Mortgages and Housing: Rising Rents, Foreclosures Are Good, Young Adult Employment, Home Equity Decline, FN and Fred Part Ways?, FLA Speeds FCs, Underwater Grows, Not Cutting the Grass, MIs Declining Claims

BillCoppedge_26Nov2011original content selection by MortgageNewsClips.com

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Rents Rise on Back of Soaring Demand – by Mike Wheatley – Rents across the country are climbing steadily on upwards, as new data from the Labor Department reveals a 2.4% increase in January from the same month one year ago. – Realty Biz News

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Why More Foreclosures And Falling Home Prices Are A Good Thing – Agustino Fontevecchia – … The tide is beginning to turn, though.  Foreclosure filings have begun to pick up steam, according to PNC’s head economists Stuart Hoffman and Gus Faucher, after the financial institutions decided to settle with 49 states and the Obama Administration.  Nomura’s analysts expect “the pace of foreclosure activity [to] accelerate this year, [meaning] many distressed properties in pipeline will become visible and flow into the market.” This, in turn, “will push home prices down through the first half of 2012,” according to PNC’s economists, as markets try to find a bottom where supply and demand find equilibrium. … – Forbes

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Only 54% Of Young Adults In America Have A Job – Submitted by Tyler Durden – A month ago, Zero Hedge readers were stunned to learn that unemployment among Europe’s young adults has exploded as a result of the European financial crisis, and peaking anywhere between 46% in the case of Greece all they way to 51% for Spain. Which makes us wonder what the reaction will be to the discovery that when it comes to young adults (18-24) in the US, the employment rate is just barely above half, or 54%, which just happens to be the lowest in 64 years, and 7% worse than when Obama took office promising a whole lot of change 3 years ago. – Zero Hedge
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(home equity decline) Fitch: Top 20 Banks May See $80B In Losses – BY: RYAN SCHUETTE – The U.S. banking industry will continue to suffer from overexposure to residential mortgage loans for the near future, with the nation’s top financial institutions likely to feel the burn more than others, according to Fitch Ratings. The ratings agency said in a recent research note that it estimates that declines in home equity will lead to more than $80 billion in losses for the top 20 financial institutions over the next three years. – The M Report

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Fannie Mae Serious Delinquency rate declines, Freddie Mac rate increases – by CalculatedRisk – has numbers and chart

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Florida House passes bill to speed foreclosures – By Jon Prior – … The bill allows any lienholder, not just the lender, to initiate an alternative foreclosure procedure. The court would then decide if a defense provides enough cause to preclude a final judgment or if another hearing is needed. The bill also speeds up foreclosures for abandoned properties … – Housingwire

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Number of underwater homeowners grows: CoreLogic – By Kerri Panchuk – The number of underwater homeowners grew to 11.1 million, or 22.8% of all mortgaged properties, during the fourth quarter, CoreLogic said Thursday. The real estate data firm said the number of borrowers in negative equity is back to third-quarter 2009 levels, suggesting more homeowners are struggling with loans that are worth more than their properties. – Housingwire 

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(chart and points) Two Thirds Of All Nevada Mortgages Are Underwater – Submitted by Tyler Durden – The latest quarterly report out of CoreLogic is as usual full of curious insights about the state of US housing. – Zero Hedge

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(video too) Hamptons sees surge in distressed properties – Hattip NDP – The Real Deal NYC

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HAMP: Obama Administration Lets Banks Out Of Doghouse For Bad Mortgage Servicing – Arthur Delaney – Huffington Post

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David Englett Fined For Not Cutting Grass Of His Foreclosed Home (VIDEO) – The Huffington Post – By Harry Bradford – … David Englett of Crowley, Texas is being charged after he didn’t pay a series of Arlington city fines for, among other things, not moving the lawn of a home he had already lost to foreclosure, local news CBS 11 reports (h/t The Consumerist).. … Although it’s possible Englett isn’t responsible for the infractions, don’t be surprised the city of Arlington is giving it a try. "You have to remember cities are all about grabbing money from you," CBS 11’s legal advisor Jerry Loftin said . "They try anyway they can." …
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(driven by MI’s denying claims) Bank of America Clash with Fannie Mae Intensifies; Insurance Disputes Put Taxpayers On the Hook For Still More Losses – Michael Shedlock – Taxpayers are already on the hook for $180 billion in losses at Fannie Mae and Freddie Mac. That number is going to rise, perhaps significantly. The clever synonym for more taxpayer losses is "treasury Advance". – more – MISH’S Global Economic Trend Analysis

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