This piece from Trepp, a company that tracks commercial real estate mortgage-backed securities, tells the sad tale of The Oasis at Tallahassee, a 288 student housing complex that was packaged up in 2006 as part of the trust pool of Wachovia Bank Commercial Mortgage Trust Series 2006-C24. The $2 billion pool consisted of 119 CRE loans. [...]
Welcome new contributor Keith Weiner. Keith is well-read, knowledgeable, and knows Austrian theory economics.
Tyler Durden of Zero Hedge wrote an article Monday on foreclosures ((http://www.zerohedge.com/article/example-bank-america-refusing-provide-original-mortgage-note). Let us be absolutely clear what is happening in reality. Someone borrows money to buy a home, often putting little or none of his own money as a down [...]
Yesterday we reported a projected record of foreclosure notices going out this year. Today according to RealtyTrac, bank repossessions, the final stage of the foreclosure process, climbed 44% from May 2009 to 93,777, the second consecutive record monthly climb.
“We’re nowhere near out of the woods,” Rick Sharga, RealtyTrac’s senior vice president for marketing, said in a telephone interview. [...]
The housing tax credit created further disruption to the housing market, as reported by the National Association of Realtors today:
Sales rose 7.6% to a seasonally adjusted annual rate of 5.77 million units, the National Association of Realtors said Monday. Year-over-year, existing-home sales were up 22.8% in April.
Prices also increased, with the median price [...]
Three reports came out today regarding residential mortgage delinquencies, defaults, and negative equity.
CoreLogic (First American) reported:
The number of borrowers with negative equity declined slightly in Q110, but underwater mortgages and borrowers with less than 5% home equity accounted for 28% of all residential properties, according to the latest data from CoreLogic.
More than 11.2m, [...]
By Jeff Harding.
My company has been looking for real estate deals and we have been frustrated finding deals we can live with. We have researched the Southern California market with which we are familiar and find either banks are holding on to bad deals or that , once they foreclose, they are asking more than we [...]