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twitterPercentage of valley residences in foreclosure
Tuesday, Oct. 27, 2009 | 2 a.m.
Percentage of residences, including condo units and townhomes, for which an auction notice was received or that were repossessed, Sept. 1 to Oct. 25.
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Got to love it when the graphic does not work. Great work Chris and Alex!!!
No surprise that Mountains Edge leads the pack of real estate disasters. Proud of Boulder City for having the lowest forcl. rate
I don't see the green shoots on this map?
Well, at least you see a map. I've tried two different browsers on computers in two different locations, and I don't see one.
How many of these happened without the foreclosers even having legal rights to these properties? Happens more than one would think.
Last week a Boston judge voided all U.S. Bank's and Wells Fargo's foreclosures back to 1989 for this very reason -- http://www.bostonherald.com/business/rea...
Early this month a NY federal judge voided a mortgage for the same reason -- http://www.nytimes.com/2009/10/25/busine...
"...the ruling may put a new dynamic in play in the foreclosure mess: If the lender can't come forward with proof of ownership, and judges don't look kindly on that, then borrowers may have a stronger hand to play in court and, apparently, may even be able to stay in their homes mortgage-free."
As discussed here earlier, local federal Judge Riegle has decided a key element in many of these foreclosures -- MERS -- is bogus -- http://www.lasvegassun.com/news/2009/oct...
Wake up, Vegas!! The people taking your homes don't always have the legal right to your property!!
Hi. In response to the earlier comments, we were having server issues this morning that prohibited some images on the site from loading. That's why some people weren't able to see the above image earlier this morning. Those problems have since been resolved. Thanks.
If a bank that was helped out with bailout money refuses to negotiate a mortgage, shouldn't they suffer some sort of consequence?
no,the people who bought a house should suffer for thier stupidity..
The real estate "pyramid scheme" is collapsing under its own weight. The bottom of the pyramid was always out of reach for me, so its collapse doesn't really bother me much. Had Vegas grown up instead of out. the pricing may have remained reasonable. The "American Dream" should have stayed just that, a dream. It is not practicle for every urban area in the US to sprawl across the Earth. More infrastructure is required for every inch that a city grows and with that maintainence costs associated with it. "Pave paradise, put up a parking lot" Pave over the farms. Use all the extra water for this area to irrigate shrubs and trees along a road. How stupid we are. When did it become a right for people to live in a single family home? Just before this big real estate bubble. This whole mentality was created so that folks could "move up" instead of remodeling a house. What a joke!
mrability has it all wrong.Listen if some A**hole comes to you and dangles a carrot in your face with nothing down...at a real low rate tell me won't take it...its a DREAM come true you know you could NEVER realize...but there it is right in your face!! Tell me you wouldn't jump on it ? WEll my friend...they did,,they ALL DID and here we are today. The sad part?...those jerks are still out there picking up the pieces and shoving them down the throats of another poor soul...also looking for the pot of gold at the end of the rainbow. What a sad state of affair this has come too. This bubble is blowing up again and it'll burst again and alot worse than before.
You should not have to put money down for a house, are you going to leave town with it if you default? If you can show steady proof of income for at least 5 to 7 years and a good credit rating you should get a loan based upon your income level. Banks are the reason this country is in such a financial hole. Oh yeah and the lawyers too.
these banks are willing to take the big losses through short sales and foreclosures but not willing to just help keep the borrower in their home, write down the loan to current market levels, and take the same loss. i guess the foreclosure/short sale process is much easier?
The commercial market is next......
Ray Walsh, vice president of repossessed real estate at City National Bank, said banks are braced for a wave of problems in 2011 and 2012 when many loans are due to mature and owners will need to refinance. Walsh predicted it would take five years to work through all the bad commercial real estate loans.
http://www.lvrj.com/news/breaking_news/I...
Thanks ACORN
I remember the days before bank de-regualtion when there was fiscal accountability and certain basic requirements that had to be met before making a loan on a home. They would only finance 80% of the appraised value and the bank would not loan if the debt to income ratio was more than 25% - 30%. Then de-regulation, home quity lines of credit (change in tax law making this consumer interest the only tax deductable interest), and level-the-playing-field-for-low-income-family laws were passed requiring lenders to make risky loans to those whose income did not meet ordinary basic debt to income guidlines. In order to make housing affordable. Really, it just allowed others to abandon the ghettos and move on up to a better neighborhood by unloading their home on a low income person for more than it was worth.
Blame who you want to blame but Repubs and Demos and the Executive branches, regardless of which party was in for the last 25 years, has chocolate all over their faces but deny they ate the chocolate bars from the candy jar.
The only way to fix this market is to reduce the number of available units. I would suggest parting out these foreclosed homes in the outlying areas and when all usable materials have been sold, bulldoze the whole developement and restore it back to the desert like it was 2- 3 years ago. Cap all the utilities and pull all the wire out of the conduits. Most of these foreclosed homes have had necessary items removed, making them un-livable anyway. Just finish the job. Look at all the jobs created taking the parts from these houses and putting them in other houses closer to the center of the city proper.
Put a moratorium on new housing outside of the existing infrastructure. Quit expanding the city!
A lot of good points their, Mutt. Not sure public officials would ever allow something as drastic as undoing all those outlying developments and returning them to the desert. But I've felt for some time that they are doomed forever to be ghost town-like blights. I seriously doubt we'll ever have enough people to fill all the homes that have been built. Especially those far away from everything else.
destruct_mutt -- and in those days you knew your banker, and the banker kept your file on the premises, and had some integrity. Nowadays the entire banking industry is like Vegas -- it's all about the appearance, baby. Hence phantom notes, MERS and SPVs.
KillerB - I remember actually getting a call from my banker telling me that I needed to cover a check by the end of the day. People these days, don't even know that this was once common practice, you know, customer service.
These outlying communities are now the ones at the County trough, looking for infrastructure improvements and parks and other services. Yes drastic to call for bulldozing, but short of that the next best thing would be to halt any further BLM land auctions for the next 100 years. If folks got the message that there was going to be no more land available for urban sprawl, the prices might just begin to stabilize. Simple supply side economics.
Mutt,
Again, right you are.
And KillerB,
Hell must have frozen over, because you're right on about the banking and finance industry. And now it looks like the chance to crack down on them is slipping away. Just token wrist slaps.
DTJ -- overjoyed you could see that, yes I am.
As with most things when institutions get involved the threshold points are usually few and simple. And they want to be sure the public doesn't suspect a thing -- what the Honorable Arthur Schack calls "the Kansas City Shuffle." Check it out http://www.nytimes.com/2009/08/31/nyregi...