Nagle Law Group

Widespread Fear Freezes Housing Market

2010-09-01T07:00:00.000-07:00

From the New York Times:

You have to wonder sometimes what they’re smoking over there at the National Association of Realtors.

On Tuesday, the self-proclaimed “voice for real estate” released its “existing home sales” figures for July. They were gruesome. Sales were down 27 percent from the previous month, and down 26 percent from a year ago. Annualized, the July sales figures would translate into fewer than 3.9 million homes sold this year — a staggeringly low figure. (The record high occurred in 2005, when more than seven million houses were sold.)...

Nagle Law Group, P.C. 4530 E. Shea Blvd., Ste 140 Phoenix, AZ 85028 (602) 595-3156 http://www.naglelawgroup.com.realestate.asp

Flippers are big share of home sales

2010-08-31T07:00:00.000-07:00

House flippers and investors are making up a large portion of the struggling housing market, NPR reports. NPR cites housing data that shows one-third of home sales in July were all cash. That means a good portion of home sales were from investors and flippers. Usually, 10 percent of home sales are all-cash affairs
The Phoenix market continues to struggle but there are cash investors buying homes to flip, resell when the market recovers or rent.

Nagle Law Group, P.C. 4530 E. Shea Blvd., Ste 140 Phoenix, AZ 85028 (602) 595-3156 http://www.naglelawgroup.com.realestate.asp

Making Home Affordable - Updated Detailed Program Description

2010-08-19T07:00:00.000-07:00

From United States Treasury:

http://www.treas.gov/press/releases/reports/housing_fact_sheet.pdf

Nagle Law Group, P.C. 4530 E. Shea Blvd., Ste 140 Phoenix, AZ 85028 (602) 595-3156 http://www.naglelawgroup.com.realestate.asp

American Dream 2: Default, Then Rent

2010-08-18T07:00:00.000-07:00

By MARK WHITEHOUSE

PALMDALE, Calif. -- Schoolteacher Shana Richey misses the playroom she decorated with Glamour Girl decals for her daughters. Fireman Jay Fernandez misses the custom putting green he installed in his backyard.
But ever since they quit paying their mortgages and walked away from their homes, they've discovered that giving up on the American dream has its benefits.

http://online.wsj.com/article/SB126040517376983621.html

Nagle Law Group, P.C.
4530 E. Shea Blvd., Ste 140 Phoenix, AZ 85028
(602) 595-3156
http://www.naglelawgroup.com.realestate.asp

Is Strategic Default a Menace?

2010-08-17T07:00:00.000-07:00

No one should decide to default without sitting down first with a knowledgeable professional to discuss the best course of action....

http://city-journal.org/2010/forum0427.html

Nagle Law Group, P.C. 4530 E. Shea Blvd., Ste 140 Phoenix, AZ 85028 (602) 595-3156

FRBB Public Policy Discussion Papers | Reducing Foreclosures

2010-08-16T07:00:00.000-07:00

Reducing Foreclosures

Public Policy Discussion Paper No. 09-2
by Christopher L. Foote, Kristopher S. Gerardi, Lorenz Goette, and Paul S. Willen
This paper takes a skeptical look at a leading argument about what is causing the foreclosure crisis and what should be done to stop it. We use an economic model to focus on two key decisions: the borrower’s choice to default on the mortgage and the lender’s choice on whether to renegotiate or “modify” the loan.

FRBB Public Policy Discussion Papers | Reducing Foreclosures

Nagle Law Group, P.C.4530 E. Shea Blvd., Ste 140 Phoenix, AZ 85028
(602) 595-3156
http://www.naglelawgroup.com/realestate.asp

Fed’s mortgage modification program: Keep your house, lose your credit « Colorado Independent

2010-08-13T07:00:00.000-07:00

Program could extend credit crisis

By Joseph Boven 4/8/10 9:29 AM

Americans who choose to take advantage of the government’s Home Affordable Modification Program as it stands today are entering into a buyer-beware system that may deliver short-term relief but also long-term pain. Although the program, known as HAMP, works to reduce monthly mortgage payments by half or one-third of monthly income, the program can also ruin participants’ credit for years to come, severely limiting their ability to borrow money and threatening for that reason to extend the housing crisis at the heart of the recession.

Fed’s mortgage modification program: Keep your house, lose your credit « Colorado Independent

Nagle Law Group, P.C.4530 E. Shea Blvd., Ste 140 Phoenix, AZ 85028
(602) 595-3156
http://www.naglelawgroup.com/realestate.asp

Geithner tells panel that more has to be done to help homeowners avoid foreclosure

2010-08-12T07:00:00.000-07:00

Geithner tells panel that more has to be done to help homeowners avoid foreclosure

By Renae Merle

Washington Post Staff Writer
Friday, April 30, 2010

Treasury Secretary Timothy F. Geithner told a Senate panel Thursday that mortgage lenders were still not doing enough to help homeowners avoid foreclosure and that some borrowers who qualify for federal aid are still losing their homes.

Nagle Law Group, P.C.4530 E. Shea Blvd., Ste 140Phoenix, AZ 85028(602) 595-3156
http://www.naglelawgroup.com/realestate.asp

Underwater Mortgages On the Rise

2010-08-11T07:00:00.000-07:00

First American CoreLogic reported today that more than 11.3 million, or 24 percent, of all residential properties with mortgages, were in negative equity at the end of the fourth quarter of 2009, up from 10.7 million and 23 percent at the end of the third quarter of 2009. An additional 2.3 million mortgages were approaching negative equity at the end of last year, meaning they had less than five percent equity. Together, negative equity and near‐negative equity mortgages accounted for nearly 29 percent of all residential properties with a mortgage nationwide.

Read more at http://www.loanperformance.com/infocenter/library/Q4_2009_Negative_Equity_Final.pdf

Nagle Law Group, P.C.
4530 E. Shea Blvd., Ste 140
Phoenix, AZ 85028
(602) 595-3156
http://www.naglelawgroup.com.realestate.asp

Two of three local mortgages underwater

2010-08-10T07:00:00.001-07:00

Phoenix area homeowners are drowning in their mortgage payments.
According to new research from the real estate website Zillow.com, nearly 67 percent of all homeowners with mortgages in the Phoenix area are underwater on their homes. That means they owe more on the mortgage than the house is worth.

Nagle Law Group, P.C.
4530 E. Shea Blvd., Ste 140 Phoenix, AZ 85028
(602) 595-3156
http://www.naglelawgroup.com.realestate.asp

Why Don't Lenders Renegotiate More Home Mortgages? Redefaults, Self-Cures, and Securitization

2010-08-09T07:00:00.000-07:00

Securitization does not explain the reluctance among lenders to renegotiate home mortgages.

Working Paper 2009-17a

Nagle Law Group, P.C.4530 E. Shea Blvd., Ste 140 Phoenix, AZ 85028 (602) 595-3156
http://www.naglelawgroup.com/realestate.asp

Media: News Releases > New Nationwide Survey Provides Comprehensive Look at Sentiment Toward Housing

2010-08-06T07:00:00.001-07:00

Media: Fannie Mae News Releases; New Nationwide Survey Provides Comprehensive Look at Sentiment Toward Housing

Non-Financial Motivations Eclipse Financial Reasons for Owning a Home

Nagle Law Group, P.C.4530 E. Shea Blvd., Ste 140Phoenix, AZ 85028(602) 595-3156
http://www.naglelawgroup.com/realestate.asp

More people walking away from mortgages...

2010-08-05T07:00:00.000-07:00

In March, Morgan Stanley estimates that 10.7m homeowners are underwater, or about 23 per cent of all properties in foreclosure.
http://www.ft.com/cms/s/0/f8f99804-53f5-11df-aba0-00144feab49a.html

Copyright The Financial Times Limited 2010.

Nagle Law Group, P.C. 4530 E. Shea Blvd., Ste 140 Phoenix, AZ 85028 (602) 595-3156

Fight to Save Home Ends in Heartache

2010-08-04T07:00:00.000-07:00

Fight to save home ends in heartache... From KJZZ on July 23, 2010

This story demonstrates the importance of having an attorney advising you early in the process. The Whites could have saved themselves thousands of dollars in unnecessary payments to their lender, possibly avoiding the need to file bankruptcy on top of still having had their home foreclosed upon.

Nagle Law Group, P.C. 4530 E. Shea Blvd., Ste 140 Phoenix, AZ 85028

Yes we can ... walk away from bad mortgages: roger lowenstein blames the banks: Tech Ticker, Yahoo! Finance

2010-08-03T07:00:00.000-07:00

yes we can ... walk away from bad mortgages: roger lowenstein blames the banks: Tech Ticker, Yahoo! Finance

Nagle Law Group, P.C.

4530 E. Shea Blvd., Ste 140

Phoenix, AZ 85028

602-595-3156

Federal housing program complicates short sales...

2010-08-02T07:00:00.000-07:00

A recently implemented federal housing-market stimulus program designed to encourage short sales appears to be doing just the opposite, according to Phoenix-area real-estate agents, title companies and mortgage lenders.

Home Affordable Foreclosure Alternatives, the fourth initiative to be launched under the banner of the Obama administration's Making Home Affordable program, offers a cash incentive of up to $3,000 to homeowners on the brink of foreclosure who stick around to complete a short sale or deed in lieu of foreclosure, rather than just walking away....

Read more at http://www.azcentral.com/business/realestate/articles/2010/07/15/20100715biz-shortsalebonus0715.html

Nagle Law Group, P.C. 4530 E. Shea Blvd., Ste 140 Phoenix, AZ 85028 (602) 595-3156 http://www.naglelawgroup.com Also visit us at: http://www.facebook.com/residentialattorneys http://twitter.com/naglelawgroup http://naglelawgroup.blogspot.com

Phoenix 7th highest for home foreclosures

2010-07-30T07:00:00.001-07:00

More than half of the 206 U.S. metropolitan areas with a population of 200,000 or more posted year-over-year increases in foreclosure activity -- even while foreclosure activity decreased in nine of the 10 metros with the highest foreclosure rates, according to a report Thursday from RealtyTrac Inc.

The Phoenix-Mesa-Scottsdale metro area posted the nation's seventh highest metro foreclosure rate, with 4.28 percent of its housing units (one in 23) receiving a foreclosure filing in the first half of 2010.

http://www.bizjournals.com/phoenix/stories/2010/07/26/daily40.html?ana=e_du_pub

Nagle Law Group, P.C. 4530 E. Shea Blvd., Ste 140 Phoenix, AZ 85028 (602) 595-3156 http://www.naglelawgroup.com.realestate.asp

Home Sales Dip as Unsold Inventory Persists

2010-07-29T07:00:00.000-07:00

Glut of Properties on Market Hints at Falling Prices Through Rest of Year as Sector Adjusts to End of Buyers' Tax Credit

http://online.wsj.com/article/SB10001424052748704421304575383493086578632.html?mod=ITP_pageone_1

Nagle Law Group, P.C.
4530 E. Shea Blvd., Ste 140 Phoenix, AZ 85028

Housing Prices are likely to go lower.....

2010-07-28T07:00:00.000-07:00

Housing prices are likely to go lower

Bottom of market still year off, economists say

Nagle Law Group, P.C. 4530 E. Shea Blvd., Ste 140 Phoenix, AZ 85028 http://www.naglelawgroup.com

Strategic default penalties threaten struggling homeowners

2010-07-27T07:00:00.000-07:00

From the Minnesota Independent:

"Last week, Fannie Mae, the government-sponsored enterprise that buys up mortgage contracts from loan originators to keep the housing market liquid, announced new penalties for homeowners who strategically default.

“Defaulting borrowers who walk away and had the capacity to pay or did not complete a workout alternative in good faith will be ineligible for a new Fannie Mae-backed mortgage loan for a period of seven years from the date of foreclosure,” the company announced, adding that the policy goes into effect this Thursday, July 1. “Fannie Mae will also take legal action to recoup the outstanding mortgage debt from borrowers who strategically default on their loans in jurisdictions that allow for deficiency judgments.”

The new provisions mean that if you strategically default, you likely cannot get a conforming mortgage for seven years. And if you strategically default in some areas, Fannie Mae will come after you in court...."

Read more...

Nagle Law Group, P.C.

4530 E. Shea Blvd., Ste 140

Phoenix, AZ 85028

602-595-3156

Everyone's Defaulting, Why Don't You?

2010-07-26T07:00:00.000-07:00

From slate.com

Strategic defaults—the phenomenon of people who could continue to make payments on the mortgages on their homes deciding to walk away from their obligations—are rising. According to the Wall Street Journal, strategic defaults are likely to exceed 1 million in 2009. This is making some worry about the very future of capitalism. Georgetown University business ethics professor George Brenkert told the Journal that borrowers who can afford to stay current are morally required to do so, and that were Americans to conclude they could just walk away from obligations, it would be disastrous. Mortgage Bankers Association CEO John Courson wondered about "the message they will send to their family and their kids and their friends?" Blogger Megan McArdle expressed disdain for people who chose to indulge themselves on consumer goods and services while not keeping current with their mortgages.

Read more....

Nagle Law Group, P.C.
4530 E. Shea Blvd., Ste 140
Phoenix, AZ 85028
602-595-3156

Home Sales Dip as Unsold Inventory Persists

2010-07-23T08:19:00.001-07:00

Home Sales Dip as Unsold Inventory Persists

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Arizona remains in top ranks for foreclosures

2010-07-15T16:26:00.000-07:00

From the Business Journal

Arizona remains in the top ranks of U.S. states for foreclosures, according to the June report from RealtyTrac.
The online foreclosure marketplace put the state second for the rate of foreclosures during the first half of 2010 behind only Nevada and third (behind California and Florida) for total number of foreclosures during the six-month period.

Delinquent Loans Plateau at High Level

2010-07-15T07:00:00.000-07:00

Delinquent Loans Plateau at High Level

The number of American households behind on mortgage payments appears to have reached a plateau at a high level as the economy...

Nagle Law Group, P.C.

4530 East Shea Boulevard, Suite 140

Phoenix, Arizona 85028

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When It's Ok to Walk Away....

2010-07-14T07:00:00.001-07:00

Millions of Americans are now deeply underwater on their mortgage. If you're among them, you need to stop living in a dream world and give serious thought to walking away from the debt.

No, you shouldn't feel bad about it, and you shouldn't feel guilty. The lenders would do the same to you—in a heartbeat. You need to put yourself and your family's finances first.

How widespread is this? More than 11 million families are in "negative equity"—that is, they owe more on their home than it is worth—according to a report out this week by FirstAmerican Core Logic, a real-estate data firm. That's a quarter of all families with mortgages. And for more than five million of those borrowers, the crisis is extreme: They are more than 25% underwater—the equivalent of having a $100,000 loan on a property now worth just $75,000 or less. That's true for a fifth of mortgage holders in California, nearly a third in Florida and an incredible 50% in Nevada.

Read more....

Nagle Law Group, P.C.

2010-07-12T06:01:00.000-07:00

http://online.wsj.com/article/SB10001424052748704799604575357183960027478.html?KEYWORDS=borrower%27s+hit+new+home-loan

Nagle Law Group, P.C.
4530 E. Shea Blvd., Ste 140 Phoenix, AZ 85028
(602) 595-3156
http://www.naglelawgroup.com

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Mortgage Bankers Association Sells Headquarters at Big Loss

2010-07-09T08:00:00.000-07:00

http://online.wsj.com/article/SB10001424052748704829704575049111428912890.html

Nagle Law Group, P.C.

4530 East Shea Boulevard, Suite 140

Phoenix, Arizona 85028

www.naglelawgroup.com

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Biggest Defaulters on Mortgages Are the Rich

2010-07-09T07:45:00.000-07:00

http://www.nytimes.com/2010/07/09/business/economy/09rich.html?_r=1&hp

Nagle Law Group, P.C.
4530 E. Shea Blvd., Ste 140
Phoenix, AZ 85028
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Phoenix foreclosures rise from May to June

2010-07-08T15:18:00.000-07:00

http://www.bizjournals.com/phoenix/stories/2010/07/05/daily40.html?ana=e_du_pub

Walk Away from your Mortgage

2010-07-08T14:48:00.000-07:00

http://www.nytimes.com/2010/01/10/magazine/10FOB-wwln-t.html?_r=2

Nagle Law Group, P.C.

4530 East Shea Boulevard, Suite 140

Phoenix, Arizona 85028

www.naglelawgroup.com

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Homeowners walking away from underwater mortgages

2010-07-06T06:10:00.000-07:00

http://www.miamiherald.com/2009/10/24/1298873/homeowners-walking-away-from-underwater.html

If There's A Bottom In Sight For Commercial Real Estate, We Can't See It

2010-07-02T08:33:00.001-07:00

http://www.businessinsider.com/a-bottom-in-sight-for-commercial-real-estate-2010-6#%23ixzz0sSDQQn1z

Foreclosure percentage down, but AZ still ranks third Read more: Foreclosure percentage down, but AZ still ranks third - Phoenix Business Journal

2010-07-01T07:44:00.000-07:00

http://www.bizjournals.com/phoenix/stories/2010/06/28/daily38.html?ana=e_du_pap

Humpty Dumpty and the Foreclosure Crisis: Lessons from the Lackluster First Year of the Home Affordable Modification Program (HAMP)

2010-06-30T07:33:00.000-07:00

Jean Braucher
University of Arizona - James E. Rogers College of Law

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1518098

"Strategic" Mortgage Default: Why It's Not Unethical

2010-06-29T06:51:00.000-07:00

This article appeared on the Huffington Post website in October, 2009:

Last month a study from the credit reporting agency Experian and consulting outfit Oliver Wyman estimated that close to a fifth of troubled mortgages involved borrowers who were "strategically" defaulting--walking away from mortgages they could pay but decided not to because they owed more than their houses were worth.

http://www.huffingtonpost.com/2009/10/12/strategic-mortgage-defaul_n_317756.html

Five States Get U.S. Funds to Aid Homeowners - that includes AZ

2010-06-28T10:55:00.000-07:00

http://online.wsj.com/article/SB10001424052748704629804575325101835373456.html?mod=WSJ_RealEstate_LeftTopNews

Fannie Mae Increases Penalties for Borrowers Who Walk Away: Seven-Year Lockout Policy for Strategic Defaulters

2010-06-27T09:42:00.000-07:00

http://www.fanniemae.com/newsreleases/2010/5071.jhtml

No Help in Sight, More Homeowners Walk Away

2010-06-26T05:38:00.000-07:00

In 2006, Benjamin Koellmann bought a condominium in Miami Beach. By his calculation, it will be about the year 2025 before he can sell his modest home for what he paid. Or maybe 2040. ...

http://www.nytimes.com/2010/02/03/business/03walk.html

Strategic Defaults and the Foreclosure Crisis

2010-06-25T11:22:00.000-07:00

Nearly a year after the Obama administration unveiled its ambitious housing rescue program, foreclosure tallies continue to break records. ... But as the crisis rumbles forward, an additional driver of home foreclosures has become clear: Many borrowers have the means to keep paying the mortgage but are simply walking away because they believe it's best for their finances.

http://finance.yahoo.com/news/Strategic-Defaults-and-the-usnews-2190373684.html?x=0&mod=loans

New penalty for homeowners who walk away

2010-06-24T17:58:00.001-07:00

Check out this blog post I found on MSN: http://articles.moneycentral.msn.com/SmartSpending/blog/page.aspx?post=1773893

New Home Sales Drop to Record Low in May

2010-06-23T23:26:00.001-07:00

New Home Sales Drop to Record Low in May

Mortgage Aid Leaves Some Borrowers Worse Off - WSJ.com

2010-06-23T23:03:00.001-07:00

Mortgage Aid Leaves Some Borrowers Worse Off - WSJ.com

The government's mortgage-modification program has left some struggling homeowners worse off than they were before.