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.
News of the housing market's economic temper may have gotten to the nerves of major banks. Citigroup Inc has now joined the ranks of lenders who have established programs to help their borrowers.
A novel marketing strategy was devised by Marc Joseph, owner of Foreclosures 'R Us, to entice potential homebuyers in Cape Coral, a city crisscrossed not only by foreclosed homes but also by waterways and canals.
A University of Virginia study showed that foreclosure homes and cheap houses for sale are concentrated only in Arizona, California, Florida and Nevada and some metropolitan counties.
A proposal has been made to allow distressed homeowners to rent their foreclosed houses. The proposal is being considered by the federal government as a way to stem the tide of foreclosures in the country.
California Governor Arnold Schwarzenegger has released a package of proposals to revise mortgage laws to help Californians stay away from foreclosure and to revitalize the state's economy.
The US Federal Deposit Insurance Company is set to work alongside the Treasury Department to improve the situation of foreclosures in the country. However, concrete actions are yet to take place.
Florida's housing market is awash with cheap houses for sale. But often, nonprofit groups are one step behind cash-rich investors in purchasing foreclosure properties.
As federal agencies failed to make a plan to resolve the housing crisis, founder of RJL Holdings and Black Entertainment Television came up with an idea to solve the foreclosure dilemma.
A rising number of mortgage banks are walking away on foreclosure properties as legal fees and repair and maintenance costs rise and as home values fall to low levels.
Investors looking for fixer uppers laden are grabbing cheap properties away from local governments in Florida. This rendered the federal homebuying program useless as local governments could not compete with cash-rich investors when it comes to purchasing foreclosure properties.
Several economists have contended that loan modification and refinancing programs launched by the Obama administration will not eliminate the problem of foreclosure properties. They said foreclosure prevention programs should focus on solving the causes of foreclosures.
Despite the credit crunch, real estate buyers and investors are quite delighted with the wonderful investment opportunities offered by foreclosure homes especially if you are considering using them as rental properties.
Many first-time homebuyers are expected to flock to foreclosures auctions scheduled to be held in Florida next week. A high number of buyers are expected as the federal tax credit is set to expire.
Potential homebuyers who want to buy bargain-priced foreclosed homes for sale in California are finding themselves being squeezed out of the deal by cash-laden buyers. The low supply of houses for sale in the area has sparked a bidding war that often is won by investors bearing cash.
Foreclosure properties are being snapped up by foreign investors in bulk, based on a report from the National Association of Realtors. The strengths of other currencies against the American dollar and the bargain prices of foreclosure properties have been driving the increased sales.
Freddie Mac has started offering renters and previous owners of foreclosure homes the option of staying as renters on a monthly basis. There are other options offered by Freddie Mac, which are substantially better than options available to previous owners of tax foreclosure properties.
RealtyTrac reports that the state of Illinois has recorded a 31 percent rise in the rates of their foreclosures this October. The California-based firm also said that the national rates are up as well.
Florida Chief Financial Officer Alex Sink and volunteer lawyers have been helping homeowners prevent their homes from being added to inventories of foreclosure properties. More lawyers are needed to help the rising number of distressed borrowers.
For the first time since 1946, the population in Florida dropped dramatically. The growing foreclosed home listing in the state is one of the factors being blamed for the decline in population.
The number of foreclosed homes in New York City rose by almost 15 percent in July. But industry analysts pointed out that the city is still in a better shape compared with other metropolitan areas in the country.
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