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July 20, 2011

Would you believe ...

Here's a round of "can you believe this" for the real estate crowd:

o Remember robo-signing, which brought foreclosure sales to a halt last fall, prompted federal investigations and has left banks negotiating exactly how many billions of dollars they'll have to pay to settle the issue? The Associated Press says mortgage companies are still doing it. And, in a twist, largely on documents for refinancing and purchase mortgages rather than foreclosures. Politicians are calling for new hearings.

o You know those all-cash deals for homes? Some investors are taking that literally, skipping the checkbook and bringing dollar bills. "One guy came in with a Safeway bag with $10,000 in it and counted it out on the table," a California real estate agent told the San Jose Mercury News.

o Think people who bought their homes at the height of the bubble are the most likely group to ask way too much if they're listing it for sale now? Zillow says that distinction goes to the homeowners who bought after the June 2006 peak. "Sellers who bought post-bubble seem to think that since their home purchase occurred after the peak of the market, and thus home values were already significantly discounted relative to the peak, the seller escaped the worst of the bubble," Zillow's Steve Brownell writes. "The problem is that 'The Bubble' didn’t pop so much as steadily deflate for the better part of 5 years now, and current home values now represent what they were worth in 2003." 

Posted by Jamie Smith Hopkins at 6:00 AM | | Comments (0)
Categories: The foreclosure mess

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About Jamie Smith Hopkins
Jamie Smith Hopkins, a Baltimore Sun reporter since 1999, writes about the regional economy. Her reporting on the housing market has won national and local awards. Hopkins is a Columbia native and has lived in Maryland all her life, save for 10 months spent covering schools in Ames, Iowa.
She trained to become a wonk by spending large chunks of time as a geek and an insufferable know-it-all.
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