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3 Hidden Costs of the Foreclosure Crisis

Although U.S. foreclosure activity may be declining, the problem is far from over. There have been 5 million foreclosures since 2007, reports the Center for Responsible Lending, which estimates that between 3 million and 5 million more will occur over

Short Sales Start to Outpace Foreclosures

Banks are agreeing to more short sales, and for the first time, short sale transactions are exceeding foreclosure deals, according to the most recent housing data from Lender Processing Services (LPS) Inc. In January, short sales made up 23.9 percent

Delays in Foreclosures Rise: Top States for Delays

On average, home owners in foreclosure can stay in their homes for over a year before they are evicted. In the first quarter of this year, the foreclosure process nationwide averaged 370 days to complete — that’s up from 348 days in the previous

National Foreclosures Drop in February

According to CoreLogic, an estimated 65,000 completed foreclosures were reported in the United States last month versus 71,000 in January and 66,000 in February 2011. The number of completed foreclosures for the 12 months ended Feb. 29 was 862,000. The

Have Home Prices Finally Reached Bottom?

--> “Prices are bottoming now,” according to a Bank of America Merrill Lynch forecast, released this week. In the fall, the analysts had predicted home prices would drop by 8 percent from the second quarter of 2011 through the first quarter

5 Foreclosure Myths for 2012

1. There is going to be a flood of new foreclosures to the market. This rumor has appeared every year since 2008 and has been routinely debunked. However, recent announcements that the Feds reached a settlement over the robo-signing scandal have reignited

Foreclosures ticked up in January

Foreclosures ticked up in January nationwide as more banks continued to work through backlogs of defaulting mortgages on their books, RealtyTrac reports. For more than five years, Nevada has been the state leader with the highest rate of foreclosure filings

Could the Mortgage Deal Lead to a Jump in Foreclosures?

A $25 billion mortgage settlement announced between major banks and state and government officials is supposed to bring aid to troubled home owners, but it could also bring a wave of new foreclosures, CNNMoney reports. During the yearlong negotiations,

4 Questions to Ask Before Buying a Foreclosure

Foreclosures can offer big bargains, but buyers need to be careful that they don’t get over their heads in purchasing a home that may need more repairs than they bargained for. Foreclosures are usually sold as-is, and homes that are left vacant

Banks, Gov't Near Deal on Foreclosure Settlement

Up to 1 million at-risk, underwater borrowers may be eligible for a reduction on their mortgage principal, if a settlement between big banks and government officials gets the final approval. The mortgage aid is reportedly on the table as big banks and

Foreclosure Alert: Banks Clearly Preparing For REO Avalanche

It is not unusual to see foreclosures slow for the holidays, and the this year is no exception. Foreclosure starts were up slightly in Nevada and Washington, but the increases were insignificant given the recent declines in those states due to legislative

Report Predicts Drop in Delinquencies Next Year

--> The number of borrowers behind on their mortgage payments is expected to drop sharply by the end of next year, according to a new report released by TransUnion. Mortgage delinquency rates reflect the ratio of borrowers 60 or more days behind on their

Buy a HUD Home for Only $100 Down?

In several states, the U.S. Department of Housing and Urban Development is offering home buyers foreclosed homes with only a $100 down payment, in trying to unload some of its inventory. The incentive runs until October 2012. To qualify, purchasers must

Housing Is Key in 2012 Elections, Voters Say

Nearly seven out of 10 American — seven more so for the millennial younger generation — say that candidates’ positions on housings will be very important to them in the 2012 presidential and congressional elections, according to a new

10 States With the Highest Foreclosure Rates

For the 56th straight month, Nevada continued to have the highest foreclosure rate in the country, where one in every 118 homes received a foreclosure filing during August, according to the latest figures from RealtyTrac. Nationally, 1 in every 570 households
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