To put this in context, we are tracking the following foreclosure and mortgage-related cases: (1) borrower class actions – 67 pending class-action suits in 23 states challenging foreclosures based upon robo-signing, defective assignments, reliance upon the Mortgage Electronic Registration Systems (MERS), or the misapplication of payments; (2) class action cases related to the Home Affordable Modification Program (HAMP) – 57 class actions in 25 states alleging impropriety in processing loan modifications regarding HAMP, as well as another 24 class actions in 18 states alleging misconduct under non-HAMP modification programs; (3) investor actions – 21 investor suits in 12 states alleging foreclosure and securitization misconduct that seek to “put back” defaulted loans to the loan originator and damages based upon failure to properly form the securitization trusts, misrepresentation regarding underwriting and other misrepresentations, robo-signing, or the use of MERS; and (4) Attorney General initiated suits – three suits brought by the Attorney General of Ohio against GMAC, and the Attorneys General of Nevada and Arizona against Countrywide and Bank of America. Additional investigations have just recently been undertaken. Absent a settlement with the state Attorneys General, more suits by state Attorneys General are likely to be filed.

Although no major judgments have been rendered to date, most of these cases are in the initial phase of litigation. If judgments are rendered for plaintiffs in these cases they could materially forestall the foreclosure process and create considerable uncertainty. Absent resolution to the mortgage servicing practices, claims and investigations regarding past practices will continue to proliferate, likely deferring the recovery of housing and mortgage markets.

It is no wonder the market is sluggish. This is taken from recent testimony by FDICs Mark Pearce. If lenders are dealing with these issues, they are going to be reluctant to approve new loans.

Social Media Tactics for Real Estate

Build and engage your audience

• Find out which tools, tactics, and approaches really work for social networking
• Understand how to identify and find your audience online
• Keep you and your services at the top of your audience’s mind

Join Online Marketing Consultant and Coach Dave Wirsching for this free 1 hour webinar to understand how Real Estate Professionals can best use social networks.

During the webinar you will learn:

• Why Social Networking is an important part of your marketing mix
• Which Social Networks you should use and why
• The ACE approach to building your audience
• 5 Tactics you should be using
• What tools you can use to monitor and manage your social network

Session Information

Date: May 3, 2011 

Time: 12:30-1:30PM EST

Cost: Free

I've met Dave and I believe he knows what he is talking about. This should be a worthwhile presentation.

If you live in a city like San Diego or Pittsburgh and own your home, you can probably count on a rise in its value this year. That's the conclusion of a new study from Veros Real Estate Solutions, which found that 40% of major metro markets will see a bounceback in home values in 2011. Looking at all markets, Veros also found that cities with under 250,000 people will make up the majority of those with positive growth.

The survey comes at a time when the health of the U.S. housing market is in serious question. The national median U.S. home price is $168,800 -- 1% below December 2009, according to the National Association of Realtors. The NAR blames the stagnant home prices on the rising sales of distressed homes.

"The modest rise in distressed sales, which typically are discounted 10% to 15% relative to traditional homes, dampened the median price in December, but the flat price trend continues," says Lawrence Yun, NAR chief economist.

But according to Vero Real Estate's VeroForecast, there is a light at the end of the tunnel -- at least for some. Using what it calls "advanced analytics and micro-market data," the Santa Ana, California-based company says that smaller cities seem to be faring best with housing prices right now, a trend that should continue for the rest of 2011.

Citing data from December 2010 and projecting through December 2011, the report notes that "smaller metro markets with populations less than 250,000 make up the majority of the better appreciating markets."

Such cities, which include Fargo, N.D. -- ranked second overall -- can expect home price appreciation of 2.5% to 3.5%% in 2011.

On the downside, Florida is expected to experience the most depreciation, with key areas like Orlando, Daytona Beach and Port St. Lucie all suffering the greatest percentage of housing price loss in 2010.

See the following chart for Vero's top five and bottom five housing markets:

5 Strongest U.S. Housing Markets: Dec. 2010-Dec. 2011

San Diego, Calif. +3.5%
Kennewick, Wash. +3.4%
Pittsburgh, Pa. +2.7%
Fargo, N.D. +2.6%
Washington, D.C. +2.5%

5 Weakest U.S. Housing Markets: Dec. 2010-Dec. 2011

Reno, Nev. -7.2%
Orlando, Fla. -6.5%
Boise City, Id. -6.4%
Daytona Beach, Fla. -6.3%
Port St. Lucie, Fla. -6.3%

Regionally, the report sees more vigorous recovery in the South, with overall growth rates being the best in Texas, Louisiana and Arkansas. Besides Florida, the weakest regions for home prices are the pariahs of the housing crisis -- California and Nevada.

Vero also says that while overall growth isn't exactly robust, price trends are stronger than they were a year ago: "It is noteworthy that depreciating forecasts remain much better than those from a year ago with nothing worse than 7% depreciation," says Eric Fox, an analyst at Vero Real Estate Solutions. "A year ago, we were seeing some markets with depreciation rates in the double-digit range."

"Approximately 40% of all major metro areas are forecast to appreciate over the next 12 months, even though appreciation is expected to be mild," he adds. "Looking out to the 12 to 24 month horizon, nearly 60% of markets are expected to appreciate. So while things aren't happening rapidly, the forecast indicates they are getting better."

That would certainly be great news for the embattled U.S. housing market. After years of stagnant growth, more key areas seem to be going in the right direction.

If you live in a city like San Diego or Pittsburgh and own your home, you can probably count on a rise in its value this year. That's the conclusion of a new study from Veros Real Estate Solutions, which found that 40% of major metro markets will see a bounceback in home values in 2011. Looking at all markets, Veros also found that cities with under 250,000 people will make up the majority of those with positive growth.

The survey comes at a time when the health of the U.S. housing market is in serious question. The national median U.S. home price is $168,800 -- 1% below December 2009, according to the National Association of Realtors. The NAR blames the stagnant home prices on the rising sales of distressed homes.

"The modest rise in distressed sales, which typically are discounted 10% to 15% relative to traditional homes, dampened the median price in December, but the flat price trend continues," says Lawrence Yun, NAR chief economist.

But according to Vero Real Estate's VeroForecast, there is a light at the end of the tunnel -- at least for some. Using what it calls "advanced analytics and micro-market data," the Santa Ana, California-based company says that smaller cities seem to be faring best with housing prices right now, a trend that should continue for the rest of 2011.

Citing data from December 2010 and projecting through December 2011, the report notes that "smaller metro markets with populations less than 250,000 make up the majority of the better appreciating markets."

Such cities, which include Fargo, N.D. -- ranked second overall -- can expect home price appreciation of 2.5% to 3.5%% in 2011.

On the downside, Florida is expected to experience the most depreciation, with key areas like Orlando, Daytona Beach and Port St. Lucie all suffering the greatest percentage of housing price loss in 2010.

See the following chart for Vero's top five and bottom five housing markets:

5 Strongest U.S. Housing Markets: Dec. 2010-Dec. 2011

San Diego, Calif. +3.5%
Kennewick, Wash. +3.4%
Pittsburgh, Pa. +2.7%
Fargo, N.D. +2.6%
Washington, D.C. +2.5%

5 Weakest U.S. Housing Markets: Dec. 2010-Dec. 2011

Reno, Nev. -7.2%
Orlando, Fla. -6.5%
Boise City, Id. -6.4%
Daytona Beach, Fla. -6.3%
Port St. Lucie, Fla. -6.3%

Regionally, the report sees more vigorous recovery in the South, with overall growth rates being the best in Texas, Louisiana and Arkansas. Besides Florida, the weakest regions for home prices are the pariahs of the housing crisis -- California and Nevada.

Vero also says that while overall growth isn't exactly robust, price trends are stronger than they were a year ago: "It is noteworthy that depreciating forecasts remain much better than those from a year ago with nothing worse than 7% depreciation," says Eric Fox, an analyst at Vero Real Estate Solutions. "A year ago, we were seeing some markets with depreciation rates in the double-digit range."

"Approximately 40% of all major metro areas are forecast to appreciate over the next 12 months, even though appreciation is expected to be mild," he adds. "Looking out to the 12 to 24 month horizon, nearly 60% of markets are expected to appreciate. So while things aren't happening rapidly, the forecast indicates they are getting better."

That would certainly be great news for the embattled U.S. housing market. After years of stagnant growth, more key areas seem to be going in the right direction.

Homeowners are more pessimistic about the short-term future of home values in their local market than they have been in the past three quarters, according to the Zillow second quarter Homeowner Confidence Survey. One-third (33 percent) believe home values in their local housing market have not yet reached a bottom, while 38 percent believe they have already reached a bottom.

More than one-quarter (28 percent) of U.S. homeowners said home values in their local real estate market will decrease in the next six months, up from 20 percent in the first quarter. Additionally, less than one-third (30 percent) believe home values in their local market will increase, down from 42 percent in the first quarter.