Archive for the 'General' Category

It seems that bank foreclosure sale spares no one. Not even manufactured homes owned by seniors with fixed incomes.

A recent market report showed that homeownership continues to become affordable, especially in areas with a high number of bank foreclosed home. The quarterly report released by Wells Fargo and National Association of Home Builders showed that residential properties are more affordable than they were 20 years ago.

The real estate markets in Colorado and Wyoming are in a slump. Industry experts said that many offers to buy have been made on existing properties and bank foreclosures for sale but most of them are 40 percent less than the discounted prices.

The foreclosure crisis in Massachusetts took another victim as the Stone Hotel Motel is scheduled for Bank Owned Foreclosures auction on July 2. The over 40-room property located in South Harwich is assessed at $1,233,900, with annual taxes of $7,771.

Members of the Marin Association of Realtors received a fair warning from California Association of Realtors chief economist Leslie Appleton-Young who told them to expect for a second wave of Bank Owned Foreclosures.

The dominance of two law firms on handling proceedings for properties on bank foreclosure listings has not escaped the attention of Connecticut Attorney General Richard Blumenthal.

It is the spring home selling season, and many sellers are encouraged by the rising number of prospective home buyers browsing foreclosed homes listings and looking at houses.

Republicans in the Senate are being urged by American homeowners and housing advocates to help the government foreclosure homes program by passing the bankruptcy reform law.

Senator Dianne Feinstein of California has been linked by The Washington Times to a possible conflict of interest case involving foreclosure property for sale.

There has been an increase in litigation over short sales and efforts by homeowners to avoid foreclosure listings, according to Shannon Jones, main speaker at the meeting of the San Diego Association of Realtors in April. She also said the rise in loan modification efforts could also result in the filings of lawsuits in the future.

The suspension of processing for foreclosures filed after December 2008 in Cook County, the country's second most densely populated county, may lessen temporarily the increase rate for bank foreclosed homes in the area for several months. The suspension may also give some reprieve to families who have nowhere to go other than to stay on properties certain to become foreclosed homes while the judges decide on foreclosure cases in 2008.

With thousands of properties in foreclosures lists, prospective homebuyers have a lot of properties to choose from. They can spend days going from place to place looking at houses without the need to immediately decide on buying.

More than 70 percent of Americans have been cutting down on their expenses to prevent their homes from being added to lists of foreclosed homes across the nation, according to online research firm Move Inc.

About 48 percent of baby boomers have lost a great deal of home equity, based on the findings by two researchers of the Washington, D.C.-based think tank Center for Economic and Policy Research. The baby boomers, the biggest age group in the nation's history, have lost much of their assets due to stock market losses and home price declines caused by the glut of cheap houses for sale.

Preventing foreclosure may be one of President-elect Barack Obama's top domestic priorities, but he also has other housing-related concerns on his agenda too. Alleviating homeowner's taxes and acceding to the change of the mortgage-closing procedure are also in Obama's to do list.