Home values could take new hit from foreclosures

  • Article by: JIM BUCHTA , Star Tribune
  • Updated: January 2, 2012 - 9:22 AM

As a processing moratorium ends, fresh supply of distressed properties likely to flatten prices.

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redqidJan. 1, 1212:47 AM

Foreclosures also suppress home values, which hasn't helped the estimated 10 million homeowners who are "under water," owing more for their home than it's worth. --- many of these will be foreclosures as the owners are too far underwater.

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redqidJan. 1, 12 1:02 AM

"Absorption [of bank-owned listings] is a necessary step that the market will need to go through before it can stage a robust recovery," said Daren Blomquist, RealtyTrac's director of marketing and communications. --- No bottom until we start to see banks prosecuted for document fraud. Watch florida and see if they finally take some action.

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redqidJan. 1, 12 1:09 AM

" and lenders are stepping up their efforts to deal with a backlog of delinquent mortgages." --- They have to move quick before MERS is finally shut down and their right to foreclose goes bye bye.

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redqidJan. 1, 12 1:15 AM

From Harpers: --- At the heart of the clouded-title problem is a Virginia-based company, recently much in the national news, called Mortgage Electronic Registration Systems. MERS was created in 1995 as a privately held venture of the major mortgage-finance operators, chief among them the government-sponsored mortgaging entities Fannie Mae and Freddie Mac. Its stated purpose was to manage a CONFIDENTIAL electronic registry for the tracking of the sale of mortgage loans between lenders, which could now place loans under MERS’s name to avoid filing the paperwork normally required whenever mortgage assignments changed hands. No longer would the traffickers in mortgages have to document their transactions with county clerks, nor would they have to pay the many and varied courthouse fees for such transactions. Instead, MERS was listed in local recording offices as the “mortgagee of record,” the in-name-only owner, a so-called nominee for the lender, so that MERS would effectively “own” the loan where the public record was concerned, while the lenders traded it back and forth.

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camb24Jan. 1, 12 2:18 AM

I work in foreclosure processing and can not believe what is being told here. We have a HUGE backlog of foreclosures that havent even begun processing yet. Many homeowners have not made a payment on their mortgage for close to 18 months and have yet to be foreclosed on. The homes we see coming up on foreclosure are $200,000.00+ homes. Many are people just stopping the payments as a "financial decision". They owe more than the house is worth, many times 100 thousand or more. I can tell you that the place I work for is hiring and preparing for record numbers of foreclosures and short sales. I also have family in the realistate field and they too are seeing a huge upswing in homes going into foreclosure.

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bankkillerJan. 1, 12 7:18 AM

For more on "MERS" Google "MERS CONSENT ORDER". That is right. MERS is under the supervision of the U.S. Government for being "unsound and unsafe". To keep home values up fight the banks! Here is the basic defense. Where is the original mortgage note? Who possesses it? How did they acquire the original mortgage note? Who is the beneficial owner? Who is the holder in due course? Has the chain of title been broken? Get an attorney and fight. The banks FEAR the educated and they hate these questions as these questions KILL the foreclosure action. IF you really want to see how bad off the banks REALLY are call YOUR "servicer" or "lender" and ask the questions above. You will be lied to, misled and even questioned over your right to know! One more thing....promise the opposing attorney that you will seek sanctions against them, their firm, their insurance company and all concerned IF they introduce FRAUD (banks like to call it"robo-signing" as if a machine does the crime)upon the court. THAT stops them in their tracks! Do your research and fight the banks. You will see that they lose cases everyday to people who learn and fight. No coincidence that bank stocks are down...down...down.

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stingballJan. 1, 12 7:24 AM

How many more hits can we take? We've been taking big hits for the last 5 years.

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newlife06Jan. 1, 12 7:59 AM

If the value of my house keeps going down in St. Paul, then quit raising my property tax every year! Doesn't make sense!

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rarmstrongJan. 1, 12 8:11 AM

StingBall: Well, we could re-elect Obama . . .

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rarmstrongJan. 1, 12 8:18 AM

Newlife06: Yes, as the value of your property goes down, the government raises the amount of your property taxes. It's the only way it can keep on getting the same amount of money. You might have thought that the government's primary function was to serve the public. That's wrong. Government's primary function is to pay government employees. The choice facing the government is whether it should take more of your money, or pay itself less. What did you expect it would do?

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