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Despite Robosigning Scandal, Foreclosure Activity Declines Just 4% In October

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Thu, 11/11/2010 - 01:44 | 718803 Mr Lennon Hendrix
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Many houses, maybe half of them, are worth nothing.  They serve no benefit in a nation that has outsourced almost all job sectors.  America is broke and the banks are still holding it hostage.  For what I dunno.  They are sadists/masochists.

Thu, 11/11/2010 - 02:04 | 718834 tallystick
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So a default notice is being counted as a foreclosure? Well then it's a meaningless stat.  Banks don't have to risk perjuring themselves in court if they count a NOD as a foreclosure.

Thu, 11/11/2010 - 07:35 | 718964 Eternal Student
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Correct. And let's not forget that claim reported earlier this week that the Banks had actually stopped doing real foreclosures after their self-imposed moratorium was over. This claim was made, IIRC, by one of the lawyers for one of the big banks.

The reason they are still sending out notices, according to him, is so that it looks like they are still doing foreclosures.

Housing's about to get killed. This will make the last biggest housing bust in the 1300's look good.

Thu, 11/11/2010 - 02:30 | 718850 Burgerbuilder
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Destruction of property law combined with a debased currency sounds so medieval.

Thu, 11/11/2010 - 11:52 | 719432 Hidetora
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...and so in keeping with the communist plan of destroying america.

Thu, 11/11/2010 - 04:38 | 718905 Captain Hindsight
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It surprises me that they make no mention of Short Selling.  The borrower still has 90 days after the NOD is served to short sell their house. 

 It would be easy for this data to be skewed; if short sales rose (they are) there would be less properties repossessed by the the banks.  Not necessarily because the robo-signing scandal.  I would assume that would have a bigger affect solely on the NODs. 

Thu, 11/11/2010 - 04:40 | 718906 Captain Hindsight
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Maybe.. they shouldn't have kept interest rates so low for so long...

Thu, 11/11/2010 - 06:59 | 718955 dick cheneys ghost
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my brother does residential real estate appraisals for a Large money center bank (starts with a B, ends with an A). on a recent conference call, said bank told appraisal staff that a "300 percent increase in reo appraisals" would happen in 2011. said bank did not say if if it was shadow inventory or anticipated worsening of the housing market.


Thu, 11/11/2010 - 09:05 | 719017 apberusdisvet
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I'm thinking of starting a demolition business; first Florida, then Nevada; perhaps Arizona.  I'll franchise out the DC area but only if the franchisee supplies his/her own heavy weapons.

Thu, 11/11/2010 - 10:18 | 719132 Grand Supercycle
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EURO daily chart bearish warnings continue.

US Dollar daily chart bullish warnings continue.


Thu, 11/11/2010 - 11:49 | 719416 Hidetora
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I am shocked, and I mean SHOCKED that this hasn't gotten bigger.  Then again, Chris Whalen did say it would take 3-6 months.

Anyone have a chrono-accelerometer?

Thu, 11/11/2010 - 11:49 | 719417 Hidetora
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I am shocked, and I mean SHOCKED that this hasn't gotten bigger.  Then again, Chris Whalen did say it would take 3-6 months.

Anyone have a chrono-accelerometer?

Thu, 11/11/2010 - 12:32 | 719588 xanax
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Those of us that have been ultra-bearish on housing since 2003 are just over the whole thing, which is why it hasn't blown up.  At this point I think most people are just "oh wow, another scandal, business as usual" which is sad.  When was the last time you heard a big story about Iraq?  It's just like "oh yeah, more atrocities and death, that whole thing."

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