Larry Roberts real estate writing blog

Tuesday, October 7, 2014

Mortgage Foreclosure: Loan modification can-kicking going to extremes

The mainstream media housing market cheerleaders have been touting the declining delinquency rates as a sign of market health. As I recently pointed out, contrary to media spin, mortgage delinquencies are trending higher. We know that lenders don’t want to foreclose and recognize losses,...
Loan modification can-kicking going to extremes

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OCHN: How restricted for-sale housing inventory saps demand

Lenders restricted MLS inventory to drive up house prices, which also drives up rent; higher rent makes it more difficult to save for a down payment.

I recently asked, Do loan modifications cause rents to rise too?
We know providing loan modification subsidies serves to increase home prices...
How restricted for-sale housing inventory saps demand

Monday, October 6, 2014

USA Foreclosure: Did the housing bust change homebuyer attitudes and expectations?

In 2005 a house was an investment you could live in. A house was expected to provide endless rapid appreciation that could be converted to spending money at any time. Debt on the house could always be increased yet refinanced at lower and lower rates and better and better terms so payments...
Did the housing bust change homebuyer attitudes and expectations?

OCHN: Why aren"t Millennials buying homes?

A combination of high home prices, large debt loads, and caution about the recent housing bust deters Millennials from buying homes today.

In the 60 years between World War II and the housing bust, each generation obtained an education, secured a job, got married, and bought a home in the...
Why aren"t Millennials buying homes?

Sunday, October 5, 2014

Loan Mod Default: Residential loan delinquency rates very high at major banks

Shadow inventory is primarily a problem for major commercial banks. The GSEs have been processing their foreclosures, and although delinquencies at the FHA are increasing, these are fresh delinquencies, not long-term shadow inventory. The too-big-to-fail commercial banks have been endlessly...
Residential loan delinquency rates very high at major banks

USA Housing: Should subprime loans be a government subsidized entitlement?

Should everyone really own a house? Are renters so much less a part of their communities that the government must spend billions of dollars subsidizing home ownership? These are important questions. How we answer them will guide how we remake our housing finance system which was destroyed with...
Should subprime loans be a government subsidized entitlement?

Saturday, October 4, 2014

Ponzi Debt: Lenders created a culture of Ponzis and deadbeats

When I grew up, I watched my parents work hard and pay their bills. Their house payment was the largest of of their bills, but they sacrificed to pay down their mortgage to eventually become payment free. This was the experience of most Americans, a collective lesson we learned about...
Lenders created a culture of Ponzis and deadbeats

Friday, October 3, 2014

Debt Default: Strategic default spreads like a virus

One of the great advances which has come from the internet is the quick dissemination of useful information. In short, secrets don’t remain secret very long. Lenders don’t want borrowers to know that their friends and neighbors have stopped paying their mortgages, and their lives...
Strategic default spreads like a virus

OCHN: Is San Francisco ripe for a housing bust?

House prices surprisingly fell in the Bay Area. Will the bursting Chinese bubble and a potential tech credit bubble cause money to flee the Bay Area?

Back in January I asked, Is San Francisco, the most overvalued US housing market, going to crash? At the time, I challenged housing bears to...
Is San Francisco ripe for a housing bust?

Thursday, October 2, 2014

Real Estate Loan: Most Millennials won"t qualify for a mortgage until 2019

The next generation of homebuyers, Millennials, have too much debt to buy their first homes. As a result, first-time homebuyer participation is at near-record lows, and the situation isn’t likely to change any time soon. The typical sources of housing demand are largely absent; in...
Most Millennials won"t qualify for a mortgage until 2019

OCHN: Government-backed mortgages should be expensive

If government-backed loans carry higher costs, private lending will steal market share and get the government out of the mortgage business.

Legislators and bureaucrats who protect the interests of taxpayers want to reduce the government’s footprint in housing finance. Realistically, t...
Government-backed mortgages should be expensive

Wednesday, October 1, 2014

OCHN: How reverse mortgages cause financial cancer and emotional pain

Reverse mortgages eat homeowner equity through the power of compound interest working against the borrower, much like the growth of cancer cells.

I’m not a big fan of debt, in case you didn’t notice. I don’t like consumer debt, and I really don’t like reverse mortgages....
How reverse mortgages cause financial cancer and emotional pain