About that Housing Market Stabilization...

Amid glowing reports that the housing market has stabilized (ergo, it's off to the races again) come anecdotes like this one, about a spike in foreclosures in Massachusetts. 

Mass. foreclosure filings smash record (From Boston.com)

January had the highest number of monthly Massachusetts foreclosure filings in at least two decades as local consumers struggled to hang onto their homes, according to a new report.

Last month, 2,207 foreclosure filings - or 110 every business day - were submitted in Massachusetts, more than double the number of a year ago; filings in January 2007 were up 105 percent from 1,076 filings in January 2006, according to ForeclosuresMass.com, a Framingham firm that provides online Massachusetts foreclosure data to investors, real estate agents, and lenders.

"The flood of foreclosures in Massachusetts is not only continuing; it has reached a new high," company president Jeremy Shapiro said in a statement. "The fact we are starting the year with the highest number of foreclosures we've ever recorded for a single month is more than significant - it's ominous."

Because housing is one of the sectors that could, in fact, bring the whole economy down, resolving the "stabilization" question is important.  Although the Massachusetts and other "subprime" anecdotes concern mainly the low-end of the market (and all those poor folks who hoped that interest rates would stay at Japanese levels forever), the contagion could still spread--especially if long rates ever tick up.  Given this, combined with the fact that down cycles in housing usually last about 5 years, not 1 year (and usually trough well below the long-term trend line), the wise conclusion is probably that we're still closer to the beginning of the housing "correction" than the end.

Comments

[Barbara Ann Jackson]

subject: Foreclosure Fraud, Wall Street, FREDDIE MAC, Judicial Corruption, etc.

Any representation to Wall Street Investors by FREDDIE MAC that FREDDIE’S reported $2 billion losses are due to people defaulting on their mortgages must be weighed against the fact that (in states such as Louisiana), Freddie Mac is paying DEBT COLLECTION firms needless, outrageous litigation costs for corporate lawyers to outmaneuver –and even persecute people when they oppose unlawful foreclosures. In Louisiana, long before Hurricane Katrina, the entrenched real estate and mortgage fraud racketeering scheme has been in operation. But thanks to federal authorities such as U.S. Attorney Jim Letten and U.S. Attorney David Dugas, real estate racketeers in Louisiana have nothing to worry about. Verification of what I have written is posted on my www.lawgrace.org website.

http://www.lawgrace.org/2007/12/08/my-december-7-2007-comment-posted-to-the-times-picayune-blog-about-the-news-article-entitled-%e2%80%9cjudge-gets-debt-reprieve-badeaux-has-skipped-mortgage-payments%e2%80%9d-the-foreclosure-of-this-lo/
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*Also, posted on NEWSBLAZE.COM, see this article: "Mortgage Mess, Foreclosure Fraud and Impediments to Justice:"

Most critical to the Foreclosure Crisis is FORECLOSURE FRAUD, which enables MORTGAGE LENDERS to ILLEGALLY FLIP properties. In Louisiana, 2 particular mortgage companies which benefit from fraudulent foreclosures are Wells Fargo and FREDDIE MAC! It is HIGHLY COMMON for a DEBT COLLECTOR attorney to file a foreclosure: (i) in the name of a DEFUNCT mortgage company;(ii) in the name of a mortgage company which is NO LONGER holder of the security interest (the promissory note); or (iii) file a foreclosure and AFFIX a "ransom" amount (the collector's fee) far exceeding what the promissory note "Acceleration Clause" authorizes.

Despite a property owner's entitlement to Challenge CONTRARY-TO-LAW loss of his / her home, most property owners LACK consumer and legal knowledge; the Court System is REFRACTORY; and there are limited attorneys with acumen to pursue Consumer Law. Also, when borrowers sue for "Unfair Debt Collection Practices," damages, the collector gets to make more $$ through prolonged litigation, as co-conspirators enjoy the foreclosure pie.

Investors need to become more astute about how mortgage servicers' misdeeds hurts borrowers as well as siphons incalculable amounts of money from what Investors should reap. (See "Limiting Abuse and Opportunism By Mortgage Servicers," AND "Private Property Rights Deferred: Has Predatory Mortgage Servicing Destroyed The American Dream" by Rawle Andrews, Jr., Esq.,and Leroy Jones, Jr., J.D. Visit: http://www.msfraud.org/index.html.)

http://newsblaze.com/story/20071203130614tsop.nb/newsblaze/TOPSTORY/Top-Stories.
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Barbara Ann Jackson
Law & Grace, Inc.
www.lawgrace.org
LOUISIANA

[Alison]

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[KaseyLevy20]

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