Streams

Foreclosures, by the Numbers

Thursday, September 30, 2010

Rick Sharga, senior vice president at RealtyTrac, a housing data provider, looks at their new report on first half 2010 foreclosures.

Guests:

Rick Sharga

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Comments [15]

Michael Hickey from New York City

Free help is available in NYC by calling 311 and simply saying "foreclosure." You will be connected to the Center for NYC Neighborhoods, which can refer you to housing counselors and legal service providers in your community.

Oct. 01 2010 05:04 PM
Eugenia Renskoff from Brooklyn

The caller from NJ who is about to lose her home because Chase will not accept her mortgage payments touched my heart. Her story reminds me of me a few years ago in Atlanta. I felt a similar kind of despair and frustration. At the time my condo went into foreclosure, I was living in Argentina. My credit score, once an excellent 754, had been ruined. I called Novastar, my mortgage company and the employee initially said they would try to work with me. But then they didn’t. I was frantic because I had no money to come back to the U.S. I got in touch with HUD (they tried to help, but doing it long distance was very difficult) and I spent I don’t know how many phone cards on calls to the Sheriffs office in Fulton County. It was to no avail. I agree with your caller. The banks don’t really want to work with people. I later found out that my condo sold for about $14,000 less than what I had paid for it—about $170,000.

Sep. 30 2010 01:28 PM

Apparently the word "house" has vanished from contemporary usage. I was taught it takes a lot of lovin' to make a house a home but real-estate bubbles seem to make that unnecessary.

Sep. 30 2010 11:42 AM
Joe from Staten Island, NY

Mr. Lehrer,

I am a Realtor in Staten Island, NY . RealtyTrac charges $49.95 a month for membership fees for homes that are not currently listed in the market, I don't know where they get those data but i'm a licensed realtor with over 15 years of real estate experience and i can not match any of those homes listed on his site with actual forecloure homes in our area.
www.SIForeclosure.com

Sep. 30 2010 11:35 AM
BigMax

Fannie Mae will not allow people to make back mortgage payments unless they are made in full. So say the banks. i have yet to get a legitimate answer from FannieMae.

Sep. 30 2010 11:34 AM

the war on the middle class goes on.
the housing bubble was game to "return" money to the top.
15% poverty rate is exhibit 1

Sep. 30 2010 11:34 AM
Lorne Caplan from New Rochelle

Mr. Lehrer, who I respect immensely, didn't appear to do the research on his guests company. RealtyTrac is THE most notorious company for extracting membership fees from people as they test the site and then there becomes no ability to get your money back. Imagine, for $49.95 a month, if RealtyTrac does this to 1 million people. That would be a good way to make money, despite how dishonest they are. As with many situations in the foreclosure industry, there are many who make money off the back of those that are unfortunate. I myself was unfortunate to run into one of the RealtyTrac phone service representatives who effectively told me too bad! Mr. Sharga, you should be ashamed of yourself for the hard nosed, aggressive pressure tactics used to get people to sign-up and then ignore or insult us when we try to cancel a subscription.

Sep. 30 2010 11:28 AM
denise from Prospect Heights

PLEASE PLEASE!!!!!!!!!
How does one be assured to receive the true deed of a property when buying a foreclosed house since most of the banks have sold the deeds to overseas investors.

Sep. 30 2010 11:28 AM
Karen from NYC

Three-quarters of our net worth is (was) in our home, which is located in an upper-middle class NYC suburb. We cannot afford to sell cheap -- we will have virtually no money for retirement. We will hang on until the market recovers.

Sep. 30 2010 11:22 AM
Steve from Brooklyn

I live in Brooklyn. When should I buy? When will it bottom out? Is the end near?

Sep. 30 2010 11:22 AM
Coach Rich from Murray Hill

This is a national disgrace for the acceptance of this treatment of our populace. Rick spouts the free market mantra--we need to do this--do we?
Do we need to put these people out of their homes? I ---like many others--have zero belief that any real effort is being made to save people and their homes. And this is in my mind the greatest shame of the current administration. The callous attitude of destroying families as 'a brush fire' is so disturbing but represents the immunity to empathy free market believers have.

I don't expect the lenders to be sympathetic--they are blind in their myopia. However, why has no one suggested this solution---keeping the lender whole on principal, lowering the interest rate to something reasonable, and increasing the 30 years to 50 years to lower the payments until the market comes back and properties can be sold.

Sep. 30 2010 11:19 AM
Karen from NYC

I checked out Realtor.com for housing prices in areas of Western FL where my relative is about to buy a home. Every other listing was a "short sale." Why aren't more of the distressed properties being disposed of through short sales, rather than by foreclosure?

Sep. 30 2010 11:18 AM
Edward from NJ

Freezing foreclosures in their end-stages can have negative side effects. If the owner has moved out and on because they expected the bank to take possession and then the bank doesn't finalize the foreclosure, you get an essentially ownerless home. The so-called owner is no longer caring for the property and the bank isn't yet responsible.

This isn't a hypothetical situation. It's happening with one of my neighbor's houses right now. The property is deteriorating rapidly, and no one is responsible.

Sep. 30 2010 11:13 AM
joe from Staten Island, NY

In Staten Island, NY foreclosures are also in a rise, we currently have the largest inventory of foreclosures we ever had at www.siForeclosures.com

Sep. 30 2010 11:13 AM
Mike from NYC

When the mainstream media take a worried, critical but balanced look at the failure of the Obama administration to relieve the misery of the foreclosure crisis, I think of the Rick Santelli mortgage screed that seems to be one of the energizing events of the Tea Party movement.

Sep. 30 2010 11:00 AM

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