New Evidence on the Foreclosure Crisis [WSJ]
Another wave of foreclosures is poised to strike [LA Times]
A New All-Time High (Or Rather Low) For U.S. Prime Delinquencies [SocketSite]

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Comments from “Plugged-In” Readers

  1. Posted by the.m.word

    How can there be new foreclosures with all of the moratoriums?
    I am starting to get very concerned that the banks and the government aren’t being very honest.

  2. Posted by the.m.word

    How can there be new foreclosures with all of the moratoriums?
    I am starting to get very concerned that the banks and the government aren’t being very honest.

  3. Posted by 45yo hipster

    Per the WSJ article, it’s negative equity that is the Primary driver of foreclosures. This has been my belief all along, and is the reason why SF will have less foreclosures percentwise than most other locales. This will limit the price deceleration in SF RE, I.e. Losses would be greater with higher foreclosure rates.

  4. Posted by badlydrawnbear

    I agree that negative equity is a huge driver of foreclosures, but if you think SF is getting out of this without taking a major hit, or that this is going to be over soon … here is some light reading
    S&P raises loss expectations for risky US mortgages
    U.S. Home-Equity Loan Delinquencies Set Record in First Quarter
    Loan reset threat looms till 2012

  5. Posted by Calhousingbear

    How. Very easily. The current morartorium law only requires the lender to proove they tried to contact to refi and other loopholes make most lenders exempt
    just got the copy of the nod on the place I rent in the real sf. It’s not a dump in a good area. The filing contains a form letter sent to the lanlord to comply with the law and the letter was processed in may
    it is IMHO a case of ruthless default. Under water rent does not cover so skim rent and give back to bank. Me thinks there will be many more of these situations to fallow. The second wave of defaults is real (verified by a source I have at one of the banks) and this time it will hit the 800k plus market in the real sf.

  6. Posted by Calhousingbear

    How. Very easily. The current morartorium law only requires the lender to proove they tried to contact to refi and other loopholes make most lenders exempt
    just got the copy of the nod on the place I rent in the real sf. It’s not a dump in a good area. The filing contains a form letter sent to the lanlord to comply with the law and the letter was processed in may
    it is IMHO a case of ruthless default. Under water rent does not cover so skim rent and give back to bank. Me thinks there will be many more of these situations to fallow. The second wave of defaults is real (verified by a source I have at one of the banks) and this time it will hit the 800k plus market in the real sf.

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