Wall Street Journal (November 13)
“Foreclosures are surging in an opaque and risky corner of commercial real-estate finance, offering one of the starkest signs yet that turmoil in the property market is worsening.” Through just October, the Journal found notices for “mezzanine loans and other high-risk loans” had already more than doubled the number for all of 2022 and likely reached “the highest total ever for a single year, as higher interest rates and rising vacancies punish the property sector.”
Tags: Commercial, Finance, Foreclosures, Highest, Interest rates, Mezzanine loans, Property market, Real estate, Risky, Surging, Turmoil, Worsening
Wall Street Journal (March 29)
“The downward trend in personal bankruptcies bucks predictions by analysts and economists that disruptions from Covid-19 lockdowns and restrictions early in the pandemic would lead to a sharp increase in filings. Economists and bankruptcy lawyers say federal suspensions of evictions, home foreclosures and student-loan obligations have helped limit bankruptcies—though they worry bankruptcy rates could go up after aid ends.”
Tags: Analysts, COVID-19, Disruptions, Downward, Economists, Evictions, Foreclosures, Lockdowns, Pandemic, Personal bankruptcies, Predictions, Restrictions, Student loans, Trend
Boston Globe (October 25)
The state’s Supreme Judicial Court sent shock waves through the real estate industry last week. In a ruling which could impact thousands of other home purchases, the Court ruled that a man who purchased a foreclosed property five years ago “doesn’t actually hold title to the property…because the bank had illegally seized the property from its former owner.” Big banks failed to follow “the most basic, common-sense aspects of the law.” Now a cloud hangs over other homeowners who could face the same situation.
Tags: Banks, Foreclosures, Homeowners, Law
Wall Street Journal (October 9)
Bank of America, J.P. Morgan Chase and other U.S. lenders have called a halt on foreclosures as they determine whether legal requirements were met on previous foreclosures. Paperwork for foreclosures in 23 states may lack the required signature of an individual who personally reviewed all the relevant mortgage documents. The Wall Street Journal believes the moratorium is damaging “to the housing market, which desperately needs to find a bottom by clearing excess inventory and working through foreclosures as rapidly as possible.”
Tags: Foreclosures, Mortgages, U.S.
New York Times (August 20)
Too many people are losing their homes. July marked the 17th consecutive month of over 300,000 foreclosure filings. As houses are repossessed and sold, the real estate market suffers. The New York Times calls on government action “to help Americans hold on to their homes and to stabilize home prices.”
Too many people are losing their homes. July marked the 17th consecutive month of over 300,000 foreclosure filings. As houses are repossessed and sold, the real estate market suffers. The New York Times calls on government action to “to help Americans hold on to their homes and to stabilize home prices.”
Tags: Foreclosures, Real estate, U.S.
