Negative equity is driving the continued rise in bank repo homes, according to Deutsche Bank analysts. They predicted that 48 percent of all mortgages will be underwater by 2011.
Job losses, foreclosed for sale prices and other downturn factors are putting more mortgages into negative equity. Analysts and economists have predicted the number of underwater borrowers to increase in 2010 and in 2011 by significant rates.
A Florida judge recused himself from hearing a repossessed houses case after several lawyers complained about his alleged bias comments. The judge also threatened to disbar a lawyer involved in the case.
Bank foreclosure listings have been slowing in Sarasota County, Florida as banks postpone their foreclosure actions to cut maintenance costs. Banks also want to regulate the flow of foreclosures into the market to stop further home price declines.
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