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.
In 2008, an average of one in six homeowners owed more than their homes were worth. Over 2.3 million homes went into default or were seized by lenders. As bad as that sounds, there is a bright side. Foreclosure properties contributed to the 6.5% increase in existing home sales for the month of December especially in California, Nevada and Florida.
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Tenants in foreclosed properties across the country are being helped by sheriffs, legislators and community associations to protect them from unlawful evictions.
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.
The scheduled resetting of option adjustable-rate mortgages is expected to drive up the number of San Francisco foreclosure homes. Industry experts said that majority of homeowners in the area took out risky home loans that are about to increase in rates next year.
An activist group is busy plowing the streets of Miami looking for abandoned foreclosed homes and help homeless people live there while the city takes notice without taking action.
Sheriff auctions and foreclosures hit the commercial property market of New Jersey in 2010. Although filings dropped, foreclosure numbers remained high.
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 rising number of holders of first and second mortgages are going after former owners of houses sold in short sales and previous owners of sold foreclosed homes to collect unpaid balances.
Attorney Roy Oppenheim is helping South Florida homeowners avoid foreclosure by demanding that banks and lenders show proof of true mortgage ownership.
California lost around 250,000 homes to foreclosure last year, breaking 2007’s record. With the continued crisis, how many more homes will be repossessed? How many more records will be broken?
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.
The case of foreclosed homes flooding the market is even worse than what you think. Besides what is listed, ghost inventories or those not listed are even more.
Sacramento's sales rate for foreclosed homes has surpassed the sales rate for new homes as of October, with 18,491 units sold out of a total of 23,572 repossessed properties.
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.
Foreclosed properties auction in Broward County, Florida finally goes online on March 30. Over 5,300 properties are ready to be auctioned off at the launching.
The Home Path Mortgage, a home buying program by Fannie Mae, offers incentives to people who purchase bank owned foreclosures. This program enables individuals to buy Fannie Mae foreclosed homes with low down payments and closing costs, as well as flexible mortgage terms. It is also one of the only avenues left for low down payment mortgages.
Consumer advocates have criticized the 90-day California foreclosure moratorium arguing that several unclear provisions will only hinder the law from reducing the number of foreclosed homes.
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.
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