California Notice of Defaults hit Record in 2009: Approximately 476,000 Notice of Defaults but Foreclosures Fell. HAMP Most Active in California. Approximately 5,900 Permanent HAMP Mods in California.
California is at the center of the foreclosure wave. Of the 306,000 foreclosure filings in November 23 percent hit in California. You cannot talk about housing distress without looking at the state of California. The California housing market will be in a slump for many years and there are a variety of reasons why California [...]
The Option ARM Kingpins: Who Holds the Elusive Option ARMs? $189 Billion Securitized and Outstanding and big Three of Wells Fargo, JP Morgan, and Bank of America Playing with Time.
Trying to get a raw number on the elusive option ARM mortgage is like asking the top banks to air their dirty laundry. We know banks still have billions of these loans on their books but trying to get an accurate figure is like trying to audit the Fed. In September, Fitch released data showing [...]
The Economic Double Standard: Can Inflation Occur with Housing Prices Falling?
It might seem like cognitive dissonance to think about inflation in the midst of falling housing prices. The Consumer Price Index (CPI) tracked by the Bureau of Labor and Statistics shows that housing makes up 43 percent of the entire index. Of this, 24 percent is made up of a category called owners’ equivalent rent [...]