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Annaly Capital Management’s blog has a good piece up on foreclosures, inspired by yesterday’s Case-Shiller data (hat tip Scott). If you missed it, The S&P/Case-Shiller index showed a pretty steep 1.2% month-on-month increase in U.S. house prices in its latest figures (for August 2009). This is the fourth consecutive month of increases, signaling to some that residential real estate prices have bottomed (see my post on Case-Shiller here ). Not so fast. First, we need to see this trend hold

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Random Feed wrote an interesting post today on
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In August, the Kansas Supreme Court issued a ruling against a mortgage tracking service which may prove very costly to banks in foreclosure, leading to massive writedowns. It could be a life saver for many trapped in the foreclosure process. The case goes to the core of the functioning of massive markets in securitization and derivatives and has wide-ranging importance. The service, MERS (Mortgage Electronic Registration System) , is a privately-owned registry set up in 1997 by Fannie Mae, Fr

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Random Feed wrote an interesting post today on
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The Fed’s San Francisco unit notes foreclosure’s drag on the economy in the West in its 7th 2009 “ Beige Book ,” a Federal Reserve Board report on regional economic conditions that’s done eight times a year. We note no mention of foreclosures in the September Beige Book! The Fed’s latest take on Western real estate (Full report HERE !) … Reports suggested that demand for housing continued to improve slowly, while demand for commercial real estate eroded further. The pace of home sa

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Random Feed wrote an interesting post today on
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Foreclosures keep going from bad to worse: [Thanks L!] NEW YORK (CNNMoney.com) — Despite concerted government-led and lender-supported efforts to prevent foreclosures, the number of filings hit a record high in the third quarter, according to a report issued Thursday. “They were the worst three months of all time,” said Rick Sharga, spokesman for RealtyTrac, an online marketer of foreclosed homes. During that time, 937,840 homes received a foreclosure letter — whether a de

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Random Feed wrote an interesting post today on
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1) Who’s buying US foreclosures? “A recent RE/MAX report on recreational property says many Canadians are capitalizing on market conditions in major American centres, particularly those known for their warm climates such as Florida, Arizona, Texas, California and Las Vegas.” 2) “The foreclosures are going to explode again,” said Webb. Reuters - An unidentified employee of Zetabid, which organized a September 19 auction of foreclosed properties in the Chicago area, … “CHICAGO (Reuter

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