Colorado foreclosure filings hit record high in 3Q
New foreclosure filings in Colorado reached a record high of 12,468 during the third quarter, according to a report released Thursday by the Colorado Division of Housing. The number of completed foreclosures grew to 5,618, the third consecutive quarter they’ve increased. Despite the growth of recent quarters, the total number of completed foreclosures fell during the first three quarters when compared to the

Feds Ready To Start Pushing Banks Toward CRE Loan Workouts
Latest Bank Closures and Earnings Reports Reflect Rising Deterioration in Commercial Loan Portfolios… With the Federal Deposit Insurance Corp. (FDIC) probably within days of shutting down its 100th troubled bank of 2009, bank regulators are getting ready to issue new workout guidelines that will push banks to restructure troubled commercial construction and mortgage loans to head off massive foreclosures that some economists believe could threaten the fragile economic recovery. Although most of the big banks are reporting solid profits so far, early third-quarter bank earnings reports reflect hits to the bottom lines of banks weighed down by bad commercial real estate

Foreclosures Rise 5 percent Nationally
WASHINGTON — The number of households caught up in the foreclosure crisis rose more than 5 percent from summer to fall as a federal effort to assist struggling borrowers was overwhelmed by a flood of defaults among people who lost their jobs. The foreclosure crisis affected nearly 938,000 properties in the July-September quarter, compared with about 890,000 in the prior three months, according to a report released by RealtyTrac. That puts foreclosure-related filings on a pace to hit about 3.5 million this year, up from more than 2.3 million last year. Unemployment is the main reason homeowners are falling into trouble. While the economy is likely out of rece

Majority of 06 – 07 mortgages under water
Fitch Ratings says that 60% of remaining performing borrowers within ‘06- and ‘07-vintage residential mortgage-backed securities (RMBS) bear negative home equity, meaning they owe more than their houses are worth, and all that negative equity is hampering sustained improvement in RMBS performance. The rate of borrowers rolling into delinquency status showed “notable improvement” in the first half of 2009 and stabilized during the summer at an elevated level, but “increased modestly” in September, Fitch said.  The rating agency expects US unemployment to peak at 10.3% in the middle of next year, further pressuring current borrowers. House prices will ul

Sneak Peak at Treasury’s Plan for Short Sales
The Department of the Treasury is just days away from announcing their new plans for short sales.  Obama’s  Housing Rescue Plan has focused primarily on loan modifications and with less than 12% of eligible borrowers recieving loan mods thus far, the current plan has been a dismal failure.  These disappointing results have forced Washington into looking at short sales as a better way to curb the still declining nationwide real estate values. Read More… Share and Enjoy with Social Bookmarking: