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From years of observation, it is clear that phases in the real estate market can be tracked by changes in inventory levels, home prices and number of homes sold (sides) year-over-year. The ‘initial phase’ of a real estate recovery is indicated when three essential trends emerge. Inventory levels begin to fall, implying an initial increase in consumer demand Prices still have downward pressure as foreclosed and other lower-priced inventory sell first Sides flatten and even increase, as consumer confidence returns and more homes sell With this information in view, please note the table below showing closed sales and average price in September and August 2009 vs.

San Diego-based National Asset Direct (NAD), will expand its United Residential Lending (URL) subsidiary by adding licensed mortgage bankers to Northeast offices in New York, New Jersey, Pennsylvania and Connecticut. “URL has been an extremely successful addition to our integrated, full-service platform, and we are eager to identify new retail branches that can build on URL’s [...]

The Department of Housing and Urban Development’s (HUD) Mortgagee Review Board issued a notice of violation against Ideal Mortgage Bankers, parent company of Lend America and Lending Key. HUD notified the company Tuesday that it uncovered numerous violations of the Federal Housing Administration’s (FHA) origination and underwriting requirements, including submitting false certifications and failing to document the borrower’s income and creditworthiness.

Reverse mortgage companies are still hiring, check out the latest jobs from Reverse Mortgage Jobs Online : Reverse Mortgage Specialist (East Brunswick) Village Home Mortgage Reverse Mortgage Originator (Miami Lakes) Mortgage Bankers of Florida Reverse Mortgage Originator (San Diego) Legacy Home Financing Reverse Mortgage Specialist (Nationwide) Financial Freedom Reverse Mortgage Specialist (South Carolina, Florida, Tennessee, Georgia) AAXA Mortgage The best and the brightest in the industry read RMD, reaching them only costs $1 a day.  Post your jobs to Reverse Mortgage Jobs Online today!

By PAM MARTENS T he financial tsunami unleashed by Wall Street’s esurient alchemy of spinning toxic home mortgages into triple-A bonds, a process known as securitization, has set off its second round of financial tremors. After leaving mortgage investors, bank shareholders, and pension fiduciaries awash in losses and a large chunk of Wall Street feeding at the public trough, the full threat of this vast securitization machine and its unseen masters who push the levers behind a tightly drawn curtain is playing out in courtrooms across America.

Last week applications for mortgages fell 13.7 percent on a seasonally adjusted basis from one week earlier, according to the Mortgage Bankers Association’s Market Composite Index. Refinancings fell more than home purchase loans. MBA’s Refinance … View original story…

Wall Street was not responding to legitimate consumer demand, it was creating an artificial demand simply to create mortgage product to feed its securitization machine and generate big fees for itself. Comment from Reader: “MERS and the Pretender Lenders are seeking the courts to credit them with a touchdown despite the obvious fact that they do not and never did have possession of the football.

Pam Martens offers a couple of storylines that don’t bode well for the godfathers of finance, or at least shouldn’t.  First, some judicial decisions are being made on the regional level wherein judges are basically calling bullshit on the foreclosure machinations being used by the godfathers.  When the mortgage-backed securities (MBS) were invented by the Einsteins of finance as yet another deliberately confusing rent-seeking mechanism, they did a significant amount of tap-dancing to evade

I’ve just spent several hours reading about the Economy and here’s what I’ve come up with (Sorry it’s so long): The Fed Released the Beige Book , on October 21, 2009.  It begins with this statement: Reports from the 12 Federal Reserve Districts indicated either stabilization or modest improvements in many sectors since the last report, albeit often from depressed levels. Leading the more positive sector reports among Districts were residential real estate and manufacturing, both of which continued a pattern of improvement that emerged over the summer.

  To Our Clients, Colleagues and Friends,    Is it just us, or are you also addicted to American Banker ?  This daily newspaper has been published continuously since 1836 when Andrew Jackson was President.  Do you think his fierce opposition to the national bank might have been connected to the founding of this paper?  Maybe.

Foreclosure second wave coming The next big wave of foreclosures is set to hit south Florida. If you think the torrent of foreclosures affecting every city and nearly every neighborhood and street in South Florida is as bad as it can get, here is a harsh new reality: There’s a new wave of foreclosures making its way through the courts that has nothing to do with exotic subprime loans, real-estate flippers out to make a quick buck or people who bought way more house than they could afford.