haglundc via Flickr

Anybody that’s been looking at foreclosures in the SW Florida area knows that the market had pretty much dried up for several months. The Banks had been holding on to their inventory because of the Robo-signing fiasco, but that seems to have changed. Some parts of SW Florida have seen home sales increase by up to 20% but prices are down. Some are blaming the Banks for dumping more properties on the market which in turn is driving prices down. Of course, if you’re in the market for a house, lower prices are obviously a good thing.

Home sales in Southwest Florida jumped by double digits in October but pushed pricing to near its Great Recession low.

The renewed push by banks on foreclosures and their rising use of short sales could be undercutting prices.

After clearing up some of their mortgage paperwork, big lenders operating in the region have been ramping up again on distressed properties. Some have been offering clients cash for short sales on their homes, where the lender takes less than is owed on the mortgage.

Sales rose 20 percent in the Sarasota-Bradenton market during October when compared with a year ago, with 801 homes changing hands.

But the median sales price dropped to $137,100, pushing the value to only slightly above its lowest point since the recession, $136,300. The September median was $156,800, so the October price represented a 13 percent drop from the previous month.

Sales also rose in the Charlotte County-North Port market, by 7 percent to 236 homes, while the median price of $90,000 was a 6 percent drop from a year ago and an 8 percent drop from September.

Around the state, sales rose 13 percent in Florida’s combined 19 major markets, with 12,145 homes changing hands.

The median price statewide saw a drop but not as pronounced as in this region. October’s $131,200 was a 4 percent drop from a year ago and a 2 percent decline from September.


If you’ve been sitting on the sidelines waiting for that good deal in Florida, now is probably the time to get out there and start making some offers. This could possibly be the bottom of the market and prices may not get any lower. Also, this is November and Winter is approaching quickly. They don’t call Florida the “Sunshine State” for nothing.


Foreclosure Rate Climbs Again

Lender Processing Services, Inc. (NYSE: LPS), a leading provider of integrated technology, data and analytics to the mortgage and real estate industries, reports the following “first look” at September 2011 month-end mortgage performance statistics derived from its loan-level database of nearly 40 million mortgage loans.

Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 8.09%
        Month-over-month change in delinquency rate: -0.5%
        Year-over-year change in delinquency rate: -12.7%
Total U.S. foreclosure pre-sale inventory rate: 4.18%
         Month-over-month change in foreclosure presale inventory rate: 1.7%
         Year-over-year change in foreclosure presale inventory rate: 8.9%
Number of properties that are 30 or more days past due, but not in foreclosure: (A) 4,202,000
Number of properties that are 90 or more days delinquent, but not in foreclosure: 1,844,000
Number of properties in foreclosure pre-sale inventory: (B) 2,172,000
Number of properties that are 30 or more days delinquent or in foreclosure:  (A+B) 6,373,000
States with highest percentage of non-current* loans: FL, MS, NV, NJ, IL
States with the lowest percentage of non-current* loans: MT, AK, WY, SD, ND


*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.


(1)  Totals are extrapolated based on LPS Applied Analytics’ loan-level database of mortgage assets

(2)  All whole numbers are rounded to the nearest thousand

The company will provide a more in-depth review of this data in its monthly Mortgage Monitor report, which includes an analysis of data supplemented by in-depth charts and graphs that reflect trend and point-in-time observations. The Mortgage Monitor report will be available on LPS’ Web site,, on October 27, 2011.

For more information about gaining access to LPS’ loan-level database, please send an e-mail to

About Lender Processing Services

Lender Processing Services, Inc. (LPS) is a leading provider of integrated technology, services and mortgage performance data and analytics to the mortgage and real estate industries. LPS offers solutions that span the mortgage continuum, including lead generation, origination, servicing, workflow automation (Desktop®), portfolio retention and default, augmented by the company’s award-winning customer support and professional services. Approximately 50 percent of all U.S. mortgages by dollar volume are serviced using LPS’ Mortgage Servicing Package (MSP). LPS also offers proprietary mortgage and real estate data and analytics for the mortgage and capital markets industries. For more information about LPS, visit

CONTACT: Media, Michelle Kersch, +1-904-854-5043,, or Investor, LPS Investor Relations, +1-904-854-5086,

Web Site:

Florida Homeowners Mired in Chinese Drywall Hell

The Chinese Drywall Complaint Center estimates there are at a minimum 100,000 US homeowners in Florida stuck in a toxic Chinese drywall home, along with their families, and or children. The group also estimates at a minimum there are another 100,000+ homeowners, and family members stuck in toxic Chinese drywall homes, or condominiums in Alabama, Mississippi, Louisiana, Southeast Texas, and Virginia. The Chinese Drywall Complaint Center says, “President Obama’s catastrophic failure to lead on the imported toxic Chinese drywall disaster in Florida, and the US Gulf States is almost impossible to comprehend. We are coming up on an election year, and we are convinced the Republican Presidential Candidates, and the U.S. Voter will not have any problem understanding the costs of having a no show sitting U.S. President, or lack luster federal agencies, when it comes to what we consider to be the absolute worst environmental disaster for U.S. homeowners ever. These U.S. homeowners stuck in toxic Chinese drywall hell have children living in these homes as well, and a meaningful U.S. Federal Government response is long overdue.” http://ChineseDrywallComplaintCenter.Com

The Chinese Drywall Complaint Center says, “After two and a half years of urging President Obama, and numerous federal agencies to get involved, and President Obama not mentioning the imported toxic Chinese drywall disaster one time in public, we are formally inviting Governors Romney, Perry, and other Republican Presidential Candidates to come to Florida, before their September Florida Presidential Debates to see for themselves. Fort Myers, Miami-Dade, and or Cape Coral would all be great places to start, with respect to subdivision, after half empty subdivision loaded with toxic Chinese drywall, abandoned homes, and some remaining U.S. homeowners, and their families scared to death as to what might be the long term health consequences. Tragically, these poor U.S. citizens are stuck because they have no other place to go. For the record President Obama did visit Miami in mid June. Unfortunately, it was not to address the toxic Chinese drywall disaster for 100,000+ Florida homeowners, and their families, he was there to raise money for his Presidential Campaign from his rich friends in Miami? http://ChineseDrywallComplaintCenter.Com

So What Are The Vital Issues Related To Homeowners Stuck In Toxic Chinese Drywall Hell In Florida & Alabama, Mississippi, Louisiana, Southeast Texas, And Virginia.

  • The Chinese Drywall Complaint Center says, “Homeowners living in toxic Chinese drywall hell in Florida, and the Gulf States need immediate federal disaster relief, from the U.S. Federal Government, that includes mortgage relief from their lenders, and a sensible disaster program that will allow these homeowners to remediate their homes, so the homes are safe to live in.”
  • The US EPA needs to set standards for home remediation’s, and what to do with the toxic Chinese drywall after it is removed from the home.
  • The Chinese Drywall Complaint Center says, “We are extremely worried about the long term health effects for homeowners, and their children stuck in toxic Chinese drywall hell, in places like Florida, Virginia, or the U.S. Gulf States. If toxic Chinese drywall in a Florida home will turn electrical wires black, or cause copper air conditioning coils to turn black, and leak, what is it doing to the health of the homeowner, and their children?”
  • President Obama has yet to mention the toxic Chinese drywall disaster one time in public, and there has yet to have been any meaningful federal response?

The Chinese Drywall Complaint Center says, “Everyday we get calls from desperate Florida, or Gulf States homeowners, or their families about what to do, and or what help is available, and tragically we have no answer. We simply tell them President Obama has yet to mention the toxic Chinese drywall disaster one time in public, federal agencies mandated to care are no shows, and we will simply continue to try to get a meaningful federal response. We are tired of asking for a Federal Disaster Response for homeowners stuck in toxic Chinese hell, and we are baffled as to how President Obama gets a free pass with respect to not mentioning the toxic Chinese drywall disaster one time in public?” The group is now saying, “We are now demanding a federal response to the toxic Chinese drywall disaster, and we think it is vital Republican Presidential Candidates like Governors Romney, Perry, former Speaker Gingrich, and the rest come to Florida, and see for themselves. Please bring the National Press with you as well, as they have yet to adequately cover the story.” http://ChineseDrywallComplaintCenter.Com


Real Estate Prices Heading Up

Real Estate Prices Heading Up

Real Estate Prices Heading Up-Image by haglundc via Flickr

Data through May 2011, released today by S&P Indices for its S&P/Case-Shiller(1) Home Price Indices, the leading measure of U.S. home prices, showed a second consecutive month of increase in prices for the 10- and 20-City Composites. The 10- and 20-City Composites were up 1.1% and 1.0%, respectively, in May over April.  Sixteen of the 20 MSAs and both Composites posted positive monthly increases; Detroit, Las Vegas and Tampa were down over the month and Phoenix was unchanged. On an annual basis, Washington DC was the only MSA with a positive rate of change, up 1.3%. The remaining 19 MSAs and the 10- and 20- City Composites were down in May 2011 versus the same month last year. Minneapolis fared the worst posting a double-digit decline of 11.7%.

In May 2011, the 10- and 20-City Composites recorded annual returns of -3.6% and -4.5%, respectively. Both Composites and 11 MSAs – Atlanta, Dallas, Detroit, Las Vegas, Los Angeles, Minneapolis, New York, Phoenix, San Diego, Seattle and Tampa – saw their annual rates worsen in May compared to April.

“We see some seasonal improvements with May’s data,” says David M. Blitzer, Chairman of the Index Committee at S&P Indices. “This is a seasonal period of stronger demand for houses, so monthly price increases are to be expected and were seen in 16 of the 20 cities. The exceptions where prices fell were Detroit, Las Vegas and Tampa. However, 19 of 20 cities saw prices drop over the last 12 months. The concern is that much of the monthly gains are only seasonal.

“May’s report showed unusually large revisions across some of the MSAs.  In particular, Detroit, New York, Tampa and Washington DC all saw above normal revisions. Our sales pairs data indicate that these markets reported a lot more sales from prior months, which caused the revisions. The lag in reporting home sales in these markets has increased over the past few months. Also, when sales volumes are relatively low, as is the case right now, revisions are more noticeable.

“Other recent housing statistics show that single-family housing starts were up moderately in June, and are at about the same pace as a year ago. Existing-home sales were flat in June, reportedly because of contract cancellations and tight credit. The S&P/Experian Consumer Credit Default indices showed a continuing decline in mortgage default rates since last winter. Other reports confirm that banks have tightened lending standards in the past year, making it harder to qualify for a mortgage despite very low interest rates. Combined, these data all support a continuation of the ‘bounce-along-the-bottom’ scenario we have witnessed in the housing market over the past two years.

“While the monthly data were encouraging, most MSAs and both Composites fared poorly in annual terms.  Nineteen of the 20 MSAs and the two Composites posted negative annual growth rates in May 2011. The 10-City Composite was down 3.6% and the 20-City Composite was down 4.5% in May 2011 versus May 2010. Minneapolis posted a double-digit decline in annual rate of 11.7%. The only beacon of hope was Washington D.C. with a +1.3% annual growth rate and a +2.4% monthly increase. We have now seen two consecutive months of generally improving prices; however, we might have a long way to go before we see a real recovery. Sustained increases in home prices over several months and better annual results need to be seen before we can confirm real estate market recovery.”

As of May 2011, average home prices across the United States are back to the levels where they were in the summer of 2003. Measured from their peaks in June/July 2006 through May 2011, the peak-to-current declines for the 10-City Composite and 20-City Composite are -32.1% and -32.3%, respectively. The peak-to-trough declines for the 10- and 20- City Composites are -33.5% and -33.3%, respectively. The 10-City Composite hit its crisis low in April 2009, whereas the 20-City reached a more recent low in March 2011.

As of May 2011, 16 of the 20 MSAs and both Composites posted positive monthly changes. Phoenix was flat. Detroit, Las Vegas and Tampa were the markets where levels fell in May versus April, with Detroit down by 2.8% and Las Vegas posting its eighth consecutive monthly decline. These three cities also posted new index level lows in May 2011. They are now 51.2%, 59.3% and 47.5% below their 2005-6 peak levels, respectively.

The table below summarizes the results for May 2011. The S&P/Case-Shiller Home Price Indices are revised for the 24 prior months, based on the receipt of additional source data. More than 24 years of history for these data series is available, and can be accessed in full by going to

May 2011 May/April April/March
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)
Atlanta 102.85 1.0% 1.5% -4.6%
Boston 150.98 2.7% -0.2% -3.2%
Charlotte 110.44 0.8% 0.6% -5.1%
Chicago 112.01 1.7% -0.4% -8.1%
Cleveland 98.88 1.3% 1.0% -6.6%
Dallas 114.31 0.9% 0.4% -4.7%
Denver 124.00 1.4% 1.5% -3.3%
Detroit 62.01 -2.8% -2.6% -9.3%
Las Vegas 95.60 -0.9% -0.7% -6.6%
Los Angeles 169.07 0.5% 0.3% -3.2%
Miami 138.60 1.2% -0.2% -5.3%
Minneapolis 108.34 2.6% 0.1% -11.7%
New York 164.96 0.7% 0.9% -3.2%
Phoenix 100.40 0.0% 0.1% -9.5%
Portland 134.50 1.2% 0.1% -9.1%
San Diego 154.78 0.2% 0.4% -5.1%
San Francisco 134.42 1.8% 1.7% -5.4%
Seattle 136.56 1.1% 1.6% -7.0%
Tampa 125.10 -0.6% -0.6% -9.5%
Washington 184.90 2.4% 1.5% 1.3%
Composite-10 153.64 1.1% 0.6% -3.6%
Composite-20 139.87 1.0% 0.6% -4.5%
Source: Standard & Poor’s and Fiserv
Data through May 2011

Since its launch in early 2006, the S&P/Case-Shiller Home Price Indices have published, and the markets have followed and reported on, the non-seasonally adjusted data set used in the headline indices. For analytical purposes, Standard & Poor’s does publish a seasonally adjusted data set covered in the headline indices, as well as for the 17 of 20 markets with tiered price indices and the five condo markets that are tracked.

A summary of the monthly changes using the seasonally adjusted (SA) and non-seasonally adjusted (NSA) data can be found in the table below.

May/April Change (%) April/March Change (%)
Metropolitan Area NSA SA NSA SA
Atlanta 1.0% -0.2% 1.5% 0.5%
Boston 2.7% 1.2% -0.2% -1.3%
Charlotte 0.8% -0.4% 0.6% 0.1%
Chicago 1.7% 0.3% -0.4% -0.6%
Cleveland 1.3% -0.5% 1.0% -0.6%
Dallas 0.9% -0.7% 0.4% -1.0%
Denver 1.4% 0.2% 1.5% 0.0%
Detroit -2.8% -3.4% -2.6% -1.2%
Las Vegas -0.9% -0.9% -0.7% -0.7%
Los Angeles 0.5% -0.2% 0.3% 0.1%
Miami 1.2% 0.5% -0.2% 0.3%
Minneapolis 2.6% 0.2% 0.1% 1.5%
New York 0.7% 0.4% 0.9% 0.9%
Phoenix 0.0% -0.5% 0.1% 0.2%
Portland 1.2% -0.2% 0.1% -0.7%
San Diego 0.2% -0.5% 0.4% -0.1%
San Francisco 1.8% 0.1% 1.7% 0.2%
Seattle 1.1% 0.3% 1.6% 0.1%
Tampa -0.6% -1.5% -0.6% -0.9%
Washington 2.4% 1.4% 1.5% 0.7%
Composite-10 1.1% 0.1% 0.6% 0.4%
Composite-20 1.0% 0.0% 0.6% 0.4%
Source: Standard & Poor’s and Fiserv
Data through May 2011

S&P Indices has introduced a new blog called This interactive blog delivers real-time commentary and analysis from across the Standard & Poor’s organization on a wide-range of topics impacting residential home prices, homebuilding and mortgage financing in the United States. Readers and viewers can visit the blog at, where feedback and commentary is certainly welcomed and encouraged.

The S&P/Case-Shiller Home Price Indices are published on the last Tuesday of each month at 9:00 am ET. They are constructed to accurately track the price path of typical single-family homes located in each metropolitan area provided. Each index combines matched price pairs for thousands of individual houses from the available universe of arms-length sales data. The S&P/Case-Shiller National U.S. Home Price Index tracks the value of single-family housing within the United States. The index is a composite of single-family home price indices for the nine U.S. Census divisions and is calculated quarterly. The S&P/Case-Shiller Composite of 10 Home Price Index is a value-weighted average of the 10 original metro area indices. The S&P/Case-Shiller Composite of 20 Home Price Index is a value-weighted average of the 20 metro area indices. The indices have a base value of 100 in January 2000; thus, for example, a current index value of 150 translates to a 50% appreciation rate since January 2000 for a typical home located within the subject market.

These indices are generated and published under agreements between Standard & Poor’s and Fiserv, Inc.

The S&P/Case-Shiller Home Price Indices are produced by Fiserv, Inc. In addition to the S&P/Case-Shiller Home Price Indices, Fiserv also offers home price index sets covering thousands of zip codes, counties, metro areas, and state markets. The indices, published by Standard & Poor’s, represent just a small subset of the broader data available through Fiserv.

For more information about S&P Indices, please visit

About S&P Indices

S&P Indices, the world’s leading index provider, maintains a wide variety of investable and benchmark indices to meet an array of investor needs. Over $1.25 trillion is directly indexed to Standard & Poor’s family of indices, which includes the S&P 500, the world’s most followed stock market index, the S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, the S&P Global BMI, an index with approximately 11,000 constituents, the S&P GSCI, the industry’s most closely watched commodities index, and the S&P National AMT-Free Municipal Bond Index, the premier investable index for U.S. municipal bonds. For more information, please visit

Standard & Poor’s does not sponsor, endorse, sell or promote any S&P index-based investment product.

(1) Case-Shiller® and Case-Shiller Indexes® are registered trademarks of Fiserv, Inc.

For more information:

David R. Guarino

Standard & Poor’s



David Blitzer

Standard & Poor’s

Chairman of the Index Committee


The Chinese Drywall Complaint Center is urging homebuilder, air conditioning, mortgage banking executives, or insiders with specific information about who knew what, and when they knew it, with respect to toxic Chinese drywall in Florida subdivisions, or condominiums to step up for what could potentially be dramatic rewards. The group says, “For good reason, we are not buying the notion that major US homebuilders had no idea that imported Chinese drywall was really a huge problem, until 2007, or 2008. The–we only started using toxic Chinese drywall after Hurricane Katrina line is a lie. We also know there are air conditioning technicians, or major homebuilder customer service representatives, who were told not to say anything to homeowners about why their air conditioning coils were continually failing, or why the homeowners were sick. The time frames for this are probably 2005, or before.” The Chinese Drywall Complaint Center says, “If you possess specific information about major national homebuilders engaging in a cover up of the imported toxic Chinese drywall disaster the rewards could potentially be in the millions. Call us at 866-714-6466, and we will try our best to explain how it all works.” http://ChineseDrywallComplaintCenter.Com

The Chinese Drywall Complaint Center is encouraging major homebuilder, air conditioning, or mortgage banking insiders in Florida to step forward for potentially huge rewards, if they possess specific, and provable information about cover-ups involving imported toxic Chinese drywall in 2005, or before. The group says, “We know major homebuilders in Florida were telling their customer service representatives, their mortgage division employees, and or their air conditioning subcontractors to say nothing about what they were seeing in toxic Chinese drywall homes in Florida as early as 2005, or before, and their could be huge rewards for this type of information.” The Chinese Drywall Complaint Center is also saying, “If you are an insider, and you have specific information about major homebuilders involved in toxic Chinese drywall cover up’s, please don’t go to the press, or the government first, because any type of public disclosure could degrade your chances for a reward. We know you are out there, we just want to try to make sure we get you pointed in the correct direction, and we will try our best to build a national caliber lawyers around you, in order to do everything possible to advance your claim.” For more information potential toxic Chinese drywall insiders are encouraged to call 866-714-6466, or contact the group via their web site at http://ChineseDrywallComplaintCenter.Com

The Chinese Drywall Complaint Center indicates the following types of information might result in a dramatic reward for a whistleblower:

  • A major national homebuilder knew that imported toxic Chinese drywall was causing enormous problems in Florida subdivisions, or condominiums in 2005, but they said nothing to the homeowners, about the problems.
  • Florida based air conditioning companies, or technicians were told to say nothing about air conditioning system failures, or AC coils turning black in major subdivisions, or condominiums, that contained toxic Chinese drywall. The technician simply replaced the black, or failed AC coil, without saying anything to the homeowner.
  • Major national homebuilder customer service representatives were told to lie, or not tell the truth about toxic Chinese drywall health related issues to Florida homeowners, in 2006, 2005, or before.
  • Major homebuilders building large subdivisions, or condominium projects in Florida, that were involved with federal tax fraud by misclassification of their mostly undocumented work force by using what the Americas Watchdog’s Chinese Drywall Complaint Center calls the 1099 Tax Fraud Scheme. These undocumented workers typically worked in “crews,” involving framers, drywall installers, roofers, concrete, or site work, etc.

For more information whistleblowers, who possess specific information about cover-ups, and or defrauding Florida new home buyers, in combination with toxic Chinese drywall are encouraged to contact the Chinese Drywall Complaint Center anytime at 866-714-6466, or they can contact the group via its web site at http://ChineseDrywallComplaintCenter.Com

(United States District Court-Eastern District of Louisiana MDL Case #2047)

Short Sale Rules Leave Realtors Wary

Short Sale Rules Leave Realtors Wary

Short Sale Rules Leave Realtors Wary-Image by niallkennedy via Flickr

A new rule from the Federal Trade Commission that aims to protect home owners from mortgage relief scams may impact real estate professionals who represent clients involved in short sale transactions. Several hundred Realtors® learned more about the new rule and its impact on their business at the “Risk Management and License Law Forum” during the Realtors® 2011 Midyear Legislative Meetings & Trade Expo in Washington, D.C. today.

National Association of Realtors® General Counsel Laurie Janik overviewed the FTC’s Mortgage Assistance Relief Services rule, which took effect on January 31, 2011. The goal of the rule is to protect distressed home owners from mortgage relief scams and ensure that people who provide counseling, advice and other services to troubled home owners are indeed providing a benefit for the fees they charge. The rule bans all upfront fees for renegotiating mortgage terms and mandates that certain disclosures are made to consumers if a short sale is negotiated with a lender on their behalf or when advertising short sales experience.

“As the leading advocate for home ownership, NAR supports efforts to ensure that mortgage assistance relief services truly benefit consumers,” said Janik. “Nevertheless, NAR has some concerns about the rule and its application to real estate professionals involved in short sales transactions. We are working closely with the FTC to clarify several aspects of the rule in relation to real estate professionals when they are performing traditional real estate functions in a short sale transaction.”

The rule is primarily directed at companies that offer loan modification services to consumers, but it also may impact real estate professionals who represent clients involved in a short sale transaction, especially when advertising short sale negotiation services or other short sale expertise; communicating with a consumer about a possible short sale before the listing agreement is executed; negotiating a short sale on behalf of a consumer; or arranging a short sale negotiation for a consumer. The rule only applies to residential real estate transactions.

In the meantime, Realtors® must already be complying with the rule by not taking any upfront fees and using specific disclosure language. The rule necessitates when and how the disclosures must be presented to consumers and that they are made clearly.

Currently, there are three types of disclosures that a real estate professional may need to make to consumers. First, a real estate professional now needs to include a clear and prominent disclosure in all commercial messages that advertise their short sale services.

Second and third disclosures are required by real estate professionals before they begin mortgage assistance services on their client’s behalf and at the time they present their client with the lender’s short sale approval letter.

“NAR is discussing with the FTC some language in the second and third disclosures and well as some other requirements found in the MARS rule. The FTC is considering possible options to help make the rule more applicable to a real estate brokerage,” said Janik.

For additional information and updates on the MARS rule, visit

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

U.S. Foreclosure Activity Hits 40-Month Low After Jump in March
REOs Hit Record High in Nevada, Defaults Spike in Massachusetts and New Jersey

RealtyTrac® (, the leading online marketplace for foreclosure properties, today released its U.S. Foreclosure Market Report™ for April 2011, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 219,258 U.S. properties in April, a 9 percent decrease from March and a 34 percent decrease from April 2010. The report also shows one in every 593 U.S. housing units received a foreclosure filing during April 2011.

“Foreclosure activity decreased on an annual basis for the seventh straight month in April, bringing foreclosure activity to a 40-month low,” said James J. Saccacio, chief executive officer of RealtyTrac. “This slowdown continues to be largely the result of massive delays in processing foreclosures rather than the result of a housing recovery that is lifting people out of foreclosure.

“The first delay occurs between delinquency and foreclosure, when lenders and services are no longer automatically pushing loans that are more than 90 days delinquent into foreclosure but are waiting longer to allow for loan modifications, short sales and possibly other disposition alternatives,” Saccacio continued. “Data from the Mortgage Bankers Association shows that about 3.7 million properties are in this seriously delinquent stage. The second delay occurs after foreclosure has started, when lenders are taking much longer than they were just a few years ago to complete the foreclosure process.”

Foreclosure timelines lengthening
Nationwide, foreclosures completed (REOs) in the first quarter of 2011 took an average of 400 days from the initial default notice to the REO, up from 340 days in the first quarter of 2010 and more than double the average 151 days it took to foreclose in the first quarter of 2007.

The foreclosure process took much longer in some states. The average timeframe from initial default notice to REO in New Jersey and New York was more than 900 days in the first quarter of 2011, more than three times the average timeline in the first quarter of 2007 for both states.

The average foreclosure process in Florida took 619 days for foreclosures completed in the first quarter, up from 470 days in the first quarter of 2010 and nearly four times the average of 169 days it took in the first quarter of 2007.

The average foreclosure process in California took 330 days for foreclosures completed in the first quarter, up from 262 days in the first quarter of 2010 and more than double the average of 134 days in took in the first quarter of 2007.

Foreclosure Activity by Type
Default notices (NOD, LIS) were filed for the first time on a total of 63,422 U.S. properties in April, a 14 percent decrease from the previous month and a 39 percent decrease from April 2010. After spiking 16 percent in March, default notices in April dropped back down close to the 48-month low hit in February.

Scheduled foreclosure auctions (NTS, NFS) hit a 31-month low in April, with a total of 86,304 U.S. properties scheduled for an auction for the first time during the month — down 7 percent from March and down 37 percent from April 2010.

Lenders foreclosed on 69,532 U.S. properties in April, down 5 percent from March and down 25 percent from April 2010, but bank repossessions (REOs) were still above a 22-month low hit in February 2011.

States with a judicial foreclosure process registered a 3 percent decrease in overall foreclosure activity from March and a 47 percent decrease in overall foreclosure activity from April 2010. States with a non-judicial foreclosure process posted an 11 percent month-over-month decrease and 26 percent year-over-year decrease in overall foreclosure activity.

Nevada, Arizona, California post top state foreclosure rates
Nevada posted the nation’s highest state foreclosure rate for the 52nd straight month in April, with one in every 97 housing units receiving a foreclosure filing during the month. Overall foreclosure activity in Nevada decreased 9 percent from the previous month and was down 27 percent from April 2010. Bank repossessions increased 23 percent from March and were up 12 percent from April 2010 to 4,606 — an all-time monthly high since RealtyTrac began issuing the report for Nevada in April 2005.

Arizona REOs decreased 3 percent from March but were still up 22 percent from April 2010, helping the state maintain the nation’s second highest foreclosure rate for the fifth consecutive month. One in every 205 Arizona housing units received a foreclosure filing during the month, and overall foreclosure activity decreased 15 percent from March and was down 17 percent from April 2010 despite the year-over-year jump in REOs.

Overall, foreclosure activity in California was down monthly and annually in April, but a 22 percent month-over-month jump in REOs helped keep the state’s foreclosure rate at the third highest among all states for the sixth consecutive month. One in every 240 California properties received a foreclosure filing in April.

One in every 322 Utah housing units received a foreclosure filing in April, the fourth highest state foreclosure rate, and one in every 325 Idaho housing units received a foreclosure filing in April, the fifth highest state foreclosure rate.

Other states with foreclosure rates ranking among the top 10 in April were Michigan, Florida, Georgia, Colorado and Oregon.

10 states account for 70 percent of total foreclosure activity
Ten states accounted for 70 percent of U.S. foreclosure activity in April, led by California with 55,869 properties receiving a foreclosure filing during the month.

A total of 19,649 Florida properties received a foreclosure filing in April, the second highest state total despite a 59 percent decrease from April 2010. Florida overall foreclosure activity in April was still up marginally from a 46-month low set in February, and default notices and scheduled auctions increased from March.

Arizona tallied the third highest state total, with 13,419 properties receiving foreclosure filings in April, followed by Michigan, with 12,996 properties receiving foreclosure filings, and Nevada, with 11,761 properties receiving foreclosure filings.

Other states with foreclosure activity totals among the nation’s 10 highest in April were Illinois (10,055), Texas (8,793), Georgia (8,479), Ohio (7,962) and Colorado (4,379).

Top metro foreclosure rates
Las Vegas continued to post the nation’s highest foreclosure rate among metropolitan areas with a population of 200,000 or more, with one in every 82 housing units receiving a foreclosure filing in April — more than seven times the national average.

Another Nevada metropolitan area with a foreclosure rate in the top 10 was Reno-Sparks at No. 9, with one in every 183 housing units receiving a foreclosure filing in April.

Seven of the 10 highest metro foreclosure rates were in California cities, led by Modesto at No. 2, with one in every 136 housing units receiving a foreclosure filing in April. Other California cities in the top 10 were Stockton at No. 3 (one in every 138 housing units), Riverside-San Bernardino-Ontario at No. 4 (one in every 145 housing units), Bakersfield at No. 5 (one in every 151 housing units), Sacramento-Arden-Arcade-Roseville at No. 6 (one in every 166 housing units), Vallejo-Fairfield at No. 8 (one in every 175 housing units), and Merced at No. 10 (one in every 195 housing units).

The Phoenix-Mesa-Scottsdale metro area posted the nation’s seventh highest metro foreclosure rate in April, with one in every 168 housing units receiving a foreclosure filing during the month.

Report methodology
The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). The report does not count a property again if it receives the same type of foreclosure filing multiple times within the estimated foreclosure timeframe for the state where the property is located.

Report License
The RealtyTrac U.S. Foreclosure Market Report is the result of a proprietary evaluation of information compiled by RealtyTrac; the report and any of the information in whole or in part can only be quoted, copied, published, re-published, distributed and/or re-distributed or used in any manner if the user specifically references RealtyTrac as the source for said report and/or any of the information set forth within the report.

About RealtyTrac Inc.
RealtyTrac ( is the leading online marketplace of foreclosure properties, with more than 2 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate. RealtyTrac’s foreclosure data has also been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.


Mortgage Requirements Put Strain on Creditworthy Homebuyers

Mortgage Requirements Put Strain on Creditworthy Homebuyers-Image via Wikipedia

The pendulum on mortgage credit has swung too far in the other direction after the recent housing downturn and is putting an unnecessary burden on creditworthy consumers, impeding the economic and housing market recoveries. That’s what a panel of industry experts told several thousand Realtors® gathered at a special symposium, Ensuring Mortgage Availability for Creditworthy Homebuyers, during the Realtors® 2011 Midyear Legislative Meetings & Trade Expo in Washington, D.C., here through May 14.

“As the leading advocate for home ownership, the National Association of Realtors® believes that we cannot have a viable housing or economic recovery until creditworthy homebuyers are able to obtain mortgage financing,” said NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. “Reforms were needed to get rid of the harmful products that led to the housing meltdown, but continuing to curtail access to affordable credit for qualified home buyers affects the entire economy.”

Panelists offered their perspectives on the current state of the industry and identified numerous challenges impacting the availability and accessibility of mortgage financing and agreed that making it harder for those who can afford a safe mortgage does not further the goals of the housing or economic recovery.

David H. Stevens, former assistant secretary of the U.S. Department of Housing and Urban Development and Federal Housing Administration commissioner, told attendees the entire financial industry made bad decisions regarding risky loan products and there is no doubt that reforms are needed to get back to a level of sustainable access where qualified consumers are able to achieve home ownership.

According to the 2011 NAR Member Profile, 34 percent of Realtors® reported that the most important factor in limiting their clients’ ability to buy a home was difficulty in obtaining a mortgage.

“The industry needs to work together to collectively ensure there are accessible and affordable mortgage products available to meet current demand as well as that of the 17 million individuals who will require housing in the next decade,” said Stevens, incoming president and chief executive officer for the Mortgage Bankers Association of America.

When asked if there has been a shift in America’s perspective about the value of owning a home following the downturn, Stevens was optimistic, saying affordability is better today than it’s ever been and if consumers are well qualified, have a job and can afford a mortgage they’ll realize it’s a better financial option and has greater social benefits such as more stable communities, better education, and lower crime.

Other panelists agreed that owning a home continues to be a goal for many families and that many Americans still consider buying a home a good long-term financial investment.

Panelists also answered questions and addressed the concerns of Realtors® attending the symposium about ongoing issues with residential appraisals and improving mortgage servicing and foreclosure processing.

Hundreds of Realtors® will be visiting Capitol Hill later this week to urge congressional leaders to support policies that ensure qualified borrowers can obtain safe and sound mortgage financing products. Realtors® will also be advocating that the current GSE and FHA loan limits be extended to prevent an immediate negative impact on the availability of affordable mortgages for numerous markets across the nation. According to NAR research, reverting to the statutory limits will reduce limits in 619 counties and 41 states and the District of Columbia – the average decline in loan limits will be more than $58,000.

NAR also has concerns about the proposed risk retention regulation under the Dodd-Frank Act that requires lenders that securitize mortgage loans to retain 5 percent of the credit risk unless the mortgage is a qualified residential mortgage (QRM). High down payment requirements are being proposed by federal regulatory agencies as part of the QRM exemption. Most Americans still consider having enough money for down payment and closing costs to be the biggest obstacles to buying a home. According to NAR estimates it could take as many as 14 years for the average family to save for their down payment. Higher down payments do not have a meaningful impact on default rates; NAR supports a reasonable and affordable cash investment requirement coupled with quality credit standards, strong documentation and sound underwriting.

Other panelists included Martin Eakes, chief executive officer, Center for Responsible Lending; Cara Heiden, co-president for Wells Fargo Home Mortgage; Doug Jones, consumer sales and institutional mortgage services executive, Bank of America Home Loans; Patricia McClung, vice president of single family offerings management, Freddie Mac; Marc Morial, president and chief executive officer, National Urban League; Rajinder Singh, chief risk officer, CitiMortgage; and Michael Williams, chief executive officer, Fannie Mae. CNBC Real Estate Reporter Diana Olick moderated the symposium.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.


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