U.S. home prices fell 0.4% in November from October, the fourth-straight monthly decline according to FNC‘s residential price index. November prices also decreased 4.6% from a year earlier, though FNC said year-over-year declines have stabilized in recent months. The Oxford, Miss.-based company said delinquent mortgages and foreclosures continue to handcuff the housing market. FNC’s measure excludes sales of foreclosed homes and is not seasonally adjusted. CoreLogic (CLGX: 13.75 +0.95%) reported last week a 4.3% year-over-year drop in national home prices […]

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O.J. Simpson, the 64-year-old former football star, is facing foreclosure on his Miami home while he serves a prison term in Nevada. Simpson purchased the 4,233-square-foot, four-bedroom, four-bath house in 2000 for $575,000, according to media reports. The home’s assessed value now stands at $478,401, the Associated Press reports. Simpson was convicted of kidnapping, armed robbery, among other charges, from a 2007 confrontation with sports memorabilia dealers in Las Vegas. He is serving a nine to 33-year prison sentence in […]

Home and condo sales for metropolitan Detroit inched up 2.2% in 2011 as the second half made up for a slow first six months, according to local multiple listing service Realcomp. Sales last year rose by about 1,000 to a total of 51,531 homes and condos over 2010 figures. The city of Detroit, however, saw home sales decline 8.4% to 6,457 in 2011. The average median sales price for metro Detroit also dipped, nearly $1,000 to $66,896, from the year […]

Mortgage servicers are putting more failed Home Affordable Modification Program trials through foreclosure than they were one year ago. According to Treasury Department data released last week, 10.6% of the more that 615,000 canceled HAMP trials completed the foreclosure process as of Nov. 1. That’s more than double the 4.4% of failed HAMP trials foreclosed on as of November 2010. While foreclosures are increasing, alternative modifications on these loans are dropping. Of the canceled HAMP trials, 39.7% went through the […]

Amanda Wilson, a real estate agent for Esslinger Wooten Maxwell in Fort Lauderdale, offers five predictions for the housing market in 2012: • Buyers will be busy. South Florida sales were strong in 2011, despite sluggish national numbers. Economic conditions and consumer sentiment will continue to improve during this election year. • Foreclosures will increase. Analysts are concerned about the “shadow inventory” — homes that ultimately will go on the market for sale because the owners are in default or […]

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RealtyTrac Inc., announced this week that more than 75,000 residential and commercial properties were taken back by banks since the beginning of 2007 in Palm Beach and Broward counties. A few hours later, CondoVultures.com came out with its own report: in excess of 94,000 properties in the two counties were repossessed during the same period. Both firms say they get their information from public records. What gives? Seems they have different definitions of repossession. RealtyTrac, an Irvine, Calif.-based foreclosure listing […]

They offer yields so lofty they’re likely to fall. But mREITs may still have potential for investors. As bond, CD, and money market interest rates remain mired at rock-bottom levels, investors continue their quest for dividends. One category offers eye-popping yields: mortgage real estate investment trusts, or mREITs (which are required to pass most of their income to shareholders via dividends). Chimera Investment and American Capital Agency each yield more than 19%. And the largest mREIT, Annaly Capital Management — […]

Bank risk professionals believe Americans who are over leveraged on mortgage, student loan and credit card debt remain a risk to the broader economy, according to a FICO report. FICO drew that conclusion from a fourth-quarter survey of bank risk professionals conducted by the Professional Risk Managers’ International Association. Of those surveyed, 47% of risk managers say they expect mortgage delinquencies to rise, while 13% believe delinquencies will fall. FICO says that’s more pessimistic when comparing 4Q survey results to […]