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Repossessed

searcher

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#1
In today's paper. Had to edit out pics due to copy right issues.



Repossessed
Home repossessions continue in Bucks, Montgomery counties


Another workday over, John Wright came home to relax on his front porch, take a slow drag on a cigarette, and stare across the street at three neighboring properties — all scheduled for sheriff's sale sometime in the next two months.

The sun was setting on the 300 block of Holly Drive in Bristol Township and the dozens of Levittowner homes built there in 1953.

Weeds were pushing up through cracks in the sidewalks. Dumpsters sat in the street. Windows were smashed. Court orders were tacked to the doors.

A longtime resident, Wright insisted it wasn't always this way on Holly Drive. "These front lawns — they used to look like golf courses," he said.

In 1994, Wright brought his house for $85,000, county records show. Today, he pays $4,494 a year in county, school and township property taxes to live in a neighborhood rocked by mortgage foreclosures.

Ten years after the Great Recession, Holly Hill is one of many neighborhoods locked in a vicious cycle. Home foreclosures have lowered property values. With lower property values, the government collects less from property taxes. If the government needs more cash, it can raise taxes. But, then, more homeowners might fall into foreclosure.

And so on. And so on.

At this news organization's request, RealtyTrac, an online marketplace of foreclosed properties, released its record of all the bank repossessions of homes in Bucks and Montgomery counties between Jan. 1, 2008 and June 30, 2017. Sorted by ZIP code, RealtyTrac records showed the highest rate of bank repossessions in communities with some of the highest property tax rates and some of the lowest property values.


Hardest hit ZIPs

The hardest-hit ZIP code in Lower Bucks County — 19055 — contains the Appletree, Crabtree, Dogwood, Farmbrook, Greenbrook, Kenwood, Red Cedar and Stonybrook sections of Levittown in Bristol Township. In that ZIP code, the U.S. Census Bureau recorded 3,058 homes and RealtyTrac reported 323 bank repossessions. That's one in every 15.7 homes repossessed by a financial institution within the last 9 1/2 years.

Bristol Township said it's aggressively working to reduce the number of abandoned, blighted and vacant properties. Township project manager Randee Elton urged neighbors to contact the township if they believe a home has been abandoned. Since 2015, the township has been working with the redevelopment authority to rehab abandoned houses and sell them, she said.

"The point of the our program is to let people know— mostly, to let the banks know — that they can't just sit on these properties," she explained. "A lot of the banks that we contacted have been taking care of these properties, and we want them to be resold."

In other cases, she said: "Some of them have roofs falling off. The grass is three feet high and the siding coming off. It's not fair to the neighbors."

In Upper Bucks County, the hardest hit was ZIP code 18077, which includes the borough of Riegelsville and portions of Durham. In that ZIP code, the U.S. Census Bureau recorded 1,035 homes and RealtyTrac reported 43 bank repossessions. That's one in every 24 homes repossessed by a financial institution.

"We would have no way of tracking this," Durham township administrator Dani McClanahan said of the bank foreclosures that led to those repossessions. Riegelsville officials didn't respond to requests for comment after phone calls and visits to the borough hall.

In total, the number of bank repossessions in Bucks and Montgomery counties — 12,158 homes — is equal to half of the homes in all of Bensalem, the ninth most populated community in the state, according to the U.S. Census.

No pocket of Pennsylvania was immune to property repossession, records show.

In total, RealtyTrac records found lenders repossessing homes at a rate of 3.5 per day in Bucks and Montgomery counties over the last 9 1/2 years.

The Brookings Institution, a 101-year-old Washington D.C. think tank, estimates that nationwide home vacancy rates rose by 44 percent between 2000 and 2010, as 4.5 million homes were lost to mortgage foreclosure and other factors.

In Bucks County, civil court records suggest at least 1,000 more properties could go into foreclosure within the next 12 months.

The process

The walls of the Bucks County Justice Center in Doylestown are papered with broken dreams.

In a sub-level corridor outside the sheriff's office, deputies recently posted 68 notices of upcoming sheriff sales. The published list for September and October auctions included 12 homes in Red Cedar, nine homes in Indian Creek, and four properties in Goldenridge. All are sections of Levittown. In the nearby Croydon section of Bristol Township, eight properties were listed for sheriff sale by the county.

The path to foreclosure and bank repossession of those homes will be complicated, expensive and time-consuming for both borrowers and lenders, experts say. The timeline can vary by the terms of a mortgage agreement and state and county laws governing public notice of foreclosures.

In Pennsylvania, Act 6 of 1974 requires a 30-day notice of a lender's intent to foreclose. Only then, can financial institutions file civil complaints for mortgage foreclosures in Bucks County Court. Homeowners can respond to those complaints, making their own counterclaims in a judicial process that can take months.

If a judge rules in favor of the lender, the sheriff’s office must post notices of that decision at the county courthouse and at the foreclosed property. State law requires notices be posted at least 30 days prior to a sheriff sale.

In 2010, two years after the housing bubble burst, 2,322 foreclosure complaints were filed in Bucks County's civil court, records show. Last year, 1,248 complaints were filed, according to the county. However, officials stressed that two or three complaints could be filed for the same property and not all cases end in bank repossession. Some property owners can fall behind on paying their mortgage more than once without losing their home, officials said.

One property – a home in Northampton – was listed in six complaints in mortgage foreclosure over nine years, civil court records show. And eight other properties were listed in civil complaints at least four times.

How we got here

Prior to the start of the Great Recession in late 2007, many would-be homeowners took advantage of low-interest loans to buy houses they couldn't afford, explained Michael Valenza, an associate professor at Temple University's Fox School of Business and chair of the department's legal studies program.


When unemployment skyrocketed and home values declined, many homeowners found themselves underwater – meaning they couldn’t sell their homes for enough money to pay off their mortgages. So they ended up defaulting and walking away, Valenza said. In some cases, that's still happening today, he added, but it's not as much of a crisis as it was seven or eight years ago.

Not everyone is as certain as Valenza.

Janet Yellen, chair of the U.S. Federal Reserve, cautioned against "excessive optimism" about the U.S. economy during an Aug. 25 speech at the Federal Reserve's annual conference in Wyoming.

"We can never be sure that new (financial) crises will not occur, but if we keep this lesson fresh in our memories — along with the painful cost that was exacted by the recent crisis — and act accordingly, we have reason to hope that the financial system and economy will experience fewer crises ... sparing households and businesses some of the pain they endured during the crisis that struck a decade ago," Yellen said.

Some communities have rebounded from the recession. Others, not so much, state records suggest.

Pennsylvania's State Tax Equalization Board tracks the assessed tax value of every municipality in the state. This news organization compared the total assessed values of property in local communities in 2008 with the estimated values for 2016.

In 20 communities, the overall assessed property value of the community is lower today than it was in 2008. That means that, in terms of tax value, those communities were worth more in 2008.

Neighborhood impact
A number of studies have looked at mortgage foreclosures and the impact on surrounding property values in locations around the country.

A 2006 study looked at 9,600 single-family homes in Chicago. For every foreclosed property within 1/8 of a mile, researchers reported a 1-percent drop in home value. A 2009 study looked at homes in Dallas County, Texas. Researchers reported a 0.5 percent price drop for every foreclosed property within 250 feet.

However, Scott Frame, a financial economist and policy advisor at the Federal Reserve Bank of Atlanta, advised against applying those study results to every neighborhood in America because market conditions vary.

“Foreclosed properties sell at a discount, likely because such properties are in worse condition,” said Frame. “Very nearby foreclosures appear to depress the sales prices of non-distressed properties, although this effect decays rapidly with physical distance and time.”

And in a her 2016 study titled “Interrupting the Blight Cycle,” Case Western University researcher Ellen Kirtner focused on government strategies to combat foreclosures in Detroit, where“78 percent of the properties sold at (public) auction fell back into (tax) delinquency” within two years.

In Michigan, anyone purchasing homes at a government auction must sign a waiver under penalty of perjury. In those waivers, potential home-buyer must state they don’t have fines for property tax delinquencies at other locations. Potential buyers also state that they have no other properties currently in foreclosure.

Surrounding Detroit, officials in Wayne County also introduced a “reverter clause” for properties sold at auction. Homes acquired through public auction can be seized by the government if the buyer fails to meet certain requirements for three consecutive years. The list includes failure to maintain or demolish the property, as required, and the promise not to "sell, transfer or convey the property” to someone else for three years.

Enjoying our content? Become a Bucks County Courier Times subscriber to support stories like these. Get full access to our signature journalism for just 44 cents a day.

James McGinnis: 215-704-0451; email: jmcginnis@calkins.com; Twitter: @james_McGinnis

http://www.buckscountycouriertimes....-11e7-9c70-ebb4812d3a06.html?hp=top-mainstory
 

Mujahideen

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Not to go off topic here…

With more and more autumn is Seshan, the less jobs means less taxes... and you can't collect taxes from robots...

Gonna leave the typo.
 

97guns

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Yep, lack of jobs, jobs drive economies
 

hammerhead

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Not to go off topic here…

With more and more autumn is Seshan, the less jobs means less taxes... and you can't collect taxes from robots...

Gonna leave the typo.
Don't have just hate autocorrect rrect. I didn't type the last part. Must be AI knowing what I was responding to.

I've come close to for closure. The lack of income wasn't as much of lack of jobs as much as it was lack of me being able to work. Even to this day, I would not make a good employee. Just making due with what I got. If I could do it all over, I would be a 97guns for sure.
 

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#5
Long-Term Mortgage Delinquencies Seriously Under-Reported
16SaturdaySep 2017

Posted by Mish | September 16, 2017 11:31:44 | Economics

31 Comments


Keith Jurow, a real estate analyst and author of the Capital Preservation Real Estate Report, pinged me a few days ago with his analysis that suggests long-term mortgage delinquencies are seriously under-reported.

Hi Mish,

I thought you might be interested in the important clarification I just received from my contact at the NY State Dept. of Financial Services.

A few weeks ago, I sent you the latest update (attached again) of pre-foreclosure notices sent to delinquent homeowners in NYC and LI. I had noticed that 80% were listed as delinquent for less than 60 days. I asked my contact why that percentage was so high when he had been telling me for several years that over 40% of these notices were repeat notices – sent to long-term delinquents.

His response was that for repeat notices, the mortgage servicers often provided the same information as on the original notice. For example, if a repeat notice was sent two years after the initial one, the length of delinquency was not changed from that first one. That was why a second notice where the borrower might be three years delinquent could show a delinquency of 60 days.

This clarification confirmed my belief that many – if not most – of the borrowers were now delinquent for several years.

Keith Jurow

New York Loan Delinquencies



Out of 65,523 loans, a whopping 52,218 supposedly fall into the 60-days or less delinquent bucket.

90-Day Pre-foreclosure Notices Filed with the NY Department of Financial Services



100% of those 65,523 delinquencies generated a 90-day pre-foreclosure notice.

Case closed.

Mike “Mish” Shedlock

https://mishtalk.com/2017/09/16/long-term-mortgage-delinquencies-seriously-under-reported/
 

searcher

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#6
Monday, September 18, 2017

Black Knight: Preliminary Assessment Shows Over 3.1 Million Mortgaged Properties in Hurricane Irma Disaster Areas
by Bill McBride on 9/18/2017 09:19:00 AM


From Black Knight: Black Knight: Hurricane Preliminary Assessment Shows Over 3.1 Million Mortgaged Properties in Hurricane Irma Disaster Areas
• Florida FEMA-designated disaster areas related to Hurricane Irma include over 3.1 million mortgaged properties

• Irma-related disaster areas contain nearly three times as many mortgaged properties as those connected to Hurricane Harvey, and nearly seven times as many as those connected to Hurricane Katrina in 2005

• The $517 billion in unpaid principal balances in Irma-related disaster areas is nearly three times the amount as in those related to Harvey and more than 11 times of those connected to Katrina

• Irma-related disaster areas now include more than 90 percent of all mortgaged properties in Florida

Today, the Data & Analytics division of Black Knight Financial Services, Inc. released a preliminary assessment of the potential mortgage-related impact from Hurricane Irma. As Black Knight Data & Analytics Executive Vice President Ben Graboske explained, both the number of mortgages and the unpaid principal balances of those mortgages in FEMA-designated Irma disaster areas are significantly larger than in the areas impacted recently by Hurricane Harvey.

“While the total extent of the damage from Hurricane Irma is still being determined, it is clear that the size and scope of the disaster is immense,” said Graboske. “Indeed, in terms of the number of mortgaged properties and their associated unpaid principal balances, Irma significantly outpaces even the number of borrowers impacted by Hurricane Harvey. With FEMA expanding the number of Irma-related designated disaster areas late Wednesday, Sept. 13, to a total of 37 Florida counties, more than 90 percent of all mortgaged properties in the state now fall into such areas. More than 3.1 million properties are now included in FEMA-designated Irma disaster areas, representing approximately $517 billion in unpaid principal balances. In comparison, Harvey-related disaster areas held 1.18 million properties – more than twice as many as with Hurricane Katrina in 2005 – with a combined unpaid principal balance of $179 billion. Irma-related disaster areas now contain nearly seven times as many mortgaged properties as those connected to Katrina, with more than 11 times the principal balances.

“As Irma forged its path of destruction through the Caribbean, one relatively positive development was that Puerto Rico escaped the direct hit many had predicted. From a mortgage performance perspective, this was particularly good news, as delinquencies there were already quite high leading up to the storm. At more than 10 percent, Puerto Rico’s delinquency rate is nearly three times that of the U.S. average, as is its 5.8 percent serious delinquency rate. In contrast, the disaster areas declared in Florida have starting delinquency rates below the national average, providing more than a glimmer of optimism as we move forward.” CR Note: Delinquencies will rise in both Texas and Florida in the next few months. Unfortunately it looks like Puerto Rico will take a direct hit from Hurricane Maria this week.

Read more at http://www.calculatedriskblog.com/2...eliminary-assessment.html#6lVIITDRDmeXIjEr.99
 

searcher

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#9
Wounds healed, scars remain
  • 8 hrs ago

The great financial meltdown that closed out the last decade and left millions of Americans financially wounded is mostly behind us. The markets have recovered, unemployment is down, spending is up.

But scars remain.

Across Bucks County, in places like Levittown, Riegelsville and Durham, homes that once provided shelter for families now sit empty — windows broken, once neatly trimmed lawns gone wild, the American dream turned nightmare.

The seeds of that nightmare were planted in the fevered days of the early 2000s, when what economists described as "irrational exuberance" drove the financial markets to giddy heights and real estate values went along for the ride. Financial institutions, trying to keep pace, lowered their standards in order to qualify home buyers for oversized loans.

When the crash hit in 2008 and real estate values sank while unemployment exploded, many buyers found themselves owing more than their homes were worth. Some just walked away. Others, unable to pay their mortgages, became victims of foreclosure, as lenders took the homes to settle the debt. That painful adjustment goes on to this day.

Most of the affected homeowners live in the sort of working-class neighborhoods mentioned above. As our recent story "Repossessed" reported, the impact on those communities is multifaceted and cyclical. The loss of tax revenue affects government services. And raising taxes only exacerbates the problem by potentially forcing even more taxpayers into foreclosure and putting an even greater squeeze on government revenue and the services it funds. But that's just the financial impact.

The effect on residents' quality of life is equally significant. Repossessed homes don't get the loving attention their former owners gave them. Banks want to spend as little as possible on properties that already are affecting their bottom line — thus, the unkempt lawns, broken windows and other unsightly signs of neglect. The blight, in some cases involving two or three homes on a single street, hurts the value of neighboring properties.

And not only do they harm a neighborhood's appearance and appeal, the properties become targets for vandals and other uninvited guests. And so residents' safety is compromised.

This is not an uncommon scenario in low-income/high-tax communities such as Bristol Township. In fact, more than 10 percent of homes sold in some sections of Levittown over the last 9½ years have gone to foreclosure. And many resales likewise end in foreclosure, researchers in other parts of the country have discovered.

To stem that tide, one state now requires buyers bidding at government auctions to sign a waiver stating they have not been fined for tax delinquency and do not have any other properties in foreclosure — requirements state government should mandate here. Likewise, financial institutions should be required to notify local officials of foreclosed homes so inspectors can keep tabs on their upkeep.

We sympathize with folks who have lost their homes. But their broken dreams should not become a nightmare for someone else.

Enjoying our content? Become a Bucks County Courier Times subscriber to support stories like these. Get full access to our signature journalism for just 44 cents a day.

http://www.buckscountycouriertimes....cle_0e1437dd-4f99-5e9a-9c63-af47244d3186.html
 

Uglytruth

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#10
Thanks Searcher. I was wondering about that, who takes the hit, how people without jobs to get back to can make payments, how people with destroyed housing and no place to live what happens to their car, house, boat, utility and everything else payments. Hard to get a bill when there is no house or even a mailbox.
 

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#13
How to Fight the Global Wall Street Landlords

Posted on November 8, 2017 by Yves Smith

By Cat McShane, a journalist and filmmaker based in London, Yiannis Panagiotopoulos, a journalist in Athens and Pere Rusinol and Esperanza Escribano, journalists in Barcelona. Originally published at openDemocracy


Banks and vulture funds make money from ordinary people’s distress. The only way to fight back is to outsmart them.

Thank you, for making the impossible, possible,” a beaming Ada Colau told thousands of whooping supporters packed tight on the cobblestones of central St. James Square in Barcelona’s old town. It was June 13th 2015, and she had just been sworn-in as Mayor of Barcelona.

Colau won on a wave of support for the way she had fought the housing crisis as founder of Spain’s Platform for People Affected By Mortgages (PAH), an extraordinary movement that has mobilised thousands of ordinary citizens to take direct action against forced evictions and rising mortgage costs.

Its target are Wall Street giants—the so-called ‘vulture funds’—that have been on a house-buying spree across Europe and the United States since the 2008 financial crash. According to the New York Times, Goldman Sachs, Cerberus Capital Management, Lone Star Funds, Blackstone Group and other US companies have bought more than €223 billion worth of troubled real estate loans in Europe in the last four years.

The profits made by these institutions from ordinary people’s distress have made them the target of a backlash that has bought together homeowners, renters and housing activists across the world. Campaigners have one common fight—to protect the right to decent and affordable housing for everyone.

“Capital operates globally, as Blackstone does, and we must set up a global movement too. People have the same problems in Madrid, Dublin and New York and they face exactly the same actors,” said Santi Mas de Xaxàs in an interview with us, a PAH activist and speaker for its international network.

Blackstone and the others have quickly proved themselves to be ruthless landlords. Paquita Rivas, for example, is retired and is now a PAH activist. During the recession, her daughter was forced to sell the apartment she’d bought during the boom times but for a rock bottom price, leaving her owing €55,000 to the bank. When Blackstone took over the mortgage, they came after her parent’s home as payment. “I spent day and night crying until a friend put me in contact with PAH. We were very afraid, but ultimately we decide to fight and we won. Yes, we can!”

The PAH has sought to create alliances with groups like Right to the City in the USA, a network of grassroots organisations from some of the poorest communities in America. Blackstone began buying up the homes that were vacated by people no longer able to pay their mortgages in the aftermath of the 2008 crash cheaply and in volume—up to a 1,000 homes a day—and then rented them back to the newly dispossessed. Almost overnight, Blackstone became the biggest landlord in the United States.

Tony Romano is Right to the City’s executive director. He told us that organising tenants is tough because Blackstone’s purchases were spread out across the country, but a visit to Spain proved transformative:

We went to learn about the movement and their model of organisation. There are few examples of activist led movements that have reached scale. We made a partnership, and put that into a manifesto of seven international demands against Blackstone.

This partnership turned into the first ever day of action against Blackstone in New York, Dublin and London, along with a drive to jam their phone lines and to speak to or email Blackstone CEO Stephen Schwarzman with this message:

Mr. Schwarzman, I stand with Blackstone tenants and community organizations around the world. Stop buying up our foreclosed homes and public housing, stop all your unjust evictions and make your rents affordable. I support this important struggle and will not let up until you meet the tenants’ demands. Homes are NOT a commodity!

Since then, Right to the City has acted more aggressively in mobilising tenants across the US. “We’re moving into places that are not organised and starting from scratch,” Romano told us.

In September 2017 it held its first nationwide ‘Renters Week of Action,’ with groups across the country holding marches, staging sit-ins and confronting landlord lobbying associations with demands that included rent controls, the prevention of unjust eviction and the right of tenants to bargain collectively with landlords without fear of reprisals.

Romano and his army of grassroots activists can expect no support from the current US administration. Blackstone founder Schwarzman is a close ally of President Trump and donated $5.5 million to the Republicans in the 2016 election. In January 2017, Fannie Mae (the US government agency responsible for expanding homeownership) announced that it would underwrite Invitation Homes, the company Blackstone set up to purchase all of its new rental housing, so if Invitation goes bust, American taxpayers will bail it out.

Romano is honest about his chances: “We’ve won some victories but the reality is that our power to influence is limited.” Since the beginning of the last recession a decade ago, the number of poor families in the United States struggling to pay their monthly rents or living in “deplorable accommodations” has grown by 41 percent.

Across the Atlantic in Ireland, vulture funds now own 48,199 mortgage accounts, with one in ten homeowners behind with their repayments. Byron Jenkins is one of them, though he’s an unlikely hero—a construction boss who went bankrupt after the 2008 crash and faced eviction in 2013. He and his wife set up a non-profit organization called ‘The Hub’ above a shop in Dublin to help others like them by advocating for people to stay in their homes and fight proceedings brought against them by banks or vulture funds.

The Hub gives people the tools to represent themselves at court and has also learned from the PAH. “We were watching other countries experience the same as us but it didn’t sink in what we could learn,” Byron told us, “we wanted to know how to bring a country together.”

In Ireland, he added, pride has prevented people from talking about their financial problems, often suffering in silence until eviction day looms. James and Kathleen, for example (not their real names) are being chased by a vulture fund for €150,000 despite receiving an original loan of only €55,000, the total escalating through interest and fees. Negotiating through official routes hasn’t worked.

“It’s the mental strain of what those people do to you,” Kathleen sobbed down the phone, “they will chase you until the day you die.” We heard this refrain many times. This year, legal actions against borrowers in Ireland have rocketed: Goldman Sachs, Cerberus and CarVal (another US fund) have already pursued 370 prosecutions compared to 160 in 2016.

One of the first things The Hub did after its visit to Barcelona was to explore ways to help people feel less intimidated by a courtroom setting. They wrote a free guide and instigated role-plays of court scenarios for those representing themselves. Kathleen told me a visit to Byron was the first piece of hope she had of keeping the family home. Today they have a legal team and are fighting in the high court.

Renters too have found that the old ways of negotiating don’t wash in post-crisis Ireland, which has seen the private rental sector (PRS) become the target of large corporate landlords backed by international finance. “The PRS in Dublin is a home run,” said a US investor in a recent report issued by accountancy firm PWC; equity is flowing into Europe “from all corners of the globe and all types of investors… residential is on the radar and is undervalued because it gives long-term, stable returns.” As a consequence of this growing power, rents have steadily risen, with Dubliners this year spending an average of 55 per cent of their income on rent.

When we met one of them, Mariana, in a busy cafe in Dublin, she was still reeling from losing her home after her apartment block was bought by a corporate landlord called IRES. Set up by a huge Canadian firm called CAPREIT to buy homes in Ireland in 2014, it’s now the country’s biggest private landlord. IRES raised her rent by nearly €300 a month and acted aggressively to remove her when she attempted to negotiate.

“Their attitude was, we don’t care about you, you’re not a person, you’re just a number,” she told us. IRES argued that the rent increase was ‘in line with the local market,’ but the reality was that the company had distorted the local market through buying so many apartments and raising the rent every time someone moved out. The new rent would have taken up over half of her pre-tax pay packet.

IRES forced Mariana to give three months notice at the new level of rent and took that extra money out of her deposit. She told us that she was too scared to fight them any longer. In the last year IRES has made 43 applications to the courts to evict people, mainly those refusing to pay the higher rents. These tactics are effective: in 2016, IRES’ profits rose by over half to €47 million.

At the time we talked Mariana was sofa-surfing with friends’ until she could raise the money for a deposit, her belongings stored in a basement at work. “I know I’ll get through it but it’s embarrassing. You feel like you’ve failed at something but you’ve done nothing wrong.”

The Irish Housing Network (IHN) is a loose affiliation of activist groups that also went to Barcelona last year, where they heard about PAH’s “Obra Social”—direct action to help evicted people occupy empty apartments owned by bailed-out Spanish banks.

IHN’s most notable success is “Home Sweet Home,” the occupation of an empty former government building called Apollo House in Dublin by 90 people without homes. When the Irish government threatened HSH with eviction they organised a rally to defend themselves. Apollo House was only returned to the government once its demand for every occupier to be properly housed had been met.

Activists internationally will need to work hard over the coming years to defend the right to housing, since Wall Street has made clear that its appetite for real estate is undimmed. Over the last year, both Cerberus and Blackstone have made major incursions into the UK with the purchase of mortgages held by failed banks like Northern Rock and Bradford & Bingley, with further sales pencilled in for 2018. In the United States, Blackstone has expanded into multi-family developments like Stuyvesant and Kip Bay.

For most people, the economy has never recovered from the crash of 2008. Others are too young to have known a more financially secure way of life. Meanwhile, some of the richest people in the world like Schwarzman continue to profit handsomely. Now they want to make more money from our homes, and they’ll devise endless innovative tactics to do so. The only way to fight back is to outsmart them.

This article was developed with the support of Journalismfund.eu.

This entry was posted in Guest Post, Legal, Politics, Private equity, Real estate, Regulations and regulators, The destruction of the middle class on November 8, 2017 by Yves Smith.

https://www.nakedcapitalism.com/2017/11/fight-global-wall-street-landlords.html
 

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#14
Black Knight Mortgage Monitor: '“Hurricane Effect” Aside, Mortgage Performance Continued to Improve in 2017'
by Bill McBride on 2/05/2018 09:03:00 AM


Black Knight released their Mortgage Monitor report for December today. According to Black Knight, 4.71% of mortgages were delinquent in December, up from 4.42% in December 2016. The increase was primarily due to the hurricanes. Black Knight also reported that 0.65% of mortgages were in the foreclosure process, down from 0.95% a year ago.

This gives a total of 5.36% delinquent or in foreclosure.

Press Release: Black Knight’s Mortgage Monitor: “Hurricane Effect” Aside, Mortgage Performance Continued to Improve in 2017; Foreclosure Starts, Completions at 17-Year Lows

Today, the Data & Analytics division of Black Knight, Inc. released its latest Mortgage Monitor Report, based on data as of the end of December 2017. This month, Black Knight’s examination of year-end trends in mortgage performance found that – as expected – the year’s multiple major hurricanes have left lasting effects. However, as Black Knight Data & Analytics Executive Vice President Ben Graboske explained, when taking the storms’ impacts into consideration, 2017 continued a long-term trend of improvement for the market.

“Hurricanes Harvey and Irma significantly impacted 2017 mortgage performance metrics,” said Graboske. “Overall, there were approximately 164,000 more past-due loans at the end of 2017 than the year before, pushing the national delinquency rate to a 23-month high. When Black Knight isolated non-hurricane-impacted areas – which represent 90 percent of the entire active U.S. mortgage universe – we see the national delinquency rate actually fell to 11 percent below long-term norms. Likewise, the 90-day delinquency rate was also up six percent from last year, with roughly a third more seriously delinquent loans than we'd expect in a healthy market. Excluding the hurricane impact, though, we see that there were 84,000 fewer loans 90 or more days past due than last year; a 14 percent reduction. The national non-current rate – which tracks all loans 30 or more days past due or in active foreclosure – edged down slightly from 2016, even including the effects of the storms. Isolating those non-hurricane areas, though, we see that the total number of past-due mortgages fell by more than 140,000 – which brought the non-current rate in these areas down 10 percent below long-term norms.

“Due to the various foreclosure moratoria put into place after the storms, there was no hurricane impact to speak of in that regard. In fact, the improvement in foreclosure inventory – which continued unabated in 2017 – may have actually received a short-term boost from the moratoria. In any case, it was a record-setting year in terms of foreclosure activity. Just 649,000 foreclosure starts were initiated in 2017, which was the fewest of any year since 2000, with the lowest number of first-time starts on record. In fact, first-time foreclosure starts were 15 percent below 2016 levels and roughly half the annual average seen from 2000-2005. Likewise, the year saw the lowest single-year total for foreclosure completions since the turn of the century. All in all, the inventory of loans in active foreclosure is on track to normalize in 2018. That said, there are still issues with aged inventory; more than 125,000 active foreclosures have had no payments made in more than two years. Of those, some 63,000 have gone unpaid for five years or more.”

Black Knight also observed evidence of the “hurricane effect” at work in the home equity market. Similar to the first lien market, nearly 10 percent of active home equity loans and lines of credit – over 1 million in total – are located in areas impacted by the year's major hurricanes, primarily in Florida. Noticeable jumps were seen in the number of past-due loans and lines, although the overall impact has been muted as compared to the first lien market. In Irma-impacted areas, the share of past-due second lien lines of credit increased from July to November by 117 basis points (from 3.2 to 4.4 percent) and second lien loans by 349 basis points (7.2 to 10.7 percent). Increases were also seen in Harvey-affected areas of Texas, with the non-current rate on lines increasing by 79 basis points to 1.9 percent, and by 378 basis points on loans to 11.8 percent. An estimated 17,200 second liens became delinquent as a result of the storm, with 5,000 resulting serious delinquencies. In a market where delinquency rates are relatively low, the rise has been noticeable.
emphasis added

image: https://2.bp.blogspot.com/-YE8j1MEsFoY/WnhjGga39KI/AAAAAAAAtxQ/WKQFvN2feWINddnjEYns9dR8XQcN54FmQCLcBGAs/s320/BKFSDec2017.PNG



Click on graph for larger image.

This graph from Black Knight shows the foreclosure inventory by delinquency bucket. Notice short term is at record lows, but lenders are still working through older loans.

From Black Knight:
• There are 331K loans in active foreclosure nationwide, down by more than 150K from last year

• Total foreclosure inventory is just 2.0 percent above pre-crisis averages, an excess of approximately 5,600 over what would be expected in a normal market

• Just over 200K are early-stage foreclosures (delinquent for less than two years), almost 100K fewer than “normal”

• In a typical market, this subset of foreclosures would make up the vast majority (93 percent) of active foreclosures

• During the financial crisis, the share of early-stage foreclosures got as low as 45 percent (2014); it currently stands at 65 percent

• More than 125K active foreclosures have had no payments made in more than two years

• Of these, nearly 64K have gone unpaid for five years or more, a number which would typically be fewer than 1,500 nationallyThere is much more in the mortgage monitor.



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Posted by Bill McBride on 2/05/2018 09:03:00 AM


Read more at http://www.calculatedriskblog.com/2...ge-monitor-hurricane.html#4QifxUdLxKg98Brz.99
 

97guns

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#16
A flooding of foreclosures is a wonderful scenario for the ones with cash on the sidelines waiting to jump on some undervalued asset
 

Uglytruth

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#17
A flooding of foreclosures is a wonderful scenario for the ones with cash on the sidelines waiting to jump on some undervalued asset
Just sounds like more homeless rent slaves to me. There has to be a balance point between bills & monetary freedom so we all prosper.
 

searcher

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#18
Roof repossession...................

Roofer is arrested after 'repossessing the roof of a house' over a payment dispute with the owner

  • Andrew Jackson Higdon III, 66, was arrested on Tuesday in northeast Louisiana
  • He is charged with criminal damage and trespassing, both misdemeanors
  • Repossessed roof and homeowner suffered $11,500 in rain damage, cops say
  • Higdon denies all of the allegations and accuses homeowner of scamming him


Read more: http://www.dailymail.co.uk/news/article-5591531/Louisiana-roofer-arrested-repossessing-roof-house-calls-claim-hogwash.html#ixzz5C6MM9jjw
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arminius

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#19
http://truedemocracyparty.net/2013/...ranslated-mort-means-death-gage-means-pledge/

MORTGAGE = DEATH PLEDGE: Latin words Mort-Gage Literally Translated Mort Means (Death) Gage Means (Pledge) “Debt Slavery=Human Mortgages=Debt Till Death! Time To Re-Think America!”
JANUARY 23, 2013 BY ADMIN


The word “mortgage” comes from the French “mort-gage”, literally death-pledge. The French peasants were working until they died for the privilege of owning a house. Same Game! Same People! Different Time! WTH!!!
Historically, when the oldest son of a nobleman needed large sums of money which his father refused to give him, he often turned to borrowing.
In arranging the loan, he would gage or “pledge” to repay the debt when his father died (at which time the son expected to receive his inheritance).
***
***
What is a Mortgage?
To understand what is a mortgage is you first have to understand the etymology {history} of the word mortgage.
It is said that the first mortgage ever recorded dates to 1190 in England. Common English Law provided protections to the grantee (lender) of that mortgage loan and these protections granted the lender in the borrowers property.
At that time most pledges or loans were what was known as “Living Pledges” which were just that pledges of possessions while one was living until the debt was paid.

Death Pledge

By contrast the word “Mortgage” is the opposite of the Living Pledge . It is a compound word from the Latin words Mort-Gage. Literally translated Mort means death Gage which means pledge.
mortgage = death pledge
BY RICARDOCOBOS
***
N.W.O. PLEDGE OF ALLEGIANCE
I Pledge my Life, to the Banks, into Slavery for which they Stand…
One World Order…under Satan…Their God
With Liberty and Justice…for only Them.
*FIGHT THE NEW WORLD ORDER!!! OR ACCEPT THEIR PLEDGE!*
RESISTANCE IS NOT FUTILE!!! RESISTANCE IS FRUITFUL!!!
***
***

THE LIE:
The word mortgage is a French Law term meaning “death contract”, meaning that the pledge ends (dies) when either the obligation is fulfilled or the property is taken through foreclosure.[1]
This of course, is a Lie to hide the true meaning of “death pledge”. If this were the real and original meaning, ALL CONTRACTS WOULD BE MORTAGES! Because, in theory, “All Contracts are PLEDGES that End/Die when the Terms of said Contract/Pledges have been met.”
This is what is called “Revisionist History”. Changing history or the meaning of words.
They made no mistake when they coined this word. It means exactly what it says.
The question is, How long will we allow this type of slavery death pledge “contract” to exist in a truly civilized society.
RELATED:
[ ICELAND FORGIVES ENTIRE POPULATION OF MORTGAGE DEBT!: How Mortgage Debt Forgiveness Helped Iceland — And Could Do The Same In The U.S. ]
[ NORWAY WRITES DOWN 90% OF POPULATIONS MORTGAGE DEBT: A Case For Debt Forgiveness “When Debt Is Fraud, Debt Forgiveness is the Last And Only Remedy!” ]