Foreclosure News

Report Shows Foreclosures Increasing for High-End Homes
By Nick Timiraos
The Wall Street Journal
October 9, 2009

More evidence that the foreclosure pain that began in overbuilt middle-class communities is moving higher up the real-estate food chain: The share of foreclosures in the most expensive third of housing markets is on the upswing.

Foreclosure Plan Ill-Suited for Changing Crisis, Report Says
By Nick Timiraos and Jessica Holzer
The Wall Street Journal
October 10, 2009

Despite offering a rising number of trial loan modifications, the Obama administration's housing-rescue efforts are increasingly ill-suited to address the changing nature of the foreclosure crisis, according to a report released Friday by a watchdog panel.

Banks Bite Bullet on Loans
Lenders Start to Write Off Some Principal in Modifying Terms for Troubled Mortgages
By Jame R Hagerty
The Wall Street Journal
October 01, 2009

Banks and loan investors are starting to bite the bullet and lower the principal due on home mortgages for some struggling borrowers, a new report from bank regulators shows.

Starwood-Led Group Raises the Extended Stay Stakes
By Lingling Wei and Kris Hudson
The Wall Street Journal
September 30, 2009

In an escalating battle over the largest U.S. hotel bankruptcy, a group of creditors led by Starwood Capital Group is trying to wrest control of the bankruptcy of Extended Stay Inc., people familiar with the matter said.

How to Land a Foreclosure House
By Amy Hoak
The Wall Street Journal
September 27, 2009

Buying a foreclosure home often is appealing to house hunters trying to stretch their dollars. But finding a good one can be a challenge.

"The vast majority of the banks don't want us to advertise [foreclosure homes] as 'bank-owned' because it comes with a negative connotation," says Ryan Melvin, co-owner of More Realty Group in Las Vegas.

Foreclosure suits hit 2 Lakewood developments
By Alby Gallun
Crain's Chicago Business
September 23, 2009

The foreclosure wave rolling through the suburban homebuilding business has swamped Lakewood Homes Inc., which faces foreclosure suits over projects in Joliet and St. Charles.

Delayed Foreclosures Stalk Market
By Ruth Simon and James R. Hagerty
The Wall Street Jounral
September 23, 2009

Debra and Arthur Scriven were served notice in June 2008 that their mortgage lender, a unit of Citigroup Inc., was preparing to foreclose on their home. Fifteen months later, the Scrivens are still in their home near Columbia, S.C., and battling to stay there, even though a dispute with the lender over how much they owe prompted them to stop making regular payments last year.

Bank of America to sell two foreclosed industrial properties
By Eddie Baeb
Crain's Chicago Business
September 15, 2009

Bank of America Corp. is about to sell a new, 420,000-square-foot warehouse in the southwest suburbs, one of the first big sales of bank-owned industrial real estate since the onset of the recession and the credit crunch.

The building, at 21561 Division St., in Crest Hill, and a smaller one nearby have stood empty since they were built in 2006.

This is the 3rd of 3 blogs written by Mike Morgan a Stuart, Florida real estate broker. Thought you FL folks might find this interesting.

Lea
SPR Property Solutions, LLC

Published in Barron’s – May 25, 2009

Below are three articles written by Mike Morgan and published full page in the Wall Street Journal's sister publication Barron's.

(Link to October 2006 Barron's Article - Click Here)
(Link to April 2008 Barron's Article - Click Here)

The Housing Hurricane Will Howl Again

This is only a lull in the housing hurricane.

Treasury: Millions more foreclosures coming
Official says a strong housing market is crucial for the economy
By Reuters
September 9, 2009

WASHINGTON - Only 12 percent of U.S. homeowners eligible for loan modifications under the Obama administration's housing rescue plan have had their mortgages reworked, and millions more foreclosures are coming, the Treasury Department said on Wednesday.