Bank Owned Foreclosed Homes And Government Foreclosure Properties

The median price of U.S. home resale plunged to an unprecedented 11.3 percent to 183,300 from 2007, and is expected to continue decreasing over the next few months due to worsening credit conditions and foreclosure properties. This is the biggest decrease on a year-over-year basis since records in 1968 began. According to The National Association [...]

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With 12,681 homes in various stages of the foreclosure process, Illinois foreclosures soared by 31 percent in October this year from the same month in 2007, as reported by online foreclosure tracking firm RealtyTrac. The homes are either in default, in bank repossession or already in the auction block. Compared to the nationwide rate of [...]

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The suspension in foreclosure properties announced by Fannie Mae and Freddie Mac last week received very positive feedback from the public. Tiffany Edwards, a mother in Tampa, has been troubled by foreclosure until she heard about the suspension last week. At the moment, her husband is the only income earner in the family. She has [...]

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Treasury Secretary Henry Paulson was questioned at a House Financial Services Committee hearing on Tuesday about why he did not use the first half of the $700 bailout money approved by Congress in September to buy back delinquent loans from banks and avert further foreclosures, which were among the original objectives of the plan when [...]

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From December 2 to 7, hundreds of homebuyers are expected to turn up in Hudson and Marshall’s foreclosure auctions in several cities in Florida. Florida is one of the states with a high foreclosure rate that resulted to a crisis in its housing market. According to RealtyTrac, a firm that monitors the housing market, the [...]

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One of the highest rating areas experiencing foreclosures is Tennessee, with Memphis gaining the highest rate within the area. It is due to the severity of this city’s situation that HUD has allotted $12 million to Memphis. The federal government decided to take part of a stabilization program that would save neighborhoods. With Tennessee foreclosures [...]

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Although Texas is in the verge of being swamped with foreclosures, they still have a sufficiently healthy housing market without overly declining home values. Despite the 27 percent increase from the previous year, experts have remained calm since they are still behind the extreme markets in California, Florida and Nevada. Foreclosure Listing Service Inc. in [...]

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Commissioners of DeKalb County initiated a step to try to convince lawmakers to allow more time for foreclosure homes to be sold by tripling the minimum time implemented at present. By doing so, homeowners are given more time to prepare and even save themselves from losing their homes. One of the fastest foreclosure proceedings in [...]

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Sales of homes have declined by 8 percent compared to sales during the previous year according to a survey done by the National Association of Realtors, thanks to foreclosures. Over the year, 120 of 152 metropolitan areas which participated in a survey exhibited decline in prices of median home sales. A huge 40 percent of [...]

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Looks like Sheila Bair’s proposal on loan modification to counter the progressing wave of foreclosures is garnering points towards success especially since housing markets has radiating news that the answer to financial crisis is solving the mortgage problem. Indices as recorded by the National Association of Home Builders showed a fall from 14 down to [...]

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At the House Financial Services Committee hearing on Tuesday, Treasury Secretary Henry M. Paulson was rebuked by Democrats when he refused to budge on his department’s decision to use the $700 billion Troubled Asset Relief Program (TARP) funding on investments that would stabilize the financial system and not on anti-foreclosure spending. Paulson insisted that the [...]

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Once a thriving neighborhood within the Hillsborough community in California, Otay Ranch is a now a picture of desolation as 60 homes went into foreclosure from 2005 to August 2008. The 295-home neighborhood was designed and constructed by Pacific Coast Communities and Oakwood Development five years ago. During its peak, houses in the area with [...]

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One of the effects of the current economic crisis is an increased in foreclosure activity. This year alone, more than 156,000 homeowners lost their homes. And the rate of foreclosure is not expected to go down in the coming year. Here are some tips for homeowners who want to save their homes from foreclosure: Homeowners [...]

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