The Real Deal New York

Posts Tagged ‘foreclosure’

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    CNBC screenshot
    The so-called Bush tax cuts are set to expire at the end of this year. With that expiration comes an end to the Mortgage Forgiveness Debt Relief Act, which makes short sales more appealing to banks than foreclosure. That could undercut the housing recovery, CNBC’s Diana Orlick explained on CNBC’s “The Kudlow Report.”

    Also on the show, Meister, Seelig, & Fein’s Stephen Meister predicted that the end of the Bush-era tax cuts could would result in a sharp drop in short sales.(See video after the jump.)… [more]

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  • New York State is pledging $60 million over three years to fund counseling and legal services for New York homeowners of distressed properties. The Attorney General announced this morning that this year’s portion of the assistance — $20 million — will be awarded to 59 housing groups and 35 legal service organizations, as well as to fund training and technical services to assist homeowners in foreclosure. [more]

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  • Five sates with the most drawn out foreclosure process, including New York, would see government-backed mortgage fees increase under a new proposal by the Federal Housing Finance Agency, which oversees Freddie Mac and Fannie Mae.

    The proposal has home loan borrowers in those states paying a one-time fee of 0.15 percent to 0.3 percent for federally backed mortgages starting in 2013, Bloomberg News reported. [more]

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  • The state of New Jersey has surpassed Nevada in the rate of homeowners who have seriously delinquent loans in the second quarter of this year, Businessweek reported. Year-over-year, the rate in New Jersey rose 1.3 percentage points to a total of 12.7 percent. The state now has the second-highest serious delinquency rate in the nation trailing only Florida.

    The high delinquency rate is partly because of a huge shadow inventory that’s spurred by the state’s slow foreclosure process. There are 60,000 foreclosures started since January 2008 that currently await resolution in the prolonged process, which takes an average of 934 days. [more]

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  • From left: First Residential Vice President Guillermina Chaux and a block in Jamaica (credit: Google)

    Queens led the city in residential foreclosures during the economic downturn, and once again lenders are having trouble in the borough that saw an uptick in foreclosure filings in the first quarter of the year.

    A survey by The Real Deal of Queens’ most active lenders of loans insured by the U.S. Federal Housing Administration, a division of the Department of Housing and Urban Development, found several with delinquency rates above the norm; but one lender stood out for having far more defaults than the others. [more]

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    The swing states most crucial to the outcome of the presidential election are also among the states most affected by the foreclosure crisis. But CNBC reported today on “Power Lunch” that the issue has largely been ignored by the candidates (see video after the jump).

    Mitt Romney hasn’t discussed the issue extensively since visiting Florida in January and backtracking on his initial statements that the best cure for widespread foreclosures is to let them run their course. Still, Barack Obama’s campaign is using that quote in spanish language ads in several of the hardest-hit swing states…. [more]

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  • The average sales price of bank-owned homes or homes in the process of foreclosure in the second quarter rose 6 percent quarter-over-quarter and 7 percent from the second quarter of 2011, according to a report released today by RealtyTrac. The average price comes in at $170,040 and marks the first year-over-year increase in average price since the second quarter of 2010, as well as the biggest year-over-year increase since the fourth quarter of 2006. [more]

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  • Showing some positive signs, there were a recorded 58,000 completed foreclosures across America in July 2012 — down nearly 7 percent month-over-month and 19 percent year-over-year, according to data released today by CoreLogic. However, both New York and New Jersey ranked among the five states with the highest foreclosure inventory. More specifically, New Jersey ticked in at 5.7 percent — making it take the second-highest foreclosure inventory — and New York at 5.2 percent, right behind New Jersey. [more]

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  • Here’s some encouraging news for financially stressed homeowners across the country: The Senate Finance Committee approved a bipartisan bill before heading home for summer recess that would extend the Mortgage Forgiveness Debt Relief Act through 2013.

    Why is this important? Several reasons: The debt relief law spares homeowners who receive principal reductions on their mortgages from being hit with hefty federal income taxes on the amounts forgiven. Without it, millions of owners who go through foreclosure or leave their homes following short sales would experience even more financial stress.  [more]

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  • Foreclosures decreased year-over-year for the 22nd consecutive month in July, but the housing market isn’t out in the clear just yet. While filings — which include default notices, scheduled auctions and bank repossessions — fell 10 percent since last July, foreclosure starts in the U.S. rose 6 percent in the last 12 months, marking the third straight month of annual increases in that category, according to a report released today by RealtyTrac. Prior to the last three months, foreclosure starts had tumbled for 27 consecutive months. [more]

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  • Sagaponack gets its first foreclosure

    August 03, 2012 09:00AM

    At long last, Sagaponack is getting its sunbelt moment. According to the New York Post, a Sagaponack home foreclosed on last month by the Bank of Smithtown is the first property in the wealthy town to face foreclosure — nearly five years after the real estate market crashed. The village clerk confirmed it was the first foreclosure of which she was aware. [more]

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  • Finding fortunes in foreclosures

    July 25, 2012 04:30PM


    From the July issue: 
    While much attention has been paid to the buying and selling of trophy Manhattan properties as the market recovers, some outer-borough real estate players are reaping enormous returns on a different kind of investment: They’re buying formerly distressed homes and quickly flipping them.

    According to an analysis of city property records by The Real Deal, these New York City– and Long Island–based firms are, in many instances, doubling their money in just a few short months by scooping up underwater one- and two-family homes. [more]

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  • The Copley building and the interior of the penthouse apartment

    A 4,800-square-foot Lincoln Square penthouse currently on the market for $16 million is slated to hit the foreclosure auction block next month with an outstanding lien of $22.1 million, according to data from Propertyshark.com

    The 28th-floor spread at the Copley, a full-service condominium building at 2000 Broadway, has taken center stage in legal dispute between mortgage lender Investec Bank, an international banking and asset management group based in the United Kingdom, and owner Opalgem Investments, a corporation based in the British Virgin Islands. [more]

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  • It’s not just homeowners who have been hit hard in the foreclosure crisis; it’s also homeowner associations, which collect monthly payments for community amenities. CNBC reported that these associations are now going after big banks, alleging that several of them have not paid monthly dues on the homes that they have repossessed. There are currently dozens of lawsuits seeking to claim these back dues. [more]

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  • The former head of credit and mortgage for Goldman Sachs is raising $500 million for a new fund that will buy foreclosed homes and attempt to rent them out. Donald Mullen, who left Goldman in January, has been marketing his Fundamental REO Access fund for about a month, sources told Reuters. Goldman is acting as placement agent for the fund, which Mullen has told potential investors could raise as much as $1 billion. [more]

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  • The housing crisis is coming down hard on older Americans, the Associated Press reported, citing data from a new AARP study. According to AARP, roughly 600,000 individuals over the age of 50 are currently in foreclosure, 625,000 people in the same age bracket are at least three months behind on mortgage payments and a total of 3.5 million are now underwater on their mortgages. [more]

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  • From left: Vikram Chatwal and the Time Hotel (credit: PropertyShark)

    The Time Hotel, the boutique Theater District celebrity haunt from Dream hotelier Vikram Chatwal, is facing a foreclosure suit from special loan servicer LNR Partners, after the owners allegedly defaulted on $55 million in notes.

    The July 13 suit, filed in Manhattan Supreme Court, alleges that the owners, Lichtenstein-based Marko Trust and New York-based Hampshire Hotels, failed to make a $619,000 interest payment in January of this year, and all payments since. The suit also asks for a court-appointed receiver. [more]

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  • Rober Shiller

    Lowering mortgage balances on a national scale to a level that disincentivizes defaulting on underwater homes would save both banks and homeowners money, while kick starting the housing market. But a lack of communication and government interest has prevented such action thus far. According to a New York Times editorial by Robert Shiller, one of the professors behind the Case-Shiller Index, fixing the housing market will require collective action on the parts of banks, government and homeowners.

    Those who own mortgages, home equity lines of credit, residential mortgage-backed securities and shares in banks and finance companies, “live all over the world and have no way of communicating with each other, let alone coming to an agreement to give homeowners a break, “ Schiller said.  [more]

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  • The combination of a hot U.S. rental market and a tight home lending climate has investors racing to raise money for buy-to-rent single-family homes, but Bloomberg News reported they aren’t finding enough suitable properties that warrant the money.

    Investment funds, including Colony Capital and Och-Ziff Capital Management, are meeting little resistance in attempts to raise money as home prices remain 35 percent off 2006 levels. Bloomberg said they’ve raised a total of $6.4 billion for single-family rentals. However, the inventory of low-cost foreclosures has plummeted. [more]

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  • The Obama administration’s Home Affordable Modification Program has saved approximately 802,000 U.S. homeowners from foreclosure as of April 2012, slightly exceeding the Congressional Oversight Panel’s expectations, according to the Wall Street Journal. The Congressional Oversight Panel, which monitored the 2008 bailout, had been critical of the HAMP program that gives underwater homeowners permanent loan modifications by paying lenders incentives. It predicted the president’s efforts would only stop between 700,000 and 800,000 foreclosures, adding in a report that HAMP was “unlikely to improve substantially in the future.” [more]

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