Foreclosure crisis is drawing to a close
Our long national foreclosure nightmare may be over.
The number of new foreclosure filings in August hit its lowest level in nearly eight years, according to RealtyTrac, an online marketer of foreclosed properties.
Soaring home prices and a big decline in underwater borrowers -- those who owe more on their mortgage loans than their homes are worth -- have helped drive the trend.
August's initial foreclosure filings fell 44% to 55,575, just below the 56,063 that were recorded in October 2005. The foreclosure crunch began in summer 2006, at about the same time that housing prices hit their peak.
Lloyd Segal Foreclosure
Silicon Valley Dominates 2013 List Of America's Most Expensive ZIP Codes
In Atherton, Calif., 94027, the most expensive home on the market is listed for million. But perhaps the best gauge of this Silicon Valley enclave’s exclusivity is the price of a starter home. The cheapest house for sale in Atherton, a 1,194-square-foot, two-bedroom bungalow on a 6,000-square-foot lot, has a .2 million price tag.
The median price of the 50 single-family homes that were listed for sale over the summer in Atherton 94027 is .67 million, making it the most expensive ZIP code in America.
“Atherton is by far the closest, most centrally located of all the super high-end communities in Silicon Valley,” says Ken Deleon, a broker in Silicon Valley whose eponymous realty firm has closed 5 million in sales in the first three quarters of 2013. “Of all the high-end luxury cities [in the Valley] it is doing the best.”
Cash-flush foreign buyers from China and India have been moving in, joining the wealthy Americans who live there. Six FORBES 400 billionaires reside in Atherton, including Google Chairman Eric Schmidt, discount brokerage tycoon Charles Schwab, and HP chief Meg Whitman. “Just two days ago I was showing a million home in Atherton to a local tech CEO of a publicly traded company,” adds Deleon.
The top 10 of our list of Most Expensive ZIP Codes is dominated this year by California’s Bay Area. Atherton is followed in second place by Los Altos Hills, 94022 (not to be confused with neighboring Los Altos); Belvedere, 94920, at No. 4; and Portola Valley, 94028, at No. 9. Another seven Bay Area ZIPs round out the top 50, including Hillsborough’s 94010 (No. 13), Woodside’s 94062 (No. 22) and Palo Alto’s 94301 (No. 38). For more information about Lloyd Segal visit http://www.lloyd-segal.net
96,000 borrowers shortchanged in mortgage settlement
Checks meant to compensate mortgage borrowers who fell victim to foreclosure abuses have finally started arriving in mailboxes -- but many of the checks have come up short.
Due to a processing error, 96,000 borrowers received checks for less than what they were owed under a settlement reached between the government and 13 mortgage servicers, the Federal Reserve said.
Under the terms of the settlement, 4.2 million borrowers who went through foreclosure proceedings during 2009 and 2010 are eligible for checks of between 0 and 5,000, for a total of .6 billion in payments.
The list of abuses include foreclosing on borrowers when they were in the process of modifying their mortgages; repossessing homes of borrowers who were supposed to be protected by bankruptcy law; and foreclosing on active duty service members, among other things.
Our long national foreclosure nightmare may be over.
The number of new foreclosure filings in August hit its lowest level in nearly eight years, according to RealtyTrac, an online marketer of foreclosed properties.
Soaring home prices and a big decline in underwater borrowers -- those who owe more on their mortgage loans than their homes are worth -- have helped drive the trend.
August's initial foreclosure filings fell 44% to 55,575, just below the 56,063 that were recorded in October 2005. The foreclosure crunch began in summer 2006, at about the same time that housing prices hit their peak.
Lloyd Segal Foreclosure
Silicon Valley Dominates 2013 List Of America's Most Expensive ZIP Codes
In Atherton, Calif., 94027, the most expensive home on the market is listed for million. But perhaps the best gauge of this Silicon Valley enclave’s exclusivity is the price of a starter home. The cheapest house for sale in Atherton, a 1,194-square-foot, two-bedroom bungalow on a 6,000-square-foot lot, has a .2 million price tag.
The median price of the 50 single-family homes that were listed for sale over the summer in Atherton 94027 is .67 million, making it the most expensive ZIP code in America.
“Atherton is by far the closest, most centrally located of all the super high-end communities in Silicon Valley,” says Ken Deleon, a broker in Silicon Valley whose eponymous realty firm has closed 5 million in sales in the first three quarters of 2013. “Of all the high-end luxury cities [in the Valley] it is doing the best.”
Cash-flush foreign buyers from China and India have been moving in, joining the wealthy Americans who live there. Six FORBES 400 billionaires reside in Atherton, including Google Chairman Eric Schmidt, discount brokerage tycoon Charles Schwab, and HP chief Meg Whitman. “Just two days ago I was showing a million home in Atherton to a local tech CEO of a publicly traded company,” adds Deleon.
The top 10 of our list of Most Expensive ZIP Codes is dominated this year by California’s Bay Area. Atherton is followed in second place by Los Altos Hills, 94022 (not to be confused with neighboring Los Altos); Belvedere, 94920, at No. 4; and Portola Valley, 94028, at No. 9. Another seven Bay Area ZIPs round out the top 50, including Hillsborough’s 94010 (No. 13), Woodside’s 94062 (No. 22) and Palo Alto’s 94301 (No. 38). For more information about Lloyd Segal visit http://www.lloyd-segal.net
96,000 borrowers shortchanged in mortgage settlement
Checks meant to compensate mortgage borrowers who fell victim to foreclosure abuses have finally started arriving in mailboxes -- but many of the checks have come up short.
Due to a processing error, 96,000 borrowers received checks for less than what they were owed under a settlement reached between the government and 13 mortgage servicers, the Federal Reserve said.
Under the terms of the settlement, 4.2 million borrowers who went through foreclosure proceedings during 2009 and 2010 are eligible for checks of between 0 and 5,000, for a total of .6 billion in payments.
The list of abuses include foreclosing on borrowers when they were in the process of modifying their mortgages; repossessing homes of borrowers who were supposed to be protected by bankruptcy law; and foreclosing on active duty service members, among other things.
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