Home Sales Down Big In Foreclosureville USA - Robo Judges At Work Inside Florida's Foreclosure Factories
CNN Video - Retired judges in Florida run a temporary foreclosure court, a rocket docket. Links inside demonstrate the recent carnage in the foreclosure market. Bubble states are in a standstill. Here's another angle on the process...
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Foreclosure scandal impact: Sales dry up - CNN
NEW YORK (CNNMoney.com) -- Big banks are having trouble restarting the foreclosure process after this fall's "robo-signing" scandal, and the once booming market for foreclosed homes has been hit hard as a result.
According to ForeclosureRadar, the number of properties coming to auction in hard-hit western states -- Arizona, California and Nevada -- has dropped more than 30%.
In San Diego, according to broker Scott Cheng of Cheng Realty, who puts investors together with foreclosed properties, the number of auctions scheduled has fallen from 500 a day, to 300. "That part of my business has dried up," Cheng said. "A lot of my investors have stopped looking."
Cheng used to be able to find about three or four suitable homes a month for investors looking for a bargain. Now, he hasn't done one of these deals since August.
"The ones who are really upset are the investors, who buy on the courthouse steps," said Kevin Berman, a broker with Bankers Realty Services in Fort Lauderdale, Fla. "There used to be sometimes 700 sales a day. Now there are like, seven."
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New home sales: Down 80% from the boom - CNN
Foreclosure mess scares off homebuyers - Housing Wire
Nov 30, 2010 at 1:00 AM
Reader Comments (6)
http://www.housingwire.com/2010/11/22/bankatlantic-guilty-of-misleading-investors-about-real-estate-loan-portfolio?source=patrick.net
Note: a commentor pointed out that tomorrow is first notice. I made an error in reading the product calendar on the CME website, which can be found HERE. My bad. The analysis below is still relevant, as I bet there was not a lot of liquidation today. We'll find out for sure tomorrow. Thanks to the reader who pointed out my mistake.
I have to allow for the typical accounting revisions that the Comex sometimes makes a day later. BUT, right now based on the o/i for gold and silver, the Comex is potentially insolvent.
Friday being the day before first notice, anyone with an account not funded to take delivery of a long position has to either sell or be liquidated by the end of last Friday's access session. I know this because I had a silver position liquidated a few years ago when I forgot what day it was lol. Any open long positions as of this morning are capable of taking delivery of gold and silver.
With that said, the open gold o/i as of this morning is 59,412 contracts. This translates into 5.9 million ounces. The Comex gold inventory shows only 2.6 million ounces of gold registered and approved for delivery. There is a total of 11.4mm ounces.
In silver, there are 17,208 open contracts. This translates into 86 million ounces. The Comex reports 48.5 million ounces available and approved for delivery, 107.2 million total ounces.
What does this mean, in the context of the cartel being unable to force liqidate a majority of the open gold/silver positions? Everyone reading this can use their imagination and I'm not willing to predict how this will unfold, but right now the Comex has a problem.
http://truthingold.blogspot.com/2010/11/comex-may-have-problem.html
Two-year freeze aimed at cutting deficit; military not affected
http://www.marketwatch.com/story/obama-proposes-federal-civilian-pay-freeze-2010-11-29
http://tpmmuckraker.talkingpointsmemo.com/2010/11/son_of_elderly_man_charged_with_threatening_presid.php?ref=mblt
http://www.huffingtonpost.com/richard-zombeck/county-register-of-deeds_b_789287.html
good story...
While he's at it he should cut all government wages 50%.
These people in the administration and the Congress are failing at their jobs.
The incompetent Federal Regulators are even worse at their official duties than the Congress.
Pull their healthcare and make them use the same Obamacare plan the American people are stuck with, or a private plan they pay for out of their own pocket. Hmmm..... that might go a long way towards reducing these outrageous insurance rates.
Cancel the various government retirement plans and make them all use their own private funds and Social Security. They're not special and they are receiving a hell of a lot more then they deserve for the crappy job they are doing.