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.
With Massachusetts foreclosures on the rise, local government, in some metrowest communities in the state, has been finding it difficult to deal with vacant homes which soon become safety hazards and eyesores.
Foreclosures that were previously caused by bad loans and poor payment management have shifted gear and are now driven by unemployment or lost of income.
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.
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.
The Bush Administration is hoping that its proposed 4.5 percent rate 30-year home loan mortgage will help stop the surge of foreclosures in the country.
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.
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.
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.
Since a child's stability is being threatened, you need to reiterate the fact that no matter where you end up, you'll always be there for them. Try to maintain routine as much as possible, and if you can, keep them enrolled in their current school so that they have something familiar to turn to every day. For a child, their teachers, parents, and friends will be much needed touchstones in this difficult time.
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.
Progress reports on the Obama Administration’s loan modification program showed that the initiative has failed to make a dent on the foreclosure problem of the country. In North Florida, the number of bank foreclosed homes is way ahead of the loan modification figures.
It seems that mortgage holders and lenders need someone to clean up after them. Business is booming for a 28-year old company which quickly responds to provide a cleaning service for Michigan foreclosures.
More than 50 percent of mortgage loans modified during the first and second quarters of 2008 have become delinquent in just six months, putting rescued borrowers back to foreclosures.
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.
The foreclosed homes sale recently closed just outside Miami by Goldman Sachs and a partnership based in Nova Scotia showed how deeply discounted prices are in the Miami area. A total of 158 foreclosed condo units were sold at only $113,009 per unit.
According to Credit Suisse’s recent study, the loan current problems, increasing unemployment and economic recession may contribute to more than 8 million mortgages ending-up in foreclosure.
Detroit has become the target of out-of-state and foreign real estate investors because of its stock of bargain-priced foreclosed homes, putting Michigan sixth on rankings of foreclosures by state in 2008.
The median price for homes dropped nationwide to $169,000, a drop of 14 percent from last year's first quarter. NAR said the largest price declines occurred in Florida and in California, as more foreclosed bank owned homes were sold.
Orlando foreclosed homes continued to grow in October compared to foreclosures during the same month last year. Among the reasons for the rise has been the failure of a lot of short sales.
Foreclosures continue to flood the market, pulling home prices down. Buyers only pay 10 cents on a dollar in a foreclosure sale as lenders aim to increase its home sales.
Miami foreclosed homes will soar again in 2011, according to housing analysts in Florida. Various factors will cause the second wave, including unemployment and the resetting of adjustable rate mortgage loans.
Investors are showing increased interest on commercial real estate foreclosure. Even non-foreclosure residential commercial properties like apartments are in demand.
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