2 – State » Irvine Housing News

Surge in discounted REO expected next year

Dec 192011

Banks dramatically increased their scheduled foreclosure auctions in November 63% over October. They appear serious about clearing out shadow inventory and getting what capital they can out of the loans secured by houses occupied by delinquent mortgage squatters. Scheduled foreclosure auctions soar in California Banks set the clock for forced sales of more than 26,000 homes in the state in November, a 63% increase from October. Overall foreclosure notices nationwide fell last month. By Alejandro Lazo, Los Angeles Times — December 15, 2011 Banks in November scheduled more than 26,000 homes to be sold at California foreclosure auctions, a 63% increase from October and a sign that a surge in discounted, bank-owned properties is on track to hit the market [Read More...]

Occupy LA joins the wrong side of the foreclosure issue

Dec 072011

I don’t have any political ax to grind with the left. In fact, on many issues, I lean more left than right, but on the issue of giving away free houses, I think the extreme left has it wrong. In their interest in pandering for votes, they are calling up the troops in the Occupy wherever movement and sending them to foreclosure auctions to disrupt the activities. Perhaps we should just stop all foreclosures and let everyone who occupies a house to keep it, right? Occupy L.A. takes its fight to foreclosure auction Protesters disrupt bidding outside Norwalk courthouse on homes owned by banks and title companies with chants of ‘Shame on you’ and ‘Banks got bailed out / We [Read More...]

Foreclosure settlement talks continue without California

Dec 012011

California recently pulled out of the settlement talks with the major banks. Does anyone miss California? Foreclosure Talks Push Ahead Absent California NOVEMBER 23, 2011 — By RUTH SIMON And NICK TIMIRAOS Bank representatives and government officials are working on a broad settlement of most state and federal foreclosure-practices investigations that could move forward without the participation of California, long considered a key to any deal, people familiar with the negotiations said. The terms of the deal remain fluid. Banks have proposed a deal excluding California that would carry a value of $18.5 billion, though the final outcome remains uncertain, people familiar with the discussion said. Negotiators are continuing to make a push to persuade California to join a settlement [Read More...]

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