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From James Hagerty at the WSJ writes about a Barclays Capital report: Supply of Foreclosed Homes on the Rise Again Hagerty notes that the analysts at Barclays Capital estimate that various lenders held 645,800 REO (Real Estate Owned) in January, up 4.6% from 617,286 in December. Also Barclays estimated the peak supply was in November 2008 at 845,000, and then declined through 2009. Barclays is projecting the supply will increase to 733,000 in April 2010, and then gradually decline. The current supply is similar to the analysis from Tom Lawler that I posted yesterday. These number from Barclays are a little higher (Lawler noted he wasn’t including everything, but the pattern is the same). As an aside, here is a video from Steven Russolillo at Dow Jones (posted at the WSJ): Financial Blogs Grow Up Thanks!
In a recent email to agents on March 16th, the California Association of Realtors (C.A.R.) points out that making undisclosed 2nd lien payments in a short sale transaction could be a crime and punishable by up to 30 years in prison. The email points out that undisclosed payments might violate HUD’s RESPA (Real Estate Settlement Procedures Act) and laws against loan fraud. In addition any agent participating in the scheme might be subject to disciplinary action and could have their license revoked. Apparently the requests by 2nd lien holders are common. The C.A.R. reported: “Short sale agents have increasingly reported to C.A.R. about requests for agents and their clients to pay junior lienholders and others, often times outside of escrow.” Although the email doesn’t address possible criminal activity of 2nd lienholders, it would appear the junior lienholders are soliciting a crime if they ask for a payments and suggest that the payment not be disclosed on the settlement documents. Properly disclosed payments to junior lienholders are perfectly fine and legal. I doubt law enforcement will pursue individual homeowners, so probably the best way to end this practice is to report the requests for payments outside of escrow by 2nd lien holders (name of person and company holding the junior lien) to either HUD or the FBI. This possible fraud was first reported by Eric Wolff at the North County Times: Wrinkle raises questions in home short sales, and by Diana Olick at CNBC: Big Banks Accused of Short Sale Fraud Perhaps this version of short sale fraud is finally getting the attention it deserves …
Cintas Profit Falls 32%
Note: since the mix is changing, the median price is not useful. The repeat sales indexes – like FirstAmerican CoreLogic and Case-Shiller – have problems too, but they probably are better for actual price changes. From DataQuick: Bay Area home sales down slightly from last year, median sale price rises Bay Area home sales were subpar again in February, dipping below the year-ago level for the second straight month as some potential buyers worried about job security, some couldn’t get financing and others found a thin inventory of homes for sale. … This is definitely a market “off kilter”. Almost 27% of the buyers used FHA insured loans, and another 27% paid cash (mostly investors). This is a long way from normal …
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