Monthly Archives: July 2010

25% of Americans Have FICO Score Below 600

THINGS ARE OFF KILTERThe United States may still have a triple-A credit rating, but the creditworthiness of the people who live there has fallen sharply amid the housing bust and recession. In an economy where credit plays a central role, … Continue reading

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Don’t Tap Out Yet Vegas

A forecast of job growth four to six months in the future, the Southern Nevada Index of Leading Economic Indicators for July dropped by 0.57 percent after a slight increase last month according to UNLV. Visitor volume, convention attendance, and … Continue reading

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Foreclosures Reduce House Prices by 27%

A foreclosure reduces the value of a house by 27%, on average, and accounts for a much steeper price drop than other forced sales, according to a study by an Massachusetts Institute of Technology (MIT) economist and two Harvard University … Continue reading

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HAMP Has Forty Percent Failure Rate

TRIPLE DIP RECESSION? More than 40 percent of homeowners seeking help from the Obama administration’s flagship effort to rescue those at risk of foreclosure have dropped out of the program. The latest report on the program suggests foreclosures could rise … Continue reading

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Surrender to Austerity

THINK AND GROW RICH SEVEN HABITS OF HIGHLY SUCCESSFUL PEOPLE It’s time to surrender and accept the new world order, although you would never read that in a self help book. 2009 was marked with loan modification fraud and “produce … Continue reading

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Some Lenders No-show at Mediation

THINGS JUST FALL APARTThe program Friday released the first-year results showing that 29 percent of lenders did not appear for mediation sessions, had no authority to make a deal or did not bring all the documentation required, according to the … Continue reading

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Hamp is a Band-Aid; HAFA is an Exit Strategy

Special Inspector General for the Troubled Asset Relief Program , Neil Barofsky , criticized government claims of success in achieving permanent modifications under HAMP as unsubstantiated. He cautions the Treasury to keep close tabs on businesses receiving bailout funds, while … Continue reading

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Unusally Uncertain

THE FED SAYS THE SERENITY PRAYERFederal Reserve Chairman Ben Bernanke signaled Wednesday that no moves were imminent to bolster the recovery despite a “somewhat weaker outlook” for the economy. The Fed chief assured the panel that the central bank would … Continue reading

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Bringing Down the House

A durable solution to the crisis in housing needed to involve an answer to the epidemic of negative equity and a meaningful labour market recovery. Las Vegas has neither. And so the outlook for housing will be a bleak one … Continue reading

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Short Sale: Tell the Lender Early That It Must Waive the Deficiency Judgment

THE HOMEOWNER INTENDS TO NEGOTIATE A RELEASE The homeowner’s intention to negotiate a waiver of the deficiency judgment should be disclosed at the earliest possible opportunity during the short sale. Recently we have witnessed several short sales terminate unsuccessfully because … Continue reading

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