For the 59th month in a row, Nevada continues to have the highest foreclosure rate in the country — despite a new law that took effect in October that changed the state’s foreclosure process and was expected to curtail foreclosures there. Although foreclosures were down 43 percent year-over-year in Nevada, its foreclosure rate still remained higher than any other state. The following are the top 10 states with the highest foreclosure rates in the country in November, according to RealtyTrac […]

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In Chicago, lenders are required to maintain vacant homes in foreclosure, such as by keeping lawns mowed and tidy and attending to maintenance issues inside. Lenders found in violation can face daily fines up to $1,000. But the Federal Housing Finance Agency (FHFA) is suing the city of Chicago for its new ordinance, saying the city is overstepping its authority with the mandate. FHFA, which oversees Fannie Mae and Freddie Mac, says the ordinance is unfair because it “imposes all […]

Mortgage fraud activity slowed overall in the third quarter, but California ranks first in home loan fraud, with the state seeing as much as $204.2 million in losses on deceptive mortgage activity. That’s according to a new report from MortgageDaily, which found that lenders victimized by fraud faced inflated appraisals and fraudulent documentation. California was followed by New York, which experienced $199.6 million in losses from nefarious activities in mortgage finance. New York was followed by Florida, South Carolina and […]

Where are rates heading? You may soon get more insight with a new proposal the Federal Reserve is weighing. The Federal Reserve doesn’t traditionally make a point to reveal its predictions for future actions on interest rates widely known to the public — that is, until recently. This summer in a rare step, the Fed announced that it would keep short-term interest rates at nearly zero until 2013. The Fed may start making it a tradition to reveal more with […]

Even if home prices and household leverage stabilize next year, mortgage debt outstanding will continue to contract over the next several years because of high credit losses, according to analysts at financial services firm Keefe, Bruyette & Woods. “Given the high delinquency rates, large discounts in private label securities prices and large provisions already taken by banks, in our view it is clear that a meaningful percentage of loans will default and not be replaced by new loans as the homeownership […]

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Bank of America (BAC: 5.45 -4.72%) is looking at a new program to rent a home back to the borrower after foreclosure. “There are programs that we are quite interested in,” said Ron Sturzenegger, who leads the bank’s legacy asset servicing division, in an interview with HousingWire. “We are talking with investors that would come in and buy these houses and would lease them back to who would now be the now tenant.” In February, BofA formed the division to […]

In many recent cases, new homes are being appraised for less than the cost of construction, according to the National Association of Home Builders. Builders are blaming flawed appraisals for holding back the housing market’s recovery. Builders say that new homes should not be compared to foreclosed homes that have sat vacant and are in disrepair. “The inappropriate use of distressed and foreclosed sales as comparables in determining new home values is needlessly driving down home prices, killing home sales, […]

The average rate on the 30-year fixed mortgage hovered above its record low for a sixth straight week. But the super-low rates aren’t providing a lift to the struggling housing market. Freddie Mac said Thursday the rate on the 30-year home loan ticked down to 3.99 percent from 4 percent the previous week. It dropped to a record low of 3.94 nine weeks ago, according to the National Bureau of Economic Research. The average rate on the 15-year fixed mortgage […]