Buying a home affected by foreclosure at an auction is a fairly common way of acquiring a foreclosed home. With the numbers of West Palm Beach foreclosures on the rise, so are the numbers of foreclosure auctions. The primary reason that foreclosure auctions garner so much interest is because some very good bargains are known [...]
Elizabeth Warren, a professor at Harvard Law School and chairwoman of a watchdog panel responsible for overseeing the Troubled Asset Relief Program (TARP) of the Treasury Department, has called on members of Congress to demand more accountability and transparency in the appropriation of remaining TARP funds. According to Warren, lawmakers should consider the issue of [...]
While most of the homes that go through foreclosure, do so because of the homeowner’s inability to repay his/her mortgage (bank foreclosures), a home can also be foreclosed upon by different government bodies upon the home owner’s inability to pay his/her taxes. These tax foreclosure homes are then transferred to the Department of Housing and [...]
Foreclosures continue to increase while house prices start to deteriorate, making homebuyers save a lot of money on houses already acquired by lenders or banks. RealtyTrac.com reported that foreclosed homes were priced 25% below full house market value. But a lot of these foreclosures belong to homeowners who invested only little. Some did not even [...]
Property evaluators were advised by State Department of Revenue to not pay attention to foreclosures for the sake of the buyers and the sellers. Sales in the open market indicate home values, but only apply when foreclosures are rare. Currently, foreclosures are a big issue due to the fact that the number of homes being [...]
Officials of San Diego’s Housing Commission have proposed before the City-County Reinvestment Task Force to spend about $9.4 million in federal grants from the U.S. Housing and Urban Development (HUD) to fund two programs aimed at reducing the number of foreclosed homes in the city. The first proposal is for the city to use the [...]
It is said that the current financial crisis in the United States started in housing industry. Although the financial crisis has been somehow abated, housing prices continue to drop and the number of foreclosed homes increases at an alarming rate. The proposal to modify delinquent loans is expected to reduce foreclosure filings. However, this approach [...]
$3.9 billion in federal funds has been allocated by the U.S. Government for the Neighborhood Stabilization Program (NSP) under the Housing and Economic Recovery Act of 2008. These funds will be used to assist state and local governments deal with problems on foreclosures. The said funds could also be used to purchase foreclosure properties to [...]
Based from MDA DataQuick, California median home price is now pegged at $278,000 from the $424,000 of last year. The plummeting of the median home prices was due to depreciation and the diversion of buyers to foreclosed homes. Foreclosed home sales account to 53 percent of pre-owned homes sales. Even with the government and mortgage [...]
Cook County Sheriff Dart said that he will restart evictions at foreclosed homes after making a deal with lenders to ensure the protection of some tenants. He said that there are tenants who have been paying their rent promptly but who haven’t been notified of evictions properly. Dart suspended foreclosure evictions during the first week [...]
