Our Changing Globe

Archive for the ‘homebuyers’ Category

Is it Time to Foreclose on Your Bank?

www.triplepundit.com12/5/11

A look back at the role of corporate banks during the financial crisis of 2008 and a look at other options such as Community Development Financial Institutions (CDFIs).

Daily Kos: Bank foreclosing on businesses that have paid their …

www.dailykos.com12/24/11

First off, how in the hell can it be legal for a bank to foreclose on a loan if the payments have been made on time? Second, less operating income and falling property values “Compelled the bank to act.” Seriously? We are in …

It certainly is a changing globe!

Five months ago Bank of America filed foreclosure papers on a Florida couple who didn’t owe anything on their home.

The homeowner’s, the Nyergers, were later forced to take the case to court because Bank of America refused to accept their proof that they’d paid cash for their home.

A Collier County judge immediately accepted the family’s evidence, confirmed the Nyergers’ claims, and told Bank of America to pay all legal fees.

The bank refused, and the family’s attorney did exactly what the bank had tried to do to his clients, he seized the bank’s assets.

A truck and sheriffs arrived at the bank with orders to remove assets from the bank and within an hour of being locked out of his bank, the branch manager handed over a check for the legal fees.

And Home Prices Drop By Record Amount

According to the National Association of Realtors, whose records go back to 1979, the median U.S. price for an existing single-family home dropped a record 15.6% to $174,100 in the second quarter of this year.

But Home Sales Increased

Meanwhile, sales of new homes increased by 11% for new homes and 3.6% for existing homes, which suggests that it’s a buyer’s market, and that buyers are taking advantage of the falling prices.

The total dollar reduction was $27.8 billion, and the states that were hardest hit were Nevada (15%) and Florida (13%) and a quarter of would-be sellers lowered prices by around 10%.

Which States Reduced Had The Most Reductions?

Connecticut, Massachusetts, Rhode Island and Illinois had the highest share of homes with price reductions of around 33%.

Then came,

Oregon 29%, followed by,

Washington
New Jersey
Minnesota
New Hampshire
Maryland.

Which Cities Were Worst Hit?

Jacksonville, Florida 38%
Portland, Oregon 35%
Milwaukee, Minneapolis, Boston and Seattle 34%
Albuquerque, New Mexico, and Chicago 33%
Detroit; 16%
Las Vegas 15%
Miami 13%
New York City and Phoenix 12%
San Francisco and Los Angeles 10%

* Undeveloped land and foreclosed properties were excluded from the above estimates.