Foreclosures Fall Even as Judges Ramp Up

Posted on July 11, 2013 by Joe

U.S. foreclosure activity in June fell to the lowest level since December of 2006, but certain states are seeing a rise in activity, as judges work through tremendous backlogs of delinquent loans. Close to 128,000 properties received some kind of foreclosure filing in June, down 35 percent from a year ago, according to a new report from online foreclosure sales and analytics company RealtyTrac. Newly started foreclosures fell 21 percent month-to-month to the lowest level since the end of 2005.

Read more: http://www.cnbc.com/id/100877414

Math-Challenged Americans More Likely to End Up in Foreclosure

Posted on June 24, 2013 by Joe

Americans who have trouble dividing 300 by 2 are much more likely to end up in foreclosure than consumers with average math skills, a new study has found. The research is among the first to directly link mortgage trouble and financial literacy, according to its authors.

When is it worth walking away from a mortgage?

Posted on May 4, 2013 by Joe

Q: I bought a condo for $100,000 in 2001 and it went up in value to $125,000 until the 2008 stock market crash. Now similar condos in the complex are short selling for $50,000. After a couple of refinancings, I owe $120,000. And I owe association fees, although my unit doesn’t have a pool, gym, central air or washer/dryer. I can’t wait to get out. Should I walk away and ruin my good credit score? Can the banks garnish my wages if I walk away?

Read more: http://tinyurl.com/c8lehad

This Man Bought 200 Foreclosed Homes To Save His Hometown From Ruin

Posted on April 2, 2013 by Joe

Forty miles outside Chicago, Tom Roeser is participating in a large-scale version of “Flip This House.”

As CNN Money’s Les Christie reports, Roeser, president of the town’s largest employer, OTTO Engineering, has been scooping up dozens of foreclosed properties for the last several years.

Read more: http://tinyurl.com/cuk94tf

Distressed Homes Still Drive Sales

Posted on February 28, 2013 by Joe

The housing market appears to be surging ahead suddenly on all cylinders, but that does not mean it is free of the remnants of its recent downfall.

The number of distressed home sales, either bank-owned or short sales, may be shrinking, but it is still making up a significant share of the overall housing market.

Read more: http://www.cnbc.com/id/100503223

CMHC seeking to hide foreclosure information from home buyers

Posted on February 27, 2013 by Joe

Canada Mortgage and Housing Corp. has been asking realtors for months to keep consumers in the dark about whether the properties it sells are part of a foreclosure, according to a document obtained by The Financial Post.

Read more: http://tinyurl.com/aeg6fn7

Foreclosures Fall Due to New Laws

Posted on February 14, 2013 by Joe

Foreclosure activity continued to drop in January, led by dramatic changes in the state that once led the nation in foreclosures. A new law in California, the “Homeowner Bill of Rights,” makes it much harder and potentially more costly for banks to foreclose; hence they are suddenly finding alternatives.

Read more: http://www.cnbc.com/id/100460456

Condo foreclosure traumatic for surprised renter

Posted on December 12, 2012 by Joe

A shocked Red Deer tenant arrived home recently to find the locks changed on her rental condo and foreclosure notices slapped on the door.

As her cats mewed helplessly from inside, Bailey Coltman tried to text her two daughters not to come home from school until she could explain the problem. But the teens were still “traumatized” when they discovered they had been locked out of their home.

Read more: http://tinyurl.com/al47lp5

Foreclosure tidal wave fails to materialize in U.S., proving doomsayers wrong

Posted on November 29, 2012 by Joe

Stockton, California, has the highest U.S. foreclosure rate. It also has a housing shortage.

The number of homes for sale in the city fell 42% in October from a year earlier. Listings routinely attract multiple offers. Prices are on the rise.

Read more: http://tinyurl.com/cgowzz5

Foreclosure mess awaits states hit by Superstorm Sandy

Posted on November 16, 2012 by Joe

NEW YORK (CNNMoney) — Before Superstorm Sandy, some of the hardest-hit areas in New York, New Jersey and Connecticut were experiencing a huge spike in foreclosures. But now that a moratorium on foreclosure activity in these disaster areas has been put in place, the foreclosure problems are about to get worse.

Read more: http://tinyurl.com/d5pl5kk

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