From CNBC:
Foreclosure activity hits lowest level in eight years
Foreclosure activity has been falling steadily for the past few years as the housing market recovers, but the latest reading shows it has hit a new milestone.
According to RealtyTrac, a foreclosure sales and analytics company, 107,194 U.S. properties had a foreclosure filing in June—the lowest level since July 2006, before the housing price bubble burst.
“Over the next six to nine months, nationwide, foreclosure numbers should start to flat line at consistently historically normal levels,” said RealtyTrac’s Daren Blomquist in a release.
Improvement, however, does not mean the level of distressed housing is back to normal; not by a long shot. There continues to be a wide discrepancy between states that require a judge in the foreclosure process and those that do not.
Nine states saw foreclosure activity rise in the first half of 2014 compared with a year ago, according to RealtyTrac. They include judicial states such as New Jersey (up 54 percent), Maryland (up 18 percent), Massachusetts (up 4 percent) and Connecticut (up 4 percent). Florida, also a judicial foreclosure state, had the highest rate, with one in 74 housing units receiving some kind of foreclosure filing.
“There continue to be concerning trends in some states and local markets that clearly indicate those markets are not completely out of the woods when it comes to the lingering foreclosure problem left over from the housing bust,” Blomquist said.
…
It has all created an interesting scenario. The result of the foreclosure crisis was a complete overhaul of the rules governing lending. That improved mortgage quality dramatically and all but negated delinquencies on the latest loans.“There’s virtually nothing new entering the pipeline—loans issued over the past few years are performing at the highest rates in history,” Sharga said.
From the Record:
N.J. lags as foreclosure crisis passes nationwide
Home foreclosures in New Jersey rose 38 percent in fiscal 2014, the state Judiciary said Wednesday, as lenders continued to catch up on cases that piled up while the mortgage industry dealt with accusations it abused borrowers’ legal rights.
At the same time, nationwide foreclosure activity has declined. The California real estate information company RealtyTrac reported Wednesday that in the first half of this year, national foreclosure activity dropped 23 percent from the same period a year earlier, returning to pre-housing-bust levels. RealtyTrac counts all foreclosure filings, from the lender’s first notice that a borrower is in default, through to sale of the home at a sheriff’s auction.
“Nationwide foreclosure activity in June reached an important milestone, dropping to levels not seen since before the housing price bubble burst in August 2006,” said Daren Blomquist, vice president at RealtyTrac.
However, the foreclosure process is slower in New Jersey, which is one of about two dozen states where foreclosures go through the courts. In addition, foreclosure activity in the state fell dramatically a few years ago after questions were raised about “robo-signing,” in which mortgage industry workers allegedly signed foreclosure-related documents without checking them.
According to the Judiciary, Bergen County foreclosures increased 26 percent in fiscal 2014, to 3,090, while Passaic cases rose 20 percent, to 2,655.
@EveNewtonJobs: I am just telling you what I heard and from a reliable source who would know: No question that 2022 WC is coming to America.
An attorney I know who purchases non-performing mortgages told me it currently takes less than a year from foreclosure filing to sheriff sale. Evictions are getting backed up.
[2] anon
That’s good news. You finally posted something I didn’t feel compelled to ignore after the first syllable. Thanks for the update.
Grim,
Do you have any YOY inventory numbers? I’m starting to see a lot of “back on market” and “price reduced” and was just wondering.
We’re in the third biggest stock bubble in U.S. history
By Brett Arends, MarketWatch
MARKETWATCH — 7:27 AM ET 07/17/14
Here’s a quick question for you. What do the following years have in common:
1853, 1906, 1929, 1969, 1999
Pass the question around your office. Call your money manager and ask him or her, too. Post it on your office notice board.
Give up?
Those were the peaks of the five massive, generational stock-market bubbles in U.S. history.
Investors who bought into stocks around those peaks ended up earning terrible returns over the subsequent 30 years. Forget “stocks for the long run.” They ended up with “stocks for a long face.” The bigger the bubble, the worse returns.
And, according to a new research report, we are back there again.
U.S. stocks are now about 80% overvalued on certain key long-term measures, according to research by financial consultant Andrew Smithers, the chairman of Smithers & Co. and one of the few to warn about the bubble of the late 1990s at the time.
The five dates listed at the start of this article, he says, are the only times since 1802, when data began being tracked, when stocks have been 50% or more overvalued according to these measures. And only two of those bubbles — 1929 and 1999, both of which were followed by disastrous crashes — were bigger than today.
That’s right: According to Smithers’s data, we are now in the third biggest bubble in U.S. history. (Oh, to jump ahead slightly, he also suspects it will go up even further before it comes back down.)
Bergen (NJMLS)
June 2013 – 4844
June 2014 – 4867
Essex
June 2013 – 3398
June 2014 – 3196
Hunterdon
June 2013 – 1296
June 2014 – 1355
Morris
June 2013 – 3944
June 2014 – 3695
Passaic
June 2013 – 2595
June 2014 – 2492
Somerset
June 2013 – 2455
June 2014 – 2504
Sussex
June 2013 – 2445
June 2014 – 2324
Union
June 2013 – 3069
June 2014 – 2896
Warren
June 2013 – 1086
June 2014 – 1238
How about Condo Foreclosure/Evictions? It seems in NY and NJ they can drag on for years
3.30 year realtor says:
July 17, 2014 at 8:15 am
An attorney I know who purchases non-performing mortgages told me it currently takes less than a year from foreclosure filing to sheriff sale. Evictions are getting backed up.
[3] 30y – What would you say is the ratio of sheriff sales that sell to third parties instead of going REO? Is it something like 1 out of 30?
Another day in hell. The banks in NJ don’t pursue fk because they don’t want the properties.
That is all.
Bubble is in everything, and it’s about to burst.
Get ready to warm yourself by burning stacks of money. We’re about to go full tilt Mugabe.
Grim,
Thanks for the numbers.
Love the way Fisher glossed over the fact that FedCo ramped its balance sheet from 900mm before the crisis to over 4bn today. Like “careful monitoring” wil somehow help them avert the extinction event dead ahead.
Fisher is a patsy, a plant and a shill, positioned by FedCo to appear to be someone not in lockstep with their campaign to destroy the world. Any sane FedCo gun or would have started screaming fire six years ago.
Goddam iphone
Comrade,
I’m sure you realized my response was a copy/paste of what you said to 30year previously. And i think we alllll know what your occupation is.
Jobless claims 4wk average down to 309k, weekly print at 302k – strong numbers.
UE numbers falsified.
16.
All clear! Borrow til it hurts!
Attention underwater sellers: Multiple buyers for your crapshack are just around the corner and ready to compete to pay 20% more than asking!
And there was much rejoicing.
From Trulia:
“The answer: our “true” homeownership rate disagrees with the published homeownership rate, and shows that homeownership among young adults increased between 2012 and 2013 after hitting bottom in 2012. However, once we adjust for the huge demographic shifts among young adults – far fewer young adults are married or have kids than two or three decades ago – homeownership in 2013 was roughly at late-1990s levels. That means that the demographic shifts among young adults account for the entire decline in homeownership for 18-34 year-olds over the last twenty years. In other words, if the pre-bubble years of the late 1990s can be considered relatively normal, than today’s lower homeownership rate for young adults might be the new normal, thanks to demographic changes.”
Vigoda > Johnny Winter
Omg, Johnny Winter! When I heard that live album with Rick Derringer, that’s when I picked up a guitar. He was one of the best electric blues guitarists ever!
Caught Johnny Winter and Rick Derringer’s show at a big hall in Asbury Park recall it was back in 70 or 71.
I’m an optimist, and I’m slowly starting to share your view. But then again, they always find away to push the ball down the street. 2008 should have crashed, but of course they passed the ball down the street. I really don’t know what the hell to believe anymore. So many lies, it’s hard to see the truth.
Juggaloneedsahug says:
July 17, 2014 at 9:20 am
Bubble is in everything, and it’s about to burst.
Get ready to warm yourself by burning stacks of money. We’re about to go full tilt Mugabe.
Yikes pics on the internet show a dead woman who plummeted to her death still strapped into he seat after the Malaysian 777 plane broke up after being shot down. She may have fell like you only really see in the movies.
Saw Johnny Winter play at My Fathers Place in Roslyn in High School.
My Fathers Place was great. I recall in High School on a Monday night WLIR did a one dollar cover special and I saw John Kaye of Stephwolfe perform with the house band and tables were like a german beer hall long narrow tables where you sat with whoever was next to you and we were ordering 3 buck pitchers. Between Sets John Kaye would sit at an empty seat and drink beers with the fans.
I saw Johnny winter there and I saw him with Rick Derringer at Belmont Park. Oddly enough Blonde and Ramones were also at the all day show.
Canibal P0rn
24.Juice Box says:
July 17, 2014 at 1:13 pm
Yikes pics on the internet show a dead woman who plummeted to her death still strapped into he seat after the Malaysian 777 plane broke up after being shot down. She may have fell like you only really see in the movies
I’d say, that’s the end of that airline.
Vigoda > Malaysian Airlines
Yeah lots of nasty plane pics now. Dead baby in field, bunch of dead people at the crash site. Twitter is just a wonderful thing.
Also supposedly 23 US citizens on plane. (unconfirmed)
Who has all this money to spend/burn? All you with extra cash please send over to me…thx. (Well I guess the 20 key members of this board may have the money, but I am thinking of the other 300,000,000 who, from what I read are either broke, jobless, under employed, bag holders, under water, etc)
UNH reaches record highs on earnings release.
The quarter’s result reflected strong performance by the company, irrespective of the challenges posed by the Heath Care Reform Act. Going forward, we expect UnitedHealth to continue delivering positive surprises as it executes on providing innovative responsive services to its customers.
UnitedHealth carries a Zacks Rank # 4 (Sell).
Go Obamacare.
#31..I went to the College of Insurance….first class, age 17 learned the following fact:
Premium = Cost of Insurance + administration costs + Profit…..looks like a winning equation!
Actually a big chunk of UNH profits came from GeezerCare Advantage HMO bait and switch.
They did a very devious thing, nut common in this market society. Over the last few years that got a lot of the GeezerCare population hooked on the Medicare Advantage (HMO) Plans many monthly premium free with AARP and other organizations. Geezers got used to not paying the 20% or the Traditional Medigap insurance premium for out pocket Geezercare coverage.
So to change your Medicare Advantage Plan for 2014, the deadline was Dec 9, 2013 or so if I remember correctly. A week later UNH sent out letters to all its plan where it cuts by 50% the participating physicians in the plan. UNH got rid of most independents and most participating providers are now large groups, usually hospital owned.
So this is how you make big bucks. Become an oligopoly, then bully everyone into submission.
This one is for Joyce.
http://www.nj.com/middlesex/index.ssf/2014/07/custodian_accused_of_starting_edison_school_fire_retires.html#incart_m-rpt-1
Condo,
The sheeple all think that Warren Buffet is some kind of financial guru who knows things that others don’t. The plain truth is that he made the vast majority of his wealth and gained his notoriety by investing almost solely in insurance companies. He’s no idiot. Once Berkshire had grown to it’s giant size, Buffet could use his advantageous position (much like Icahn and so many other fat cats do) to negotiate great deals that others would never be able to obtain.
“Become an oligopoly, then bully everyone into submission.”
Yup! It’s the American way. You could also buy (lobby) your way into the government’s good graces to make sure that Obamacare gets people who formerly couldn’t afford insurance to sign up with UNH through a public exchange.
Baa. Baa.
Wow…I just reread my message. Looks like I must have reached that tipping point where liberal college psychologists believe my ethics goes out the window. Screw charity. It’s all mine!
People who did not buy condos in 1987
1987 Condo says:
July 17, 2014 at 1:30 pm
Who has all this money to spend/burn? All you with extra cash please send over to me…thx. (Well I guess the 20 key members of this board may have the money, but I am thinking of the other 300,000,000 who, from what I read are either broke, jobless, under employed, bag holders, under water, etc)
Married L.I. man uses Craigslist to seek temporary home and s*x with someone in NYC — in case of an LIRR strike
A 43-year-old lawyer, who has chosen to remain anonymous, posted an ad on Craigslist offering ‘a couple of glorious nights’ between the sheets in the event of a strike. The Suffolk County man said his wife is OK with his search.
http://www.nydailynews.com/new-york/lawyer-seeks-temporary-pad-erotic-fun-nyc-article-1.1869569
Lib [37];
Screw charity. It’s all mine!
Reminds me of old poker advice. The story goes if you want to be a “nice guy”, throw the fellow you just beat bus fare to get home — but be sure you get all the money first.
re # 39 – 5’4″ does not sound like he name is Hung Low.
#38.. better than buying one now…oops..I learned my lesson in 1987…
Yeah this is interesting.
http://rt.com/news/173672-malaysia-plane-crash-putin/
The End Is Nigh (Twitter Edition):
Jason Biggs is known for his controversial tweets, but this time he might have really crossed the line.
The “Orange is the New Black” star came under fire Thursday for tweeting a joke about Malaysia Airlines Flight MH17, which crashed at the Russian border in Ukraine.
“Anyone wanna buy my Malaysia Airlines frequent flier miles?” he wrote.
Is there now official confirmation that the plane was shot down?
I’ll post my first tweet – this is astounding:
https://twitter.com/Plane_Talking/status/489843455192227840/photo/1
I was in the car an hour ago listening to CNN, and the guy says this is the same day that TWA flight 800 was shot down….I was not aware that we all agree that plane was shot down!? They did not question but moved right into the IDF ground invasion of Gaza…
Official from who exactly? Obama called it a tragedy utt nothing else. Our satellites surely would have detected a launch.
NBC reporting that the US is indicating a shoot down……
http://www.nbcnews.com/
I heard the statement live on the radio, he fumbled in a way that I thought indicated something was up…
It looks like this may be a ……… terrible tragedy.
Huh?
Libtard,
If you still recommend him, can you please tell me the contact info for your mort broker? I found an old link (Carl?) but it no longer works.
thanks
Biden called it a shoot down.
Korean Air 007 is still in institutional memory
JJ #8 – There is no difference between foreclosing on a condo or a house. Both are real property secured by a mortgage.
Joyce – Yes. Highly recommend him. His name is Carl Nielsen and he is with Mortgage Master. Make sure you tell him that you were referred by Stu and Lisa.
http://www.mortgagemaster.com/cnielsen/
Thanks, Gator.
Note to self: find some surface-to-air missiles.
Cancel note to self. Just find a way to off Joe Biden.
Just woke up from a nap. It’s all Putin’s fault, right?
Finally Weird Al does a NJ RE Report parody…..
https://www.youtube.com/watch?v=w-0TEJMJOhk