David Kirkpatrick

August 12, 2010

Foreclosures still a problem

Filed under: Business — Tags: , , , , — David Kirkpatrick @ 3:04 pm

To join my previous post on the sluggish nature of the current economic recovery, here’s more dark gray news on foreclosures

From the link:

The latest foreclosure numbers carried a mixed message: They’re up 3.6% from the month before but down 9.7% from 12 months earlier.

In July there were more than 325,000 foreclosure filings — including notices of default, auctions notices and bank repossessions. That is the 17th month in a row total filings exceeded 300,000, said RealtyTrac’s CEO, James Saccacio.

“Declines in new default notices, which were down on a year-over-year basis for the sixth straight month in July,” he said, “have been offset by near-record levels of bank repossessions, which increased on a year-over-year basis for the eighth straight month.”

May 13, 2009

April foreclosures hit record high

Filed under: Business, Politics — Tags: , , , , , — David Kirkpatrick @ 4:16 pm

Main Street is still getting pounded by this recession. The road to recovery is going to be very long.

From the link:

U.S. foreclosure activity in April jumped 32 percent from a year ago to a record high, and should mount because temporary freezes on foreclosures ended in March, RealtyTrac said on Wednesday.One in every 374 households with mortgages got a foreclosure filing in April, the highest monthly rate since RealtyTrac began tracking it in January 2005. Filings were reported on 342,038 properties last month.

The abundance of distressed properties keeps pressuring home prices, thwarting a housing recovery that is critical to rejuvenating the recessionary U.S. economy.

Most of April’s filings, which included notices of default and auctions, were in early stages. Bank repossessions, known as real-estate owned or REOs, fell on a monthly and annual basis to the lowest level since March 2008.

“This suggests that many lenders and servicers are beginning foreclosure proceedings on delinquent loans that had been delayed by legislative and industry moratoria,” RealtyTrac chief executive James J. Saccacio said in a statement.

A temporary foreclosure freeze by major banks and government-controlled home funding companies Fannie Mae (FNM.N) (FNM.P) and Freddie Mac (FRE.N) (FRE.P) ended before President Barack Obama‘s massive housing stimulus, unveiled on March 6, could take root.

“It’s likely that we’ll see a corresponding spike in REOs as these loans move through the foreclosure process over the next few months,” Saccacio said.

April 22, 2009

Las Vegas “wins” foreclosure crown

Filed under: Business — Tags: , , , , — David Kirkpatrick @ 5:23 pm

A dubious honor to be sure, but Las Vegas has the highest foreclosure rate in the nation. There are some truly devastated areas of real estate out there.

From the link:

Metro areas in California, Florida, Nevada and Arizona topped the foreclosure filing list for the first quarter of 2009 in a report from RealtyTrac, an online marketer of foreclosed properties. A foreclosure filing includes default papers, auction sale notices and repossessions.

Las Vegas had the highest rate of foreclosures of any city, with one in every 22 homes subject to a foreclosure filing in the first three months of the year. The rate of foreclosure filings was 4.5%, seven times the national average.

Merced, Calif., had the second highest rate, with Cape Coral-Fort Myers, Fla., Stockton, Calif., and Riverside-San Bernardino-Ontario, Calif., rounding out the top five.

“The metro areas with the highest levels of foreclosure activity in the first quarter of 2009 paint a picture of concentrated problems in a relatively small number of hard-hit areas,” said James J. Saccacio, chief executive officer of RealtyTrac, in a written statement.

October 23, 2008

Stocks still very volatile

Filed under: Business — Tags: , , , , , , , — David Kirkpatrick @ 2:00 pm

The markets are just crazy volatileright now. Anyone doing any serious trading has either a lot to gamble with, or just gets a sick thrill out of outrageous risk.

From the link:

Fears of a global recession slammed Wall Street on Wednesday. The Dow finished the session down 514 points – its seventh-worst point loss ever.

The glum mood, sparked by weak corporate profits and falling oil prices, hit global stocks. Major markets in Asia dropped. Japan’s Nikkei finished the session 2.5% lower. European shares also fell in Thursday afternoon trading.

The Labor Department’s weekly report on jobless claims gave investors another reason to be nervous. Claims rose 15,000, to 478,000, for the week ended Oct. 18, which was worse than expected. A consensus of economists surveyed by Briefing.com had expected claims to rise to 465,000.

RealtyTrac, an online marketer of foreclosed properties, added to the market malaise Thursday with a report showing that more than 81,000 homes were foreclosed in September.