*Once borrowers start missing payments, they spend an average of a year and nine months, or 611 days, in foreclosure before banks repossess their homes, according to LPS Mortgage Monitor. That's more than twice as long as three years ago, when the average was 251 days. Earlier this year, the average was 523 days. Read the rest here: 

    *I am so against this: Senators Urge Government to Act Fast to Create an REO Rental Program

*Harb's November Real Estae Newsletter  

    *Freddie held 60,000 REO on its books, which has been trimmed — as new foreclosures are completed — from 75,000 one year ago. If the current trend holds, and the GSE reduces a net 1,000 REO from its inventory every quarter, it would take 60 quarters to unload its entire inventory — roughly 15 years. Read the rest here:
 
*After five straight quarterly drops, default notices that start the foreclosure process increased 14 percent nationwide from the second quarter to the third quarter of 2011, signaling that another wave of foreclosure activity is beginning in many parts of the country. Although this wave will probably not crest as high as the foreclosure wave of 2007 to 2010 that resulted in more than 3 million borrowers losing their properties to foreclosure, it comes on the heels of a temporary lull in foreclosure activity caused by foreclosure processing delays over the past year.

This new wave of foreclosures is hitting some markets particularly hard. Click here for  graphics showing the 20 markets nationwide with the biggest quarterly increase in new foreclosure starts in the third quarter.  

    *Prices are low! Mortgages cheap! But you can't get one
 
*Private analysts say the nation is only halfway through the wrenching grip of the foreclosure epidemic. And that's reflected in the housing market, where home sales and prices continue to sag in many areas despite record low interest rates.  Read the rest here:
 
    *So what can you do to lessen the chance that a botched appraisal will torpedo your transaction? Here's a quick guide. Be proactive. Federal rules allow you to provide the appraiser your own comps, or recently sold properties of a similar size, condition and amenity levels in your market area. Your realty agent can help you pull them together before the appraiser arrives. Or for a fee of $200 to $300, you can hire an experienced local appraiser to assist you.  Read the rest here: 

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