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foreclosures: Nonfarm payroll employment drops - leading indicator of foreclosures - 11/07/08 08:40 PM
Today the significant nonfarm payroll report came out with worse than expected numbers. We have been reading about job losses for weeks, and they continue with evidently quicken pace. Of the 1.2 milliion lost jobs this year, 651,000 have been lost the last 3 months.
Some predictions have unemployment growing to over 8%. We are 6.5% now.
FNMA's economic analysis for October points to the nonfarm payroll as a leading indicator of foreclosures. Of course this should not be a surprise, but for a nation already in a foreclosure crisis caused by dropping property values and high interest adjustable rate mortgages, the … (6 comments)
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foreclosures: FHA suspends property flipping rule for foreclosed property - 06/16/08 08:39 PM
Several blogs and newspaper articles have announced a temporary suspension to the FHA flipping rule. The intent is not to bring back predatory investment house flippers, but to help lenders move their foreclosure inventory.
The first blog I read this in was http://www.activerain.com/blogsview/553519/We-Can-Flip-Bush .
I verified the change with these articles at CNNMoney.com and Zimbio Business .
FNMA, FHMLC, federally chartered banks and other government related lenders have always been able to obtain a waiver to the FHA flipping rule. Now other lenders will be able to sell their inventories with FHA financing.
Initial thoughts were that this will probably also bring on a new … (4 comments)
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foreclosures: Real Estate Market - 05/11/08 03:39 PM
Recently the Chattanooga Times Free Press published a letter to the editor from me. The intent of the letter was to give some emphasis to the good aspects of this real estate market. There certainly is plenty of bad news. More lenders are closing or reducing their product line or ceasing to accept broker loan applications.
The headlines about major lenders are generally focused on the unimaginable amount of losses - in the billions of dollars.
Several people who read the letter thanked me for pointing out the positive about our local market. And in Chattanooga we recently saw that home … (5 comments)
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Richard Smith FHA VA Rural Development in TN GA
Chattanooga,
TN
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Address: 1961 Northpoint Blvd, Suite 110, Chattanooga, TN, 37343
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