Latest News on Foreclosures

By
Real Estate Sales Representative with Coldwell Banker-Buffalo Grove-Long Grove-Vernon Hills-Deer Park-Barrington-Mundelein

Yesterday was a busy day in the News on Foreclosures.  To no surprise the Banks have not been following the correct procedure when it come to foreclosing loans for Homeowners as posted yesterday on  Yahoo News.  Below are several statements from that article.

Evictions are expected to slow sharply, housing analysts said, as state and national law enforcement officials shine a light on questionable foreclosure methods revealed by two of the country biggest home lenders in the last two weeks.

Even lenders with no known problems are expected to approach defaulting homeowner more cautiously and look more aggressively for resolutions short of outright eviction.

Despite the turmoil, some economists said the breakdown could ultimately lay the groundwork for a real estate recovery.

Stricken neighborhood across the country, for example, could benefit. One big factor undermining home sales is fear of a large number of foreclosed homes coming to the market. If the foreclosures are delayed or never happen, housing prices might find a floor.

"Maybe this is like shock therapy," said the economist Karl E. Case. "Maybe this will actually get the lenders to the table and encourage them to work out deals that are to the benefit of everybody."

Yesterday I went to see the movie Wall Street and was that an eye opener for me.  It truly questions who really runs our Country and no wonder the wealthy do not want to pass the extension of the tax cuts if they are not included. 

What is not being addressed is the massive profits the banks are making and the tax benefits to them if they continue to write off bad debts.  They invest our money and make fortunes while we are in a world of trouble.  Real Estate is the basis for so many industries in this country and if people can not keep their homes, and can not get money from the banks to expand their business and buy homes nothing will recover.

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Rainmaker
354,933
Damon Gettier
Damon Gettier & Associates, REALTORS- Roanoke Va Short Sale Expert - Roanoke, VA
Broker/Owner ABRM, GRI, CDPE

It is amazing  what big banks think they can get away with.

Oct 03, 2010 04:13 AM #1
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Harry F. D'Elia III
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

I thought Wall Street was a great movie. I love the part when the old partner discusses that things have changed on Wall Street. Nobody cares anymore and the rules have changed. There is no more personal responsibility for ones actions.

Oct 03, 2010 04:16 AM #2
Rainer
79,761
Jeff Getman
Realty Executives of Ravalli County - Hamilton, MT
Realty Executives

Sharon,

 

I couldn't agree more. Banks have basically been given a license to do as they please. They received billions of our money, they get insurance checks on most of the defaults, then they foreclose and re-sell the property. Nothing like the old triple dip into the people's pockets. I hope they do start working with people. It has always made more sense to me to keep people in their homes and have them pay what they can, the home is kept up, the bank isn't paying for upkeep and the people can hopefully get back on their feet or be allowed to sell at a better price and time for all parties concerned. To me that makes sense.

The other point you made was how much business in the country revolves around real estate. Ever since the govt. encouraged most of the manufacturing jobs to go overseas, the real estate industry has been the biggest operation in the country when you consider all the contractors, building and plumbing supply houses, title companies, real estate agents and bankers employed directly by these industires or on the fringes of the housing industry. We have become the driving force in this country's economy and the politicians seem to have forgotten that fact.

Oct 03, 2010 04:18 AM #3
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Rainer
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Sharron Kelley

CRS, ABR,CDPE,CIAS
Call or email me with any question you have at 847-980-0426
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