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Old 06-08-2011, 01:18 PM
 
846 posts, read 1,400,036 times
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This is well above the national average of 22%. So what does this imply - does it mean buyers are likely to find a better deal in the area compared to other areas? But does it also mean foreclosures could take a jump up as those underwater 'walk away' from their mortgages (thus keeping a lid on prices)? Almost 42 percent of local mortgages are underwater | HeraldTribune.com
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Old 06-08-2011, 01:22 PM
 
10,567 posts, read 13,146,429 times
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Could mean all the above.
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Old 06-09-2011, 09:33 PM
 
172 posts, read 428,234 times
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Here is a quick look at the default rate by home equity status.

13 million homeowners or 28 percent with a mortgage in or near negative equity Real Estate Prices and Mortgages on HousingStory.net
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Old 06-10-2011, 06:44 PM
 
Location: Sarasota/ Bradenton - University Pkwy area
3,234 posts, read 4,630,434 times
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Since reading the story, I've been trying to find out how CoreLogic arrived at the 42%, since a good number of the homes in foreclosure in our area have at least 2 mortgages per home, sometimes 3. So are they over reporting the statistics?

My other comment has to do with CoreLogic's other business services, and whether they should have to provide disclaimers whenever their statistics are quoted because of those other real estate business related services.

CoreLogic was a spin off from First American CoreLogic, which originally was part of First American Financial Corp. Some of the services offererd by CoreLogic include appraisals, Broker Price Opinions, SafeRent services, property preservation services (for lenders who's properties are in foreclosure). First American also offers title and financial services.

I came across the following link when researching CoreLogic, to a recent story about the FDIC filing a lawsuit against CoreLogic for $129 MILLION for claimed appraisal fraud after review of 194 appraisals done by Corelogic's AppraiseIT unit in 2006 and 2007.
Link: FDIC Challenges LPS, Corelogic “Appraisal Fraud” | The Big Picture

There was also another story from a south FL newspaper regarding a lawsuit by a homeowner who is in foreclosure and a subsidiary of CoreLogic, who was providing preservation services for a lender, broke into the person's home, changing the locks. Critics: Home repo agents too 'gung-ho,' change locks before foreclosures are filed

This is a company that is traded on the stock exchange, with business units that make profits off of the demise of the real estate market, who has some of it's business practices being questioned thru lawsuits.


Interesting stuff you can find with the Internet and a decent search engine.
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Old 06-10-2011, 06:58 PM
 
Location: Punta Gorda and Maryland
6,102 posts, read 13,114,760 times
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In simpler terms, dont rely on just this source for your information when deciding to buy a home, or invest in property.
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Old 06-10-2011, 08:43 PM
 
172 posts, read 428,234 times
Reputation: 58
The situation is much larger than most news outlets are reporting. Check out: Associated Press
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