Archive for March, 2009

Find Foreclosures in Riverside

Friday, March 6th, 2009

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Bankruptcy judges rewrite terms

Thursday, March 5th, 2009

In a compromise intended to appease lenders, the House of Representatives today passed legislation that will allow bankruptcy judges to rewrite the terms of troubled borrowers’ mortgages — but only if they have first tried to work with their loan servicer to obtain a loan modification or other alternative to foreclosure.

The Obama administration considers so-called bankruptcy cram-downs a useful tool for encouraging lenders to participate in an initiative aimed at helping up to 9 million families restructure or refinance their mortgages (see story).

The House version of a bill that would amend the bankruptcy code, HR 1106, the Helping Families Save Their Homes Act of 2009, passed in a 234-191 vote.

Home auctions biz grows 1.1% in ‘08

Thursday, March 5th, 2009

The National Auctioneers Association, a trade group for auction professionals, this week reported that gross receipts for real estate auctions grew about 1.1 percent in 2008, with an estimated $17.1 worth of residential real estate sold at auction.

Bank-owned properties that have completed a foreclosure process (commonly referred to as REOs) were “a major contributor to the industry’s growth in 2008,” NAA reported.

Gross receipts for commercial and industrial real estate auctions fell about 0.5 percent in 2008, to $15.5 billion, NAA also reported. Land and agricultural real estate auctions grew an estimated 0.5 percent to $26 billion in 2008.

In total, all types of real estate sales at auction accounted for an estimated $58.6 billion in gross receipts in 2008, or 21.8 percent of all goods and services sold at auction last year. Overall, gross receipts for all types of auctions dipped about 1 percent in 2008 compared to 2007.

Segments of the auction industry that grew last year include: agricultural machinery and equipment; commercial and industrial machinery and equipment; and charity auctions.

NAA reported “significant decreases in gross revenue” for art, antiques and collectibles (down 9.3 percent), automobiles (down 5.4 percent), and personal property (down 5.1 percent).

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