⭐🔥 Click here to check Latest Celeb News & Celebrity Gossip in 2022! 🔥⭐
The Washington Independent
The Washington Independent

Foreclosures Decline in May, Repossessions Hit All-Time High

In another sign that the foreclosure crisis might have peaked, foreclosure filings declined 3 percent in May, RealtyTrac reported this morning. Florida, Nevada,

Tyreece Bauer
Last updated: Jul 31, 2020 | Jun 10, 2010

In another sign that the foreclosure crisis might have peaked, foreclosure filings declined 3 percent in May, RealtyTrac reported this morning. Florida, Nevada, California and Arizona remain the hardest-hit states. From the report:

“The numbers in May continued and confirmed the trends we noticed in April: overall foreclosure activity leveling off while lenders work through the backlog of distressed properties that have built up over the past 20 months,” said James J. Saccacio, chief executive officer of RealtyTrac. “Defaults and scheduled auctions combined increased by 28 percent from 2007 to 2008 and another 32 percent from 2008 to 2009 — creating a build-up of delayed bank repossessions. Lenders appear to be ramping up the pace of completing those forestalled foreclosures even while the inflow of delinquencies into the foreclosure process has slowed.”

And lenders “ramping up” the pace of foreclosure pushed bank repossession to an all-time high. Last month, banks and other lenders took control of 93,777 homes, 44 percent more than they did in May 2009. But a RealtyTrac expert warned that the new peak in repossessions does not signal that banks believe that the housing crisis has bottomed out. (Banks have little incentive to repossess homes if they think the housing market is declining. Why flood the market with new properties, furthering the decline in home values?) Instead, banks are working through the current backlog, rather than upping new foreclosures: “What it looks like is that the lenders are focusing on processing the delinquent loans they already have rather than initiating new foreclosures,” Rick Sharga told CNBC. “They’re managing inventory to prevent a free fall in home prices.”

The crisis remains localized; 10 states have 70 percent of the foreclosures. But there was good news for the places suffering from the highest foreclosure rates:

[All but one metro area] in the top 10 [for foreclosure rates showed] declining foreclosure activity on a year-over-year basis: No. 1 Las Vegas was down nearly 18 percent; No. 2 Merced, Calif., was down 7 percent; No. 3 Modesto, Calif., was down nearly 28 percent; No. 5 Cape Coral-Fort Myers, Fla., was down nearly 19 percent; No. 6 Stockton, Calif., was down 33 percent; No. 7 Riverside-San Bernardino-Ontario, Calif., was down nearly 29 percent; No. 8 Bakersfield, Calif., was down 19 percent; No. 9 Reno-Sparks, Nev., was down nearly 18 percent; and No. 10 Phoenix was down nearly 9 percent.

What would force the foreclosure rates back up? Declining home values, caused by slack demand due to sustained high unemployment and the sunset of the Obama administration’s interventions into the housing market, including the homebuyer’s tax credit.

Tyreece Bauer | Analyst and photographer in the field of technology. When I'm not working on my laptop, I like to go surfing, hiking with friends, and go karting or play soccer with my nephew. I enjoy traveling and am excited to visit Tokyo this summer. What are your plans for your next trip?


EPA Administrator Addresses Concerns About Oil Spill Waste Management

At a hearing of the national oil spill commission today, Environmental Protection Agency Administrator Lisa Jackson addressed concerns about waste disposal from

EPA administrator defends allowing Florida to write its own water pollution rules

The EPA seal (Pic via sentryjournal.com) The Environmental Protection Agency has come under fire for its decision to allow the state of Florida to write its own water pollution rules (known as “numeric nutrient criteria”). EPA Regional Administrator Gwendolyn Keyes Fleming is now firing back, writing that the Agency commends the state Department of Environmental Protection for its draft of a proposed standard. A host of environmental groups filed suit in 2008, seeking to compel the EPA to implement a strict set of water pollution standards in Florida, arguing that the state was in violation of the Clean Water Act.

EPA administrator says federal nutrient criteria is a ‘myth’

In testimony given late last week, EPA Administrator Lisa Jackson said that false accusations about her agency’s numeric nutrient criteria to govern Florida waterways are proving to be a detriment to their implementation. # Testifying before the House Agriculture Committee, Jackson said her agency’s work was often “mischaracterized” and addressed several myths surrounding its work

E-Verify Mandate Begins Today

The Obama administration today begins implementation of a new mandate to require all federal contractors to check the legal status of their employees to confirm

EPA administrator fires back at critics in op-ed

EPA Administrator Lisa Jackson (Pic by USACEpublicaffairs, via Flickr) EPA Administrator Lisa Jackson penned a new op-ed for the Los Angeles Times , criticizing House Republicans desperately seeking to undermine the authority of the agency they have dubbed a “job killer.” Arguing that the environment affects red states and blue states alike, Jackson writes that “it is time for House Republicans to stop politicizing our air and water.” As head of the Environmental Protection Agency, Jackson has faced harsh criticism from House Republicans and GOP presidential candidates who say the agency’s regulations are an undue burden on businesses that have to cut jobs simply to comply with clean water and air rules. Presidential hopeful Michele Bachmann  has pledged to end the EPA if she takes office. “Since the beginning of this year, Republicans in the House have averaged roughly a vote every day the chamber has been in session to undermine the Environmental Protection Agency and our nation’s environmental laws,” writes Jackson.

EPA and California Near Deal on Fuel Efficiency Standards

Two weeks ago, the Obama administration raised fuel efficiency standards by an average of two miles per gallon -- a modest change that disappointed some

EPA announces hold on nutrient standards if Florida can come up with own criteria

The EPA announced today that it is now prepared to withdraw a portion of its proposed numeric nutrient criteria (a set of standards governing water pollution in inland waters) and delay the portion related to estuarine waters, to allow the state Department of Environmental Protection to develop its own criteria. # From a statement released by the EPA earlier today: # EPA recognizes that states have the primary role in establishing and implementing water quality standards for their waters. Therefore, EPA is prepared to withdraw the federal inland standards and delay the estuarine standards if FDEP adopts, and EPA approves, their own protective and scientifically sound numeric standards

EPA biologist says fracking may be partly to blame for West Virginia fish kill

New documents obtained by an environmental news service show that an EPA analyst believes that wastewater from fracking may be partly responsible for a fish kill in a West Virginia river. Scientific American reports : U.S

EPA Chief Overruled Calif. Waiver, Too

The Washington Post reported in March that EPA Administrator Stephen Johnson was overruled by the White House in setting an ozone standard. Now, documents

© Copyright 2022 The Washington Independent All Rights Reserved

Terms & Privacy | twi.news@washingtonindependent.com

⭐🔥 Click here to check Latest Celeb News & Celebrity Gossip in 2022! 🔥⭐