The previous post on foreclosures inspired some quick back-of-the notepad calculations to put the numbers into perspective. In other words, how large a problem is this, relative to the broader real estate market? According to the Minneapolis Area Association of Realtors, there have been 35,061 closed sales through October of this year. According to a count performed by the Pioneer Press, there have been 10,521 homes foreclosed (sold at Sheriff’s Auction) through October of this year. That’s 1 foreclosure for every 3 homes sold in the Twin Cities this year. Trot that one out at your next cockta (more…)
Theresa Boardman, of the always excellent St. Paul Real Estate Blog, muses on the fate and future employment prospects of the growing list of unemployed mortgage brokers in the Twin Cities. (2600 0f 4000 mortgage brokers did not renew their licenses this year): [W]here will the 2600 local lenders who decided not to renew their licenses go? I have an idea. Perhaps the over worked REO* departments at some of the local banks will add staff. That would help the economy by providing jobs and by making it possible for the banks to actually sell the properties that they own instead of leaving them ab (more…)
NameYourLoan.com announced it recently launched and is waiving per-lead costs to all participating lenders through March 31, 2008. LeadBull.com currently has 50 slots open for its new Smart Choice program, which provides a "solid mix" of fresh Internet and vintage mortgage leads, and owner and renter household records, according to an e-mail message by the company this month. LendingGateway.com recently announced it is now licensed to originate mortgages in 17 states. (more…)
During October, $26 billion in mortgage insurance policies were written, the Mortgage Insurance Companies of America reported today. Volume was down from September, MICA said. But the number of policies written rose by more than 15,000. (more…)
