Fremont Real Estate Blog

From DS News < http://dsnews.us1.list-manage.com/track/click?u=59816bad6939d5a7dd87e45a5&i d=b95c40e4d8&e=ebe71b748c > Lenders Slash Loan Loss Reserves as Credit Quality Improves Data released by the FDIC Tuesday show that lenders' are seeing considerable improvement in the quality of loans and becoming more confident that fewer borrowers will default. First-quarter loan loss provisions totaled $20.7 billion, less than half the $51.6 billion set aside to cover bad loans a year ago, and loans and leases 90 days or more past due or in nonaccrual status fell for a fourth consecutive quarter. At the same time, though, the number of banks on the FDIC's so-called "problem list" is at its highest level since 1993. < http://dsnews.us1.list-manage2.com/track/click?u=59816bad6939d5a7dd87e45a5& id=72c5e41711&e=ebe71b748c > > Read More -sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA, CPA (inactive) 38750 Paseo Padre Pk...

I remember having this discussion with a banker at Real Estate Blogging event about 4 years ago, saying the banks should publicize their spreadsheets for determine an accept or reject calculation based on NPV. Back then short sales succeeded about 20% of the time unlike the 60% success rate of today. If you know you'll get a reject, you won't waste your time asking for a loan mod. It was interesting to see this headline today at DS news: < http://dsnews.us1.list-manage2.com/track/click?u=59816bad6939d5a7dd87e45a5& id=5577ad8b05&e=ebe71b748c > Treasury Unveils Do-It-Yourself NPV Assessment Treasury has launched a Web-based tool that allows homeowners themselves to conduct a net present value (NPV) assessment of their mortgage. Under the Home Affordable Modification Program (HAMP), servicers perform an NPV test to determine if modification is a more financially sound route to take than allowing the loan to proceed to foreclosure. Treasury is encouraging both home...

From DS news < http://dsnews.us1.list-manage.com/track/click?u=59816bad6939d5a7dd87e45a5&i d=c61340b767&e=ebe71b748c > Significant Declines Seen in Late-Stage Delinquencies and Foreclosures Industry data released Thursday shows a sharp drop in the percentage of home loans 90 or more days past due or in foreclosure. The Mortgage Bankers Association (MBA) reports 90-plus day delinquencies have dropped for five straight quarters, while the nation's foreclosure inventory recorded its largest decline since the trade group began tracking the market. At least one economist says the combination is a sign of "genuine improvement." Remaining troubles appear to be concentrated in a handful of states. Five account for over half of the loans in foreclosure in the country. < http://dsnews.us1.list-manage.com/track/click?u=59816bad6939d5a7dd87e45a5&i d=76c4c94062&e=ebe71b748c > > Read More -sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, ...

From IRS publication %23 Maximum Exclusion You can exclude up to $250,000 of the gain on the sale of your main home if all of the following are true. · You meet the ownership test. · You meet the use test. · During the 2-year period ending on the date of the sale, you did not exclude gain from the sale of another home. If you and another person owned the home jointly but file separate returns, each of you can exclude up to $250,000 of gain from the sale of your interest in the home if each of you meets the three conditions just listed. You may be able to exclude up to $500,000 of the gain on the sale of your main home if you are married and file a joint return and meet the requirements listed in the discussion of the special rules for joint returns, later, under < http://www.irs.gov/publications/p523/ar02.html#en_US_2010_publink1000200739 > Married Persons . Ownership and Use Tests To claim the exclusion, you must meet the ownership and use ...

Greed is not always good. And clearly these folks we're acting purely on greed without considerations to the fallout. From DS News < http://dsnews.us1.list-manage.com/track/click?u=59816bad6939d5a7dd87e45a5&i d=d43a14fd04&e=ebe71b748c > New York AG Looks to Link Financial Crisis and Mortgage Securities Industry analysts, economists, even lawmakers generally concede that the pooling of risky subprime mortgages into secondary market securities fueled the economic collapse that almost brought the nation's financial system to its knees. But New York Attorney General Eric Schneiderman is looking for proof that major financial institutions were hocking these dicey mortgage-backed securities during the days leading up to the collapse of the housing market, knowing that these transactions would result in billions of dollars in mortgage losses. < http://dsnews.us1.list-manage.com/track/click?u=59816bad6939d5a7dd87e45a5&i d=c56dedc874&e=ebe71b748c > > Rea...

Foreclosureradar just reported that foreclosures activity has fallen to 2008 levels. So then are we 2 years away from another 2006? I wish it was that simple. Jobs number are higher, air traffic with both passengers and freight is exceeding expectations, so I wouldn't be surprised if 2011, was the bottom in home prices. California < http://www.foreclosureradar.com/california-foreclosures > Foreclosure filings in California fell to lows not seen since the fall of 2008. Notice of Default filings dropped 25.8 percent, and Notice of Trustee Sale filings fell 10.9 percent from March. On a year-over-year basis foreclosure filings were down as well, with Notice of Default filings down 28.0 percent and Notice of Trustee Sale filings falling 31.2 percent from April 2010. Foreclosure sale cancellations rose 27.0 percent from March. Activity on the courthouse steps slowed from the prior month, with 17.2 percent fewer sales Back to Bank and a 15.8 percent drop in properties purchased b...

People are in better financial shape and/or also feeling more positive about home values. From DS News < http://dsnews.us1.list-manage1.com/track/click?u=59816bad6939d5a7dd87e45a5& id=90034fae4a&e=ebe71b748c > Mortgage Delinquencies Improve for Fifth Straight Quarter: TransUnion The share of mortgage borrowers in the United States 60 or more days behind on their payments dropped to 6.19 percent at the end of the first quarter of 2011, according to data released Monday by the credit bureau TransUnion. That's down from 6.41 percent at the close of 2010 and marks the fifth consecutive quarter that TransUnion has reported an improvement in the national delinquency rate. The firm says as home prices have declined further, delinquencies were expected to remain flat or at least slow in their decline, but that hasn't been the case. < http://dsnews.us1.list-manage.com/track/click?u=59816bad6939d5a7dd87e45a5&i d=4f4a1e26f4&e=ebe71b748c > > Read More -su...