A number of interesting facts are coming out regarding foreclosures;
- It is taking banks a minimum of 14 months to evict delinquent borrowers, sometimes longer. (more…)
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The New York Times reports that defaults on modified loans is rapidly increasing, nearly doubling in March.
Resource: The New York Times
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A survey earlier this month of 200 real estate executives confirmed what many of us believe; availability of credit and the number of foreclosed homes is impacting the housing recovery.
- 79 percent of respondents said that the availability of credit was the biggest factor impacting a recovery.
- 44 percent said that the high inventory of foreclosed homes was the 2nd most important factor.
- 62 percent felt that real estate financing would come from private sources with the more typical lenders coming in a distant second.
Resource: REALTOR.org & Akerman Senterfitt
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In prior posts (
here,
here and
here) we discussed the worrisome situation with commercial loans coming due and the potential for foreclosure. The news continues to be grim.
Reuters and
REALTOR.org report that rents fell 0.2 percent and vacancy rate rose to 17.2 percent, the highest since 1994.
Resource: Reuters & REALTOR.com
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A New York Times article.
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