January 25, 2016 |
Can you be a Monday morning quarterback on a Sunday morning? If not, let me say that we are still on cleanup duty for the real estate market of 2016. We'll start with the worst: foreclosures. As of November, the number of started foreclosures reached its lowest level in 10 years. Filings - default notices, scheduled auctions and bank repossessions - were reported on 104,111 U.S. properties in November, a drop of nearly 10 percent from the previous month and down more than 7 percent from 2014.
January 22, 2016 |
A Woolwich Township man was sentenced Wednesday to six years in prison for scamming financially troubled homeowners and soliciting fake real estate investments, netting more than $3 million in illegal profits, U.S. Attorney Paul J. Fishman announced Wednesday. Randy Poulson, 44, had been charged in May 2014 and later pleaded guilty to mail fraud before U.S. District Judge Renée Marie Bumb in Camden. Wednesday, Poulson was back before the judge. According to court documents, Poulson owned and operated Equity Capital Investments L.L.C.
December 21, 2015 |
Editor's note: This article previously misidentified Dodds' second wife. She is Carol Rogers and heads Healthy Philadelphia. The workers' revolution hasn't arrived at a sad strip shopping center in the tired upstate Pennsylvania town of Dallas, where Republican State Sen. Lisa Baker has her office. Instead, John Dodds, one of the state's longest-working champions of causes involving the poor - minimum wage, health care, foreclosure, unemployment benefits - is tucking leaflets under windshield wipers in the parking lot with a not-so-stirring message: "Call Sen. Baker and ask her to report a $10.10/hour minimum wage bill out of her committee.
October 15, 2015 |
The number of U.S. houses left vacant because of foreclosure fell 43 percent in the third quarter compared with the same period last year, yet New Jersey's share of these so-called zombies keeps it at the top of a national list. RealtyTrac, an Irvine, Calif., real estate information company that monitors foreclosures, reports that the number of these zombies - houses vacated by their owners at the start of foreclosures that were never completed - rose 29 percent in New Jersey year-over-year in the third quarter.
June 7, 2015 |
A couple of studies have crossed my electronic desk, and I thought I'd share them with you, because both relate to topics I have written about in recent weeks. The first is a Cornell University analysis, published in an article in the June issue of the American Sociological Review, contending that foreclosures "fueled racial segregation in the United States. " The paper, co-authored by Kyle Crowder of the University of Washington and Amy Spring of Georgia State University, acknowledges that nine million American families have lost their homes to foreclosure since the real estate downturn started in 2007.
May 17, 2015 |
Most of us believe in second chances. If we didn't, no one would ever show up at a Phillies game. The second chance I'm talking about, however, is for someone who has lost his or her house as the result of foreclosure. It's been about nine years since the start of the U.S. foreclosure crisis, which peaked at 7.7 million houses in foreclosure in 2012. With the passage of the years, once-distressed homeowners with restored credit are reentering the housing market, even though damaged credit profiles and lender rules will greatly restrict the overall share of those eligible to buy. According to the National Association of Realtors, California, Florida, and Arizona, where the foreclosure crisis started, are expected to have the largest share of return buyers within the next decade.
April 28, 2015 |
The foreclosure nightmare that haunted U.S. homeowners during and after the Great Recession has loosened its grip considerably in most states. In New Jersey, the bad dream just gets scarier. Foreclosures there are 17 percent higher than they were in 2014, and bank repossessions of homes are up 18 percent, the housing-analytics firm RealtyTrac reported last week - even as the rest of the country logged the lowest foreclosure numbers in eight years. One in every 234 homes in the state with a mortgage is in some stage of the foreclosure process - the fifth-highest rate in the nation.
April 19, 2015 |
In what is described as an effort to be as transparent as possible, the Philadelphia Sheriff's Office has unveiled a Web app offering detailed information on properties scheduled for mortgage foreclosure sale. The app, which Friday listed 736 properties scheduled for sale May 5, can be accessed at www.phillysheriff.com . Sheriff Jewell Williams said the app will provide "a level of technical efficiency and service" that has never been offered by his office. He said the app was in line with his efforts to provide more openness and accessibility to records and data for the public.
January 16, 2015 |
Foreclosure filings nationwide last year fell to their lowest level since 2006 and were down by more than a million properties from 2010's recession-aftermath peak of roughly 2.87 million. RealtyTrac, an Irvine, Calif., housing data and analytics provider that tracks filings across the United States, reported Thursday that last year's 1,117,426 total filings, while down considerably from that peak, still represented an increase of 400,000 since the housing boom of the last decade began to go bust.
October 22, 2014
LISA SHEPARD followed the rules. She got a good education. She became a registered nurse and then got a law degree. Her schooling led to a good job in health-care management. She bought a home she could afford in Jessup, Md. She lived within her means. Then the recession hit. We spiraled into a housing crisis that sank the financially irresponsible and those preyed upon by predatory lenders. But it also dragged down people like Shepard, who lost her job in 2011. "I went from six figures to no figures," says Shepard, 52, who is the caregiver for her 10-year-old daughter as well as her ailing 72-year-old father.