CASE SHILLER INDEX: HOUSING PRICES LOWEST SINCE THE CRASH

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EDITOR’S NOTE: Despite realtors and banks putting out disinformation about the housing market improving, the facts show otherwise. Housing prices, housing demand are falling under the sheer weight of supply and joblessness. What will 2012 bring? More of the same unless the courts apply the law, require proof of the claims being made by intermediaries who are stepping in to claim houses instead of the creditors, and get rid of the notion that applying the law will unfairly grant a windfall to homeowners.

We are in a downward spiral caused by a fake glut of homes that were foreclosed — some with the intention of bull-dozing them (see Cleveland and other cities) — by pretender lenders. The real creditors have abandoned the claims for repayment from the borrowers, so the Banks are using their formidable power and wealth to make it appear that these foreclosures are real. They are not. Most foreclosures are conducted by and for the benefit of intermediaries who were simply service providers or conduits in the mortgage process — and contrary to the needs of the real creditors and the homeowners who are both left holding the short end of the stick.

The supply of homes choking off our economy, our housing market and our prospects is an illusion that is being treated as real. These homes were forced into foreclosure despite desperate attempts by homeowners to modify their loans. The offers to modify are most often offers to accept mortgages above the fair market value of the home — something the foreclosers could never obtain through an auction sale. The obvious conclusion is that they have their own agenda and that this is yet another example of how Wall Street turned the real estate market on its head.

Prices will continue downward. The economy will be dragged downward. And the mood of the country will darken as the government does nothing to stop this continuing fraud — illegally rejecting modification offers for no good business reason. There is every indication that the investors are not even consulted in considering modifications and settlements despite representations to the contrary. That is illegal under HAMP. The Banks have already been sanctioned by regulators for this violation but they do nothing more.

The intermediaries must be removed from the process and a new way of communication between investors and homeowners must be established for this to stop. Livinglies is exploring some options in this regard. More to come.

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S&P/Case-Shiller released the monthly Home Price Indices for October (a 3 month average of August, September and October). This release includes prices for 20 individual cities and and two composite indices (for 10 cities and 20 cities).

Tags: bankruptcy, borrower, countrywide, disclosure, foreclosure, foreclosure defense, foreclosure offense, foreclosures, fraud, housing prices, LOAN MODIFICATION, modification, modifications, quiet title, rescission, RESPA, securitization, TILA audit, trustee, WEISBAND
Posted in bubble, Corruption, Eviction, securities fraud |