I was reading this blog from Pete Goodman who was discussing yet one more of those things we just have to shake our heads out.

Basically, Bank of America explained to him that they were going to pull the sellers credit to see if they had stopped paying their other creditors before agreeing to a short sale. If they are current on their other bills then they will make them sign a promissary note or come out of pocket with more cash.

Are you kidding me? Have they completley given up on the idea of protecting their shareholders? How does punishing the seller, who already has been thru 3 kinds of death from the stress of losing their house to this point,  help them keep their losses down when the seller finally gets fed up with their antics, shuts off the heat and throws in the towell?

It is very hard to have simpathy for these large banks when we see every single day the outright garbage they put middle america thru. I guess they arent thankful that it was middle america that bailed them out when they almost went broke in the first place.

Unreal! Looking forward to the day we get interviewed about this whole thing on CNBC! Oh the stories we have to share huh!

www.sellmyhouse.com

Jason Roberts,CEO

housing market · Realtors · sell my house · sellmyhouse.com · stop foreclosure

A week economy and job market combined with brutal winter conditions across the country have taken their toll on January pending home sales which dropped 7.6% from December to January. Issues surrounding the number: Job recovery has not begun based on the latest unemployment numbers. Lending is down across the board. Government incentives such as the tax credit will be expiring in a few months. Foreclosures are still at record levels. Bad weather effect open house events.
www.SellMyHouse.com Staff Writter

housing market · Pending Home Sales · sell my house

We always try to stay on top of the news, trends, etc here at www.sellmyhouse.com. In doing our daily research of the goings on in the market we came across the following blog written from somebody who clearly thinks that Realtors are the absolute scum of the world and we created the entire Economic collapse.

Enjoy:

Part 1

Part 2

Part 3

Please chime in!

www.SellMyHouse.com Staff Writter

Bank Owned · Foreclosures · Freddie Mac · Home Prices · housing market · sell my house · sellmyhouse.com · short sale

We just got the report from First American Core Logic regarding mortgage statistics.

24% of houses with a mortgage are now underwater, over 11 million in total. Another 2.3 million are within 5% of a negative equity position.

Highlights of the report:

“Negative equity continues to be concentrated in five states: Nevada , which had the highest percentage negative equity with 70 percent of all of its mortgaged properties underwater, followed by Arizona (51 percent), Florida (48 percent), Michigan (39 percent) and California (35 percent).

We can use our houses as piggy banks when the market it dropping. www.SellMyHouse.com has seen estimates that predict houses could drop another 15% from current levels….or 50% from 2006 valuations.

Hope not but time will tell.

www.SellMyHouse.com Staff Writer

Bank Owned · Foreclosures · Home Prices · housing market · sell my house · short sale · stop foreclosure

How are these for statistics:

Last year Freddie lost almost $26 BILLION. Over the last 3 years that total is approaching $80 Billion. Almost 4% of loans on their books are at least 3 Months behind. Between Freddie and Fannie last year, they backed almost 70% of the new mortgages.

Freddie Mac warned there is “significant uncertainty as to whether or when we will emerge” from government control. “We now have unlimited taxpayer exposure to the bailout of Fannie and Freddie, a bailout nation where the big get bigger, the small get smaller and the taxpayer gets poorer,” Rep. Jeb Hensarling, R-Texas, said at a House hearing Wednesday.

Charles Haldeman, Freddie’s CEO warned today of a “potential large wave of foreclosures” still to come.

At www.sellmyhouse.com, the number of phone calls we get daily from people afraid of losing their house has gone up, not down. We worry that after this Spring season is over and the Tax Credit is gone, and the massive wave of foreclosures hit the market, and the job market keeps getting worse, and the…. and the…..we’ll have to pay the piper. And the payee this time is the Government. We’ve just put of the inevitable for a few more years and made everybody feel like all is well. Of course everybody does not include main street America. We’ve been paying the piper the entire time…guess where the Government gets their money!

Hold on..it’s not over yet! Our investor network is going to have a tremendous few years.

www.SellMyHouse.com Staff Writter

fannie mae · Freddie Mac · housing market · sell my house