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Thursday, December 9, 2010

Housing Double-Dip Coming?

Reports Wednesday that it may take "years" before we see a housing market recovery may be tame in their forecast.

As Crime, Politics and Policy has predicted before (October 6, 2010), the housing market could be hit by several factors including a sharp uptick in mortgage rates.  (The bond market may already have responded; some inverse-bond-price ETFs such as the one with New York Stock Exchange ticker "TBT" are already up 30% recently from their lows.) This would reduce new purchasers' buying power as banks re-assess their ability to make monthly payments and lower the principal amount of the mortgage they qualify for.  That should alone account for a sizable drop -- at the minimum, it should stop any increases in price in their tracks.

However, all these people with adjustable rate loans (whether first or second mortgage) will start to get hit as those loans get ratcheted higher.  This will trigger a new wave of eventual foreclosures, because there will be some banks that will seek to seize houses that still have equity.  

Ask yourself if any slow recovery will be enough to overcome the foregoing factors.

Eric Dixon is a New York lawyer and strategic analyst who provides legal, business and strategic advice to clients through his firm, Eric Dixon LLC.  Mr. Dixon has been a lawyer since graduating in 1994 from Yale Law School.  Mr. Dixon is available for comment at 917-696-2442 and viai email at 

1 comment:



    Foreclosure lawyers are officers of the court; knowledge of applicable laws and civil procedure is not required from mortgage lenders, nor loan servicers. Inadequate or questionable foreclosure leads to useless property deeds that impede real estate sales; title insurance companies reluctant to cover foreclosed properties; mortgage default claims are being disputed due to defective foreclosures. . .Sample of fraudulent foreclosures:

    –Deliberately use of defunct lenders or lenders without “standing” to execute false civil and bankruptcy foreclosure proceedings.
    – Create and conceal malpractice, delay foreclosures, engineer billable litigation fees.
    – Orchestrate sham foreclosure auctions; property never acquired by lenders, but by 'straw buyers’
    – Commit actionable wrongs (unfair debt collection, fraud, various torts) that give rise to lawsuits
    – Engage in self-dealing foreclosures by which some lawyers themselves gain foreclosed properties
    –Foreclosures via names of defunct lenders, illegally recorded property deeds, flipping, blighted communities
    – Unconscionably create false deficiency judgments against property owners after straw buyers acquire homes for pennies on the dollar
    – Intentionally false Bankruptcy court “Motion to Lift” and “Proof of Claim” on behalf of NON-EXISTENT lenders, concealing fact of “non-secured” mortgage debt.
    –Involved in fraudulent collection of property damage and mortgage insurance for illegally foreclosed homes
    –Fraudulent foreclosures abet loss of property taxes to city revenue, rodents, vagrants
    – Thousands of families made unlawfully homeless from null foreclosure proceedings.
    **more: Request for Congressional Foreclosure Panel to Examine Foreclosure Lawyers