Bruce Norris welcomes back Rick Sharga. Rick is Executive Vice President for Auction.com. He is their chief spokesman on topics related to the U.S housing market, mortgage market, commercial real estate, and international real estate. In the first segment they talked in depth about Auction.com, its growth and what it does. In this segment they …
This week Bruce Norris is joined by Philip Tirone, who Bruce counts as a friend. He made a very kind gesture to his wife as she went through her illness, something Bruce will never forget. Surprisingly, Philip was not always popular and was denied entrance to all of the universities he applied except for one, …
The Commerce Department reports new home sales increased 11% in March. A study shows that short sales and foreclosures equally damage FICO scores. A survey from Pew shows 81% of adults believe purchasing a home is the best long-term investment a person can make. Morgan Stanley believes home prices will fall 6-11% this year.
Bank of America expects a 25% downturn in the mortgage origination market, and has laid off 1,500 mortgage workers. Standard & Poor predicts the new risk-retention rule will further depress the housing market.
Mortgage applications dropped 2% from last week, according to the MBA. CoreLogic has developed a tool to determine whether borrowers are overstating their income. A small business tax rule has been reversed by Congress. Borrowers will no longer be excluded from 3 of the 4 Keep Your Home California programs just because they took out a home equity line of credit or did a cash-out refinance.
Ed Haldeman said less than 4% of Freddie Mac’s single family loans are delinquent. The government dismissed two counts of wire fraud in the case against the former CEO of Taylor, Bean and Whitaker. Treasury Secretary Geithner warned that severe economic hardship could impact the United States when the nation reaches its debt limit.
Existing home sales dropped 9.6%, according to the NAR. A San Joaquin County investor pleaded guilty to rigging foreclosure auctions, and is now facing a federal prison sentence and $1 million in fines. LPS claims the current mortgage delinquency rate is 8.8%.
This week Bruce is joined by Sean O’Toole. Sean is president and founder of ForeclosureRadar. He has successfully purchased and flipped over 150 commercial and residential properties in foreclosure. He has leveraged the software industry for 15 years to make a trustee sale business. The Mission of ForeclosureRadar is “to bring transparency, efficiency and honesty …
The NAR has been caught inflating home sales statistics, and the Commerce Department says new home sales decline 13% in January. FHA REO Inventory has increased 47% from last year. First time homebuyers who received the $7,500 tax credit will be expected to pay it back.
The NAR said existing home sales rose 2.7% in January. The FHA’s REO inventory has increased 47% year over year. A California judge upheld the rights of the Mortgage Electronic Registration Systems to the trust deed, granting MERS the right to foreclose. A Federal Reserve economist predicts the government will soon provide an alternative to the national homebuyer tax credit