BluegrassForeclosure.com

Info and Tips about Ky Master Commissioner Sales

Sometimes foreclosure happens

Well, file this one under the heading, you just never know who will fall into foreclosure.  And while one should never feel glee for someone else losing their home . . . you have to admit . . . it’s just a shame that former Duke Player Bobby Hurley has a house in foreclosure . . . . The true irony??  It’s a thoroughbred farm in Florida . . .

“Former Duke basketball star Bobby Hurley’s Devil Eleven Farm in Ocala has been slated for public sale after he and his wife, Leslie, agreed not to challenge foreclosure proceedings seeking to recover more than $3.3 million in defaulted loans and fees owed to PNC Bank, according to documents filed with the Marion County Clerk of Courts.

PNC Bank began foreclosure proceedings on April 20. The suit names the Hurleys, the farm in Ocala and Devil Eleven Stables LLC, based in New Jersey.

The property will be put up for public sale on Oct. 5, according to the joint stipulation for final judgment of foreclosure filed with the court.”  Click here for the rest.

How Master Commissioner’s Fees are Calculated

For the first $5,000 of a sale price, the Master Commissioner receives 5 percent; then he/she gets 2 percent of the next $20,000; 1.5 percent when it reaches $175,000; and .5 percent on anything over $200,000. The maximum fee a Master Commissioner can receive on any sale is $5,000.

Housing market plummets

This shouldn’t be any surprise to anyone, but with the housing market plummeting like it did in July, it clearly shows we are far from being out of the recession.  In fact, I would argue that a double dip recession is not only likely, but possibly inevitable at this point.  Although, several economist seem to think that the housing market is not enough to cause another recession.  Time will tell.

From the Wall Street Journal online:  “U.S. home sales plummeted in July to a level not seen in more than a decade, spurring fears of renewed weakness in housing prices and the broader economy.

Sales of previously owned homes fell 27.2% from June to a seasonally adjusted annual rate of 3.83 million, the National Association of Realtors said Tuesday, the lowest level since the industry group started its tally in 1999.

. . . .

The data sent stocks tumbling, briefly pushing the Dow Jones Industrial Average below 10,000 for the first time since early July. The index closed at 10040.45, down 133.96 points, with investors rushing into safer assets as they reassessed the economic outlook.

. . . .

Price declines could be shaped largely by how banks manage the volumes of more than five million loans that are either seriously delinquent or in foreclosure. If more of those loans are modified, or if the homes sell through short sales, that could spare the housing market from bigger price declines.

One troubling sign for the market is that banks appear to be listing more homes for sale, just as demand has dropped. The number of bank-owned listings increased 12% in August from the previous month. The figures, tracked by Zelman & Associates, include listings for the top 10 U.S. banks in 20 states and from mortgage companies Fannie Mae and Freddie Mac.

Price declines could lead to more delinquencies and foreclosures, and additional subsequent price drops. “You end up in a home-price-depreciation death spiral,” said Laurie Goodman, a senior managing director at mortgage-bond trader Amherst Securities Group LP in New York. “It’s not clear there’s enough demand to handle this overhang without another round of price declines.”

What are the real reasons for the downturn in the economy?

From Political Wire:

Coming next month: Aftershock: The Next Economy and America’s Future by Robert B. Reich.

“When the nation’s economy foundered in 2008, blame was directed almost universally at Wall Street. But Reich suggests a different reason for the meltdown, and for a perilous road ahead. He argues that the real problem is structural: it lies in the increasing concentration of income and wealth at the top, and in a middle class that has had to go deeply into debt to maintain a decent standard of living.”

Foreclosures up in the first half of 2010

From Realtytrac.com, lenders foreclosed on a record number of properties in the second quarter of 2010, surpassing the previous record set in the first quarter for a total of more than 500,000 REOs during the first six months of the year.

This trend will most likely continue through the rest of 2010.  Unemployment still up, the middle class living on credit, and sooner or later, it all has to catch up with them.

Kentucky’s unemployment rate down

Kentucky’s unemployment rate finally fell below 10%, but while this may seem good on the surface, the underlying reason doesn’t really bode well for the long-term economy of Kentucky.  The main reason why it dropped below 10% is that employees are finally getting so discouraged, they are giving up their job search.  So they are no longer counted as “unemployed,” as they are simply not looking for work.  Thus, they are not going back to work, new jobs are not being created, they simply have given up.

Here’s the rest:  “For the first time since February 2009, Kentucky’s seasonally adjusted preliminary unemployment rate fell below 10 percent to 9.9 percent in July 2010, according to the Office of Employment and Training (OET), an agency of the Kentucky Education and Workforce Development Cabinet. The revised rate in June 2010 was 10 percent.

The July 2010 jobless rate is .9 percentage points lower than the 10.8 percent rate recorded in July 2009 for the state. The 9.9 percent rate recorded in July 2010 is the lowest unemployment rate recorded since February 2009 when the rate was 9.6 percent.

“The decline in Kentucky’s unemployment rate in July 2010 continues to be a result of the decrease in the state’s civilian labor force because people have become discouraged in their job search. People who have not looked for a job in the last four weeks are no longer counted in the labor force,” said Ron Crouch, director of research and statistics in OET.

The U.S. seasonally adjusted jobless rate remained at 9.5 percent from June 2010 to July 2010, according to the U.S. Department of Labor.”

Twitter Weekly Updates for 2010-08-22

  • Check this video out — Did You Know? "We are living in exponential times" (A Must Watch, Really) http://t.co/RZoooD9 via @youtube #

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It’s Here, All of the Statutes Regarding Foreclosures

For the first time, all Kentucky Revised Statutes that deal with Master Commissioners and the foreclosure process are located on one page.   And only BGForeclosure has them.  Check it out at the top of the page.

Now, when you need to know the law, or what the statute actually says, you don’t have to hunt for it.  It’s right here.

Look it over and let us know what you think.

Leave a comment below!

TOMORROW IT ARRIVES

Is it the newest iPhone?      Not likely

Is it the newest Android?       Huh?

Is it the newest Crackberry?      Nope

Does it pertain to Master Commissioners?    Yes.

Foreclosures up dramatically in July

Wave3 is reporting on the number of foreclosures filed in July.  Lenders filed lots of new foreclosures last month, mainly due to the economy and lack of new jobs being created.

The economy appears to still be contracting and not creating any new jobs.  Which shouldn’t be terribly surprising to any one.  As stated here earlier this year, if the recession recovery is a jobless recovery, and unemployment numbers are still up, we may see increased foreclosures the rest of this year and on into the first and second quarters of 2011.  Most economists are not expecting us to enter a double dip recession, but if the housing market doesn’t get any better, its hard to imagine that we don’t enter a double dip.

More from Wave3: July home foreclosure numbers are out, and they aren’t looking very good. Lenders foreclosed on a dramatically higher number of homes in July than in June. We talked with a Kentuckiana economist today who says we’re seeing a surging number of foreclosures because of 2 reasons: a summer slowdown in the economic recovery and the expiration of the homebuyers’ tax credit.

Read more.