Welcome to the new version of European Tribune. It's just a new layout, so everything should work as before - please report bugs here.
Display:
U.S. Home Seizures Reach Record Amid Foreclosure Review - Bloomberg
More than 100,000 U.S. homes were seized by lenders in September, a record number that probably will decline in coming months as major banks halt repossessions and review their foreclosure practices.

Lenders took over 102,134 properties last month, RealtyTrac Inc. said in a report today. That was the highest monthly tally since the company began tracking the data in 2005, surpassing the August record of 95,364. Foreclosure filings, including default and auction notices, rose 3 percent from the prior month to 347,420. One out of every 371 households received a notice.

Sales of properties in the foreclosure process accounted for almost a third of all U.S. transactions in the month, a sign that a prolonged delay in repossessions may hurt the housing market, RealtyTrac said. Bank of America Corp., the largest U.S. lender, said Oct. 8 it would curtail foreclosures across the country, while JPMorgan Chase & Co. and Ally Financial Inc. stopped seizures in 23 states where court approval is required.



"Ce qui vient au monde pour ne rien troubler ne mérite ni égards ni patience." René Char
by Melanchthon on Thu Oct 14th, 2010 at 02:31:08 PM EST
[ Parent ]
The good news is that with banks stopping the foreclosure procedures, the statistics for foreclosures will go down for a while.

I say "Foreclusures down by record numbers - BUY STOCKS NOW"

Never underestimate their intelligence, always underestimate their knowledge.

Frank Delaney ~ Ireland

by siegestate (siegestate or beyondwarispeace.com) on Fri Oct 15th, 2010 at 03:55:34 AM EST
[ Parent ]
CDS Rout In Financials Continues, As Equities Finally Smell The Foreclosed Coffee | zero hedge
Equities, being traded now exclusively by Fed-frontrunning retards and virus-infested robots, are a little slow." Prophetically, the equity slowness has finally caught up with reality, and BofA and Wells stocks are tumbling.


By laying out pros and cons we risk inducing people to join the debate, and losing control of a process that only we fully understand. - Alan Greenspan
by Migeru (migeru at eurotrib dot com) on Fri Oct 15th, 2010 at 03:59:09 AM EST
[ Parent ]
Yes, but no:

Are the Bank Foreclosure "Moratoriums" More PR than Real? « naked capitalism

Or have they? Florida is a judicial foreclosure state, and local reports suggest the banks are still moving forward with foreclosures. Note the inconsistencies between the statements of the bank employees versus the action on the ground. From the Fort Myers News Press:.
JPMorgan Chase & Co. and Bank of America Corp., along with some smaller lenders, have announced that they were holding off on court-based foreclosures...

But in Lee County, court records show both of those banks have continued to get court judgments allowing the sale of mortgages on foreclosed houses at public auction.



"Ce qui vient au monde pour ne rien troubler ne mérite ni égards ni patience." René Char
by Melanchthon on Fri Oct 15th, 2010 at 04:15:49 AM EST
[ Parent ]
Florida become an anecdote, though an important one. In this case, perhaps that they are blatantly sticking out like a sore thumb will keep the issue alive. Otherwise it will be a mea culpa, a few weeks of study, a pronouncement that everything is perfectly in alignment again and the poaches will have the protection of everyone's apathy for 'old news'.

Never underestimate their intelligence, always underestimate their knowledge.

Frank Delaney ~ Ireland

by siegestate (siegestate or beyondwarispeace.com) on Fri Oct 15th, 2010 at 05:14:45 AM EST
[ Parent ]

Display:

Top Diaries

In defense of tree-huggers

by Cyrille - Apr 18
13 comments

Budapest Metro Line M4

by DoDo - Apr 19
3 comments

Elections in Orbánistan

by DoDo - Apr 6
39 comments

An unfair test

by Cyrille - Apr 8
6 comments

Might INET be a Trojan Horse?

by ARGeezer - Mar 31
10 comments

Occasional Series