We are two months into the new year and foreclosures are still a hot news subject. So let’s take a look at how and where we are.
According to Lender Processing Services (LPS) their data indicates about 6.92 million residential mortgages are past due or currently in foreclosure as of the end of January. That is a slight increase from December of 6.87 million. Most likely we are seeing the increase of homes going into foreclosure due to the fact many lenders held off foreclosure through the end of the year because of the foreclosure fraud investigation.
LPS also says the number of loans have risen 8 percent higher from where we were last year. Out of the 6.92 million mortgages not being paid on in the US, about 2.20 million are already in the process of being foreclosed on. About 4.72 million are more than one month past due, while 2.16 million of these homes are about 90 days past due.
So which states still have the highest non-current loans? Florida, Nevada, Mississippi, Georgia and New Jersey still have high foreclosure rates. However, these states are the fewest foreclosure rates Montana, Wyoming, Arkansas, South Dakota, and North Dakota.
According to MBA every state but two saw a drop in the 90 day past due delinquency, North Dakota and Arkansas were the only two states in which 90 day delinquencies did not decline. Total US mortgages that are past due are estimated to be around 8.22 percent, these not including mortgage that are already in foreclosure. MBA numbers for homes that are already in foreclosure averages about 4.63 percent. However according to MBA reports about 13.56 percent are at least one month behind.
Jobs are still slowly on the rise, commodities like gas, oil and food costs are pushing the average American’s budget to the verge of popping and it is only a matter of time before we start seeing foreclosures slowly creep up again.
Question is how the government’s assistance program, HAMP and other loan modification programs continue to help struggling homeowners. Increase discussion about the revamping of the mortgage, lending services and other government agencies will certainly play a role into how our real estate market starts to recover and how soon. As government officials continue to discuss making changes, we can only sit back and see how the next year begins to unfold.
It’s warming up, in advance of a two-day springtime interlude Thursday and Friday. On Wednesday, a high of 46, sun and light wind gusts.
Bernard L. Madoff has long insisted that he was the only one involved in the Ponzi scheme that defrauded investors out of $65 billion and landed him 150 years in federal prison. But in his first interview with the press, Mr. Madoff claims banks and hedge funds ignored signs of his illegitimacy and were actually “complicit” in the scheme.
“They had to know,” Mr. Madoff said. “But the attitude was sort of, ‘If you’re doing something wrong, we don’t want to know.’ ”
Elsewhere in the interview, conducted over two hours in a North Carolina prison visitor room and via e-mail, Mr. Madoff said he was helping Irving H. Picard, the trustee looking to restore lost funds to Mr. Madoff’s clients, including JPMorgan Chase and the Wilpon family, who own the New York Mets. Mr. Madoff also contends that he did not attend the funeral of his son Mark, who committed suicide in December, because it would have created a media circus, disputing reports he refused to attend. [NYT]
Crime & Public Safety
At the funeral for Anna and Yelena Bulchenko, the mother and daughter killed during a stabbing spree over the weekend by, the authorities say, Maksim Gelman, a high-ranking Brooklyn assistant police chief made a rare appearance to offer condolences to the victims’ family. He also offered an apology: ““I’ll always regret that we weren’t able to stop him sooner,” said Assistant Chief Joseph Fox, who led the manhunt resulting in Mr. Gelman’s arrest on Saturday. About 1,000 people attended the funeral in Brooklyn. [NYT] (Also see The New York Post, The Daily News and The Wall Street Journal.)
In an interview from the Bellevue psychiatric ward, Mr. Gelman continued his claims that his arrest was a result of a police “setup.” [New York Post]
In a wrongful death suit against United Airlines, the family of a 9/11 victim successfully pushed a Manhattan federal judge to allow the questioning of a United Airlines employee who they claim made a cellphone call to Mohamed Atta, the leader of the hijackings. [Daily News]
Government & Politics
By the end of the year, all New York homeowners facing foreclosure could be offered legal representation, according to procedures released Tuesday by state court officials. In more than half of the 80,000 active foreclosure cases, the defendants do not have lawyers. [NYT]
Once a prosecutor, always a prosecutor. In his first budget, Gov. Andrew M. Cuomo is pushing provisions that would allow the executive branch, through a new Department of Financial Regulation, the power to issue subpoenas and seek testimony in financial fraud cases. Opponents call the move a “power grab,” claiming it gives the executive branch greater authority than the attorney general’s office. [NYT]
Unfazed by his recent censure by a House of Representatives ethics committee, Representative Charles B. Rangel will run for a 22nd Congressional term, filing papers this week. [New York Post] (Also see The Wall Street Journal.)
Naral Pro-Choice New York, the state’s leading abortion-rights group, is investigating its former president’s use of her expense account. The president, Kelli Conlin, left her post last month. [NYT] (Also see The Daily News.)
Schools
A national conference to bring together school officials and teachers’ union representatives was held Tuesday without New York’s highest-ranking school official or teachers’ union representatives. The schools chancellor, Cathleen P. Black, and the United Federation of Teachers president, Michael Mulgrew, had planned to attend the Denver conference, which drew 150 school districts, but declined after tensions rose over Ms. Black’s recent criticism of the first-in-last-out teacher layoff system. [NYT] At the conference, Secretary of Education Arne Duncan did not mention the seniority policy, but earlier versions of his speech criticized last-in-first-out. [New York Post]
Pooches
Hickory, a Scottish deerhound from Flint Hill, Va., won Best in Show at the Westminster Kennel Club Dog Show on Tuesday. She had been named the top-ranked Scottish deerhound for the past three years before winning the big one. So, the opposite of the New York Jets. [NYT] (Also see The New York Post, The Daily News and The Wall Street Journal]
Housing & Economy
The Pratt Institute is supporting a major redevelopment of Myrtle Avenue, a once-dangerous strip through Brooklyn and Queens known as “Murder Avenue.” In January, Pratt opened the flashy, $54 million Myrtle Hall, credited with improving the neighborhood. [NYT]
Donald J. Trump, a Queens native, is interested in buying the Mets. He recently called the current owner, Fred Wilpon, to inquire about a possible sale. [NYT] (Also see The New York Post.)
People & Neighborhoods
Some of the city’s public-housing residents are working New York Fashion Week. [Wall Street Journal]
Eight Coney Island Boardwalk businesses facing closing may be offered stays of execution to remain open for the summer. Alas, Shoot the Freak received no such offer. [The Daily News]
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bench craft company
AOL Bolsters Local <b>News</b> Investment With Acquisition of Outside.in <b>...</b>
AOL has acquired local news aggregator Outside.in, according to multiple reports.
Florida's Teacher Union Fight: the Next Wisconsin? - FoxNews.com
Florida is becoming a potential new battleground for union rights. New Republican Governor Rick Scott is proposing that teachers in his state contribute five percent to their pensions. Florida teachers rank 47th in the country in salary ...
Robert Reich: The Real <b>News</b> on Jobs
On our current trajectory, the unemployment rate will continue to decline. But so will the pay and benefits of most Americans. The real story isn't about jobs, it's about the ever decreasing standard of living for the middle class.
bench craft company
bench craft company
AOL Bolsters Local <b>News</b> Investment With Acquisition of Outside.in <b>...</b>
AOL has acquired local news aggregator Outside.in, according to multiple reports.
Florida's Teacher Union Fight: the Next Wisconsin? - FoxNews.com
Florida is becoming a potential new battleground for union rights. New Republican Governor Rick Scott is proposing that teachers in his state contribute five percent to their pensions. Florida teachers rank 47th in the country in salary ...
Robert Reich: The Real <b>News</b> on Jobs
On our current trajectory, the unemployment rate will continue to decline. But so will the pay and benefits of most Americans. The real story isn't about jobs, it's about the ever decreasing standard of living for the middle class.
bench craft company
AOL Bolsters Local <b>News</b> Investment With Acquisition of Outside.in <b>...</b>
AOL has acquired local news aggregator Outside.in, according to multiple reports.
Florida's Teacher Union Fight: the Next Wisconsin? - FoxNews.com
Florida is becoming a potential new battleground for union rights. New Republican Governor Rick Scott is proposing that teachers in his state contribute five percent to their pensions. Florida teachers rank 47th in the country in salary ...
Robert Reich: The Real <b>News</b> on Jobs
On our current trajectory, the unemployment rate will continue to decline. But so will the pay and benefits of most Americans. The real story isn't about jobs, it's about the ever decreasing standard of living for the middle class.
bench craft company
AOL Bolsters Local <b>News</b> Investment With Acquisition of Outside.in <b>...</b>
AOL has acquired local news aggregator Outside.in, according to multiple reports.
Florida's Teacher Union Fight: the Next Wisconsin? - FoxNews.com
Florida is becoming a potential new battleground for union rights. New Republican Governor Rick Scott is proposing that teachers in his state contribute five percent to their pensions. Florida teachers rank 47th in the country in salary ...
Robert Reich: The Real <b>News</b> on Jobs
On our current trajectory, the unemployment rate will continue to decline. But so will the pay and benefits of most Americans. The real story isn't about jobs, it's about the ever decreasing standard of living for the middle class.
bench craft company
AOL Bolsters Local <b>News</b> Investment With Acquisition of Outside.in <b>...</b>
AOL has acquired local news aggregator Outside.in, according to multiple reports.
Florida's Teacher Union Fight: the Next Wisconsin? - FoxNews.com
Florida is becoming a potential new battleground for union rights. New Republican Governor Rick Scott is proposing that teachers in his state contribute five percent to their pensions. Florida teachers rank 47th in the country in salary ...
Robert Reich: The Real <b>News</b> on Jobs
On our current trajectory, the unemployment rate will continue to decline. But so will the pay and benefits of most Americans. The real story isn't about jobs, it's about the ever decreasing standard of living for the middle class.
bench craft company
AOL Bolsters Local <b>News</b> Investment With Acquisition of Outside.in <b>...</b>
AOL has acquired local news aggregator Outside.in, according to multiple reports.
Florida's Teacher Union Fight: the Next Wisconsin? - FoxNews.com
Florida is becoming a potential new battleground for union rights. New Republican Governor Rick Scott is proposing that teachers in his state contribute five percent to their pensions. Florida teachers rank 47th in the country in salary ...
Robert Reich: The Real <b>News</b> on Jobs
On our current trajectory, the unemployment rate will continue to decline. But so will the pay and benefits of most Americans. The real story isn't about jobs, it's about the ever decreasing standard of living for the middle class.
bench craft company
AOL Bolsters Local <b>News</b> Investment With Acquisition of Outside.in <b>...</b>
AOL has acquired local news aggregator Outside.in, according to multiple reports.
Florida's Teacher Union Fight: the Next Wisconsin? - FoxNews.com
Florida is becoming a potential new battleground for union rights. New Republican Governor Rick Scott is proposing that teachers in his state contribute five percent to their pensions. Florida teachers rank 47th in the country in salary ...
Robert Reich: The Real <b>News</b> on Jobs
On our current trajectory, the unemployment rate will continue to decline. But so will the pay and benefits of most Americans. The real story isn't about jobs, it's about the ever decreasing standard of living for the middle class.
bench craft company
AOL Bolsters Local <b>News</b> Investment With Acquisition of Outside.in <b>...</b>
AOL has acquired local news aggregator Outside.in, according to multiple reports.
Florida's Teacher Union Fight: the Next Wisconsin? - FoxNews.com
Florida is becoming a potential new battleground for union rights. New Republican Governor Rick Scott is proposing that teachers in his state contribute five percent to their pensions. Florida teachers rank 47th in the country in salary ...
Robert Reich: The Real <b>News</b> on Jobs
On our current trajectory, the unemployment rate will continue to decline. But so will the pay and benefits of most Americans. The real story isn't about jobs, it's about the ever decreasing standard of living for the middle class.
bench craft company
AOL Bolsters Local <b>News</b> Investment With Acquisition of Outside.in <b>...</b>
AOL has acquired local news aggregator Outside.in, according to multiple reports.
Florida's Teacher Union Fight: the Next Wisconsin? - FoxNews.com
Florida is becoming a potential new battleground for union rights. New Republican Governor Rick Scott is proposing that teachers in his state contribute five percent to their pensions. Florida teachers rank 47th in the country in salary ...
Robert Reich: The Real <b>News</b> on Jobs
On our current trajectory, the unemployment rate will continue to decline. But so will the pay and benefits of most Americans. The real story isn't about jobs, it's about the ever decreasing standard of living for the middle class.
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