Why Did They Let Me Stay Here For 10 Years?
A report from the Las Vegas Sun in Nevada. "The latest monthly update from the Greater Las Vegas Association of Realtors , showed the Valley had more than 7,000 listings without an offer. If you go back to last fall, low inventory was affecting the market quite a bit,' said association president Janet Carpenter . 'Since then, things have changed. The market has slowed and we’ve seen inventory increase.'"
"Carpenter said she recently had a home in the $235,000 price range that stayed on the market for more than a month, something that would have been unheard of even six months ago. While some of the national market experts are at odds, it’s not a bad time to purchase a home, Carpenter said. 'Interest rates are really low,' she said. 'The market is 10 times better for buyers than it was last fall.'"
From KDVR in Colorado. "Experts studying trends in Denver's housing market said more landlords are opting to sell rental homes instead of continuing to rent them out as the housing market normalizes. As landlords sell single-family homes, Nicole Rueth, a lender with Fairway Mortgage Corporation said it's great news for buyers because it means inventory on the housing market will go up."
"'It opens up opportunities for homebuyers and that’s an area we so desperately need inventory in, in that below $500,000 price point,' said Rueth."
From Patch Winnetka in Illinois. "One of former Chicago Bears linebacker Lance Briggs' two North Shore properties in foreclosure was sold in a court-ordered auction earlier this month, according to court records."
"In June 2008, Briggs paid $2.3 million for the newly built, 4,800-square-foot, six-bedroom mansion on 1.04 acres near the corner of Winnetka and Sunset Ridge roads in Northfield. Two years earlier he had purchased a townhouse at 985 Enfield Drive in Northbrook for $371,500."
"In July 2017, Citimortgage launched a foreclosure action against the Northfield property, claiming Briggs still owed the full $1.72 million he borrowed for the property. Then in September 2017, Deutsche Bank filed a foreclosure action against the Northbrook property for a nearly $300,000 mortgage."
"After he was drafted 63rd overall out of the University of Arizona, the retired Pro Bowler spent his entire 12-year career with the Bears, becoming one of the captains of the team's defense and earning more than $52 million over three contracts, according to the website Spotrac."
From North Jersey. "Madeline D’Alessandro was standing on the front porch of her home at 8:50 a.m. when the sheriff’s deputy arrived to evict her. She has waited ten years for this moment, long enough to get tired of feeling afraid. A few minutes later two movers arrived."
"D’Alessandro has lived with her brother, Charlie, in this pink ranch house in Wayne since 2004. Charlie stopped paying the mortgage in 2009, when his business as an electrician faltered during the subprime mortgage crisis."
"For a decade, the D’Alesandros have lived like squatters in their own house. They rebuilt two bathrooms, and spent $28,000 to replace the roof. Otherwise, they have lived in the place for free. 'My biggest beef is: why did they let me stay here for 10 years?' Charlie D’Alessandro asked. 'I thought I’d be gone in a year.'"
"Charlie takes partial credit for the extra-long foreclosure. He filed for bankruptcy, then tried to unload his house in a short sale. 'Of course I did!' he said, explaining his strategy to slow the process and prolong his time in the house without paying mortgage or rent. 'Who wouldn’t?'"
"Meanwhile the D’Alessandros' mortgage was traded between half a dozen owners and loan servicers. None of the companies could locate the documents required to prove they owned the loan, and thus the right to foreclose. For years, none took the steps necessary to take the D’Alessandros to court and force them out."
"The banks’ procrastination was abetted by New Jersey’s antiquated laws that allow foreclosures to drag on for years. In many cases this leaves abandoned homes sitting empty indefinitely. Some have earned the moniker 'zombie homes.'"
"At the D’Alessandros' house this week, the foreclosure crisis just kept dragging on. A few minutes after 9 a.m. the sheriff’s deputy and two movers were joined by Emilio Baldino. He is a Realtor hired by MTGLQ Investors, a subsidiary of Goldman Sachs that now owns the D’Alessandros' loan. When D’Alessandro and his sister move out, Baldino will be responsible for selling the home to someone new."
"'Lately I’ve been seeing more foreclosures that last four to six years,' said Baldino."
"One of the movers looked up from his phone. There was a problem, he said: the moving truck had broken down on the highway. The deputy walked away, made a phone call, then returned. The eviction was postponed, he said. Charlie and Madeline would get a reprieve."
"Ten years after losing their house to the great American financial crisis of 2008, they could stay in their home another week. 'You won’t hear me complaining!' said Charlie."