AOL Real Estate - Blog http://realestate.aol.com/blog AOL Real Estate - Blog http://realestate.aol.com/blog/media/feedlogo.gif AOL Real Estate - Blog http://realestate.aol.com/blog en-us Copyright 2013 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/Home Repossessions Picked Up in May, RealtyTrac Reportshttp://realestate.aol.com/blog/2013/06/13/home-repossessions-rise-May-RealtyTrac-report/http://realestate.aol.com/blog/2013/06/13/home-repossessions-rise-May-RealtyTrac-report/http://realestate.aol.com/blog/2013/06/13/home-repossessions-rise-May-RealtyTrac-report/#commentsFiled under: ,

foreclosure on doormat of photo illustrationBy Alex Veiga

LOS ANGELES -- Lenders stepped up action last month against homeowners who had fallen behind on their mortgage payments, taking possession of more homes and initiating the foreclosure countdown clock on many others. Completed foreclosures jumped 11 percent nationally in May from the previous month, with monthly increases taking place in 33 states, foreclosure listing firm RealtyTrac Inc. said Thursday.

The monthly pick up reflects a rise in homes entering the foreclosure process last year. Many of those homes wound their way through the often lengthy process and ended up becoming bank-owned properties. Home repossessions, however, were down 29 percent from May last year, reflecting the long-term downward trend.

Banks also started the foreclosure process on more homes last month. Foreclosure starts rose 4 percent from April, but were down 33 percent versus May last year, the firm said.
The increases come as the U.S. housing market continues to gain strength, propelled in part by growing demand for homes at a time when there's a thin supply of available homes for sale in many markets.

That dynamic has helped push home prices higher. They climbed nationally on an annual basis by 12.1 percent in April, the biggest gain since February 2006, according to data provider CoreLogic.
The combination of a tight inventory of homes for sale and rising prices makes for an opportune market for banks.

"Home prices are rising and demand is stronger, so they can recoup more of their losses when selling a bank-owned home, and in most cases should be able to sell relatively quickly," said Daren Blomquist, a vice president at RealtyTrac.

The prospect of more bank-owned homes hitting the market also is good news for homebuyers struggling with the short supply of available homes. But not so great for homeowners, Blomquist said. "For homeowners who are current or own their homes outright, this could slow down the recent rapid rise in home price appreciation, which could mean the value of their home does not go up as quickly in the short term," he said.

That's an unwelcome development, particularly for homeowners who are underwater on their mortgage, or owe more than their home is worth. As of the end of March, 19.8 percent of all U.S. homes with a mortgage were underwater, according to data provider CoreLogic. Rising home prices have helped drive that number down from 21.7 percent at the end of last year, and returned roughly 850,000 homes to a state of positive equity in the first three months of this year.

All told, 38,946 homes were taken back by lenders last month. Repossessions increased on a monthly basis in 33 states, including North Carolina, Oregon and Wisconsin. At the current pace, the nation is on track to finish the year with about a half million completed foreclosures, down from 670,000 last year, Blomquist said.

Foreclosure starts totaled 72,698 homes. They increased on a monthly basis in 26 states and rose on an annual basis in 14 states, including Maryland, Connecticut, Hawaii and Arkansas.
Florida led the nation last month with an overall foreclosure rate nearly three times the national average. Rounding out the top three were Nevada and Ohio.

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See more about repossessions and foreclosures:
What's Behind the Foreclosure Surge in New York, New Jersey
Why Buyers Should Consider Foreclosures or Short Sales
Here's What You Can Buy With Your Foreclosure Settlement

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]]>completed foreclosuresforeclosure processforeclosuresforeclosures fallrealtytrac foreclosure reportrepossessionsThe Associated Press2013-06-13T10:17:00+00:00Number of Foreclosed Homes Holds Steady, CoreLogic Sayshttp://realestate.aol.com/blog/2013/05/29/number-of-foreclosed-homes-holds-steady/http://realestate.aol.com/blog/2013/05/29/number-of-foreclosed-homes-holds-steady/http://realestate.aol.com/blog/2013/05/29/number-of-foreclosed-homes-holds-steady/#commentsFiled under: ,

Foreclosure sign in front of Arizona homeThe number of foreclosed homes held steady in April, while there were fewer properties sitting in the pipeline, fresh signs the housing recovery is on track, data from CoreLogic showed on Wednesday. There were 52,000 foreclosures completed last month, the same amount as in March, but down about 16 percent from 62,000 in April last year, CoreLogic said.

Before the housing crisis, foreclosures averaged 21,000 a month between 2000 and 2006. There have been about 4.4 million completed foreclosures since the financial crisis began in September 2008. There were about 1.1 million homes in some stage of foreclosure in April, down 2 percent from the month before and a drop of 24 percent from a year ago. Foreclosure inventory accounts for 2.8 percent of all mortgaged homes.

The recovery in the housing market has gained traction since the sector got back to its feet last year. Data on Tuesday showed home prices saw their biggest annual gain in nearly seven years in March. Improving sales, low interest rates and tight inventory have also helped the market.

"Fewer distressed properties, combined with improving home prices and a pickup in home purchases are significant signals that the ongoing recovery in the housing and mortgage markets continues to gather steam," said Anand Nallathambi, chief executive officer of CoreLogic. Just five states -- Florida, California, Michigan, Texas and Georgia -- accounted for almost half of all completed foreclosures.

(Reporting by Leah Schnurr; editing by Andrew Hay.)

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See more about foreclosures:
What's Behind the Foreclosure Surge in New York, New Jersey
Why Buyers Should Consider Foreclosures or Short Sales
Here's What You Can Buy With Your Foreclosure Settlement

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What Not To Do If Your Home Is In Foreclosure

 

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]]>CoreLogicdistressed propertiesForeclosureshousing markethousing recoveryReuters2013-05-29T11:38:00+00:00Ricardo Cerezo, Facing Eviction, Finds $4.85 Million Lottery Tickethttp://realestate.aol.com/blog/on/ricardo-cerezo-finds-winning-lottery-ticket/http://realestate.aol.com/blog/on/ricardo-cerezo-finds-winning-lottery-ticket/http://realestate.aol.com/blog/on/ricardo-cerezo-finds-winning-lottery-ticket/#commentsFiled under: ,

Ricardo Cerezo of Geneva, Ill., with lottery ticket that saved him from foreclosure

Man about to lose his home, finds lottery ticket and wins millions of dollars: It's the stuff of dreams, right? Well for Ricardo Cerezo of Geneva, Ill., that scenario was a reality.

In February, Cerezo appeared at a foreclosure hearing where he was told he had mere months before his family was to be evicted from his home, the Chicago Tribune reported. Three months later, Cerezo's wife was cleaning out the kitchen and asked Cerezo to tend to the stash of old lottery tickets that had been piling up in a glass cookie jar over the past month -- an "old habit" he had, according to ABC News. "It was either take them, get them checked, or she was going to trash them that night," Cerezo told the Chicago Tribune.

So Cerezo took the tickets to a 7-Eleven nearby and had them scanned. The first eight or nine tickets didn't yield any results, one yielded $3. "The last ticket said, 'file a claim.' Not a congratulations, not an amount, just said 'file a claim," NBC Chicago reported Cerezo as saying.

He went home to check the numbers online and was shocked to discover that he might be a big winner. "So I called my son over, and I asked him to double check this," Cerezo told Chicago TV station WGN. "And he looked it through and said 'Yes, it looks like a winner.' " The Illinois Lottery confirmed that the piece of paper was worth a whopping $4.85 million. Needless to say, Cerezo's family is no longer facing foreclosure: They'll pay off their house in full, Cerezo said, and will even have some change left over.



See more on the foreclosure settlement:
Robo-Signing Scandal: Hundreds More Military Members Were Victims
Do Banks or Homeowners Win in Mortgage Settlement?
Foreclosure Settlement Money: Are States Using It the Right Way?

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]]>chicagoevictionforeclosuregeneva illinoisIllinois lotteryricardo cervezoricardo cervezo lottery ticketAOL Real Estate Editors2013-05-17T17:00:00+00:00Here's What You Can Buy With Your Foreclosure Settlementhttp://realestate.aol.com/blog/on/heres-what-you-can-buy-with-your-foreclosure-settlement/http://realestate.aol.com/blog/on/heres-what-you-can-buy-with-your-foreclosure-settlement/http://realestate.aol.com/blog/on/heres-what-you-can-buy-with-your-foreclosure-settlement/#commentsFiled under: ,

Despite a $3.6 billion foreclosure settlement that had banks sending checks (some of which bounced) to wronged homeowners, many saw the payouts as a Band-Aid on a bullet wound. According to Salon, 679 homeowners who faced foreclosure -- even though they were never once in default -- got checks for just $5,000, while individuals who had loan modifications approved -- but were still foreclosed upon --were offered a mere $300. More than 80 percent of those receiving checks, Marketplace.org reports, will get between $300 and $1,000.

Some were so shocked by the "laughable" settlement checks that they took the Internet to voice their anger. Alexis Goldstein, a former Wall Street vice president and current Occupy Wall Street activist, went so far as to create a self-explanatory Tumblr page titled: "What You Can Buy For Having Your House Stolen." On the site, she listed the various items that wrongly foreclosed-upon individuals could buy with their "egregiously low" settlement checks. We've compiled some of our favorites in the gallery below. (All text and images belong to "What You Can Buy For Having Your House Stolen" unless stated otherwise.)

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See more on the foreclosure settlement:
Robo-Signing Scandal: Hundreds More Military Members Were Victims
Do Banks or Homeowners Win in Mortgage Settlement?
Foreclosure Settlement Money: Are States Using It the Right Way?

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Foreclosure Settlement Checks Much Smaller Than Regulators Forecasted

 

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]]>alexis goldsteinbounced settlement checksforeclosure settlement checksforeclosuresOCCoccupy wall streetOffice of the Comptroller of the Currencywhat you can buy for having your house stolenAOL Real Estate Editors2013-05-02T08:00:00+00:00Why Buyers Should Consider Foreclosures or Short Saleshttp://realestate.aol.com/blog/2013/04/19/why-buyers-should-consider-foreclosures-or-short-sales/http://realestate.aol.com/blog/2013/04/19/why-buyers-should-consider-foreclosures-or-short-sales/http://realestate.aol.com/blog/2013/04/19/why-buyers-should-consider-foreclosures-or-short-sales/#commentsFiled under: , ,

By Brendon DeSimone

For years, many buyers routinely steered clear of foreclosures and short sales. In their minds, such properties were "damaged goods" -- real estate remainders that were likely to be dumps and money pits. Why risk such a big investment on a property sold in distress?

We're now in a housing market unlike any we've seen in years. Inventory is tight in many areas. Meanwhile, the poor economy of the past few years has produced more properties in foreclosure or offered as short sales. And so, as you enter the market either for the first time or as a seasoned buyer, you should be on the lookout for "distressed" sales. You might find a great property you'd otherwise have overlooked if you categorically disqualified foreclosures and short sales. And when the market is tight, looking at distressed properties makes even more sense.

The Risks to Buyers of Foreclosures and Short Sales

Foreclosures and short sales aren't just your typical buyer/seller situation. They involve more layers. In a bank foreclosure sale, also called an REO (for real estate owned), the bank is the seller. Because the bank employees have never lived at the home, they know nothing about the property. To them, the home you're considering buying is simply a statistic -- a cell within a large spreadsheet viewed by a worker behind a desk halfway around the country.

In the case of a foreclosure, the bank sells the home "as-is" and requires the buyer to sign dozens of documents releasing the bank of any liability. The worst-case scenario: You buy a foreclosure only to discover a major problem, such as a property line dispute or previous leaks that caused mold or dry rot.

When purchasing a short sale, the seller needs to go to their lender to "approve" the sale. In essence, the owner is trying to sell for less than the loan amount, so they need the bank to approve the sale. Historically, banks are slow to give the thumbs-up. This can lead to a situation in which a buyer waits for months for the bank to approve the short sale, only to have the bank reject it. Meanwhile, the buyer has missed out on countless other properties.

Reasons to Consider a Foreclosure or Short Sale Home

While there are clearly risks in buying a distressed property, we have so much more information now on homes than previous generations. Today's Internet-connected, savvy buyer can learn a great deal about foreclosed and short sale properties before signing on the dotted line. The old saying "no risk, no reward" certainly applies to foreclosures and short sale properties. Distressed sales tend to be priced from 5 percent to as much as 15 percent below the current market value.

Also, keep in mind that foreclosures aren't necessarily dumps. The recession impacted people in all income brackets. It's not unusual to find multi-million dollar foreclosures or multi-million dollar short sales in excellent condition and in good locations.

How to Minimize the Risks

If you're looking for a home in a market where inventory is tight, buying a home in foreclosure or short sale can be a great option. There are many ways to mitigate the potential risks:

o. Search town records for past building permits to see if anything out of the ordinary was completed or planned for the property.
o. Have the home inspected top to bottom before getting too far along in the process.
o. Knock on neighbors' doors to see what information they have about the home, the neighborhood or the previous owners.
o. Look at the home's previous sales records. Many times the homeowner tried to sell once or twice before becoming distressed. If that's the case, review the home's sales history. If there was ever a contract on it, chances are there might be an inspection report somewhere. Have your agent call the previous listing agent to find out more about the former owners or the property.

Look for Hidden Values

There may be absolutely nothing wrong with the property in foreclosure or sold in a short sale. The bank has discounted the home because it sells such properties as-is, without disclosures. If you do your homework, you can use this situation to your advantage. And should you learn of a major problem with the house, negotiate with the bank for a lower price. Don't forget: Banks aren't in the business of owning homes. They want these properties off their hands as soon as possible. Banks will take seriously any buyer who's well-qualified and ready to close a deal.

See more on Zillow:
Why Do Short Sales Take So Long?
How to Spot a Home That Might Sell Below Asking Price
Buying a Foreclosure? Watch Out for These 5 Landmines

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The Pros of Buying a Short Sale Home

 

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]]>buying a homebuying foreclosuresbuying short salesforeclosuresshort salesZillow2013-04-19T11:00:00+00:00Behind the Foreclosure Surge in New York, New Jerseyhttp://realestate.aol.com/blog/2013/04/15/foreclosure-new-york-new-jersey/http://realestate.aol.com/blog/2013/04/15/foreclosure-new-york-new-jersey/http://realestate.aol.com/blog/2013/04/15/foreclosure-new-york-new-jersey/#commentsFiled under: ,

Foreclosure surge: a for sale sign outside a foreclosed homeFortune logo

By Nin-Hai Tseng

Just as many of us believe we've seen the worst of the housing market's collapse, two unlikely states are only now getting hit with a wave of foreclosures: New York and New Jersey. The region was largely spared when home prices disastrously tumbled in 2007. New York and New Jersey, with some of the nation's priciest homes and highest property tax rates, saw nowhere near as many foreclosures during the Great Recession as most of the rest of the country. But that has changed.

Next to Florida, New York and New Jersey have the highest share of homes undergoing foreclosure relative to all homes with mortgages, according to a report by CoreLogic. In February, Florida had the highest share at 9.9 percent, followed by New Jersey at 7.2 percent, and New York at 5 percent. This might come as a surprise, given that household finances in the two states have generally fared better than the rest of the country in recent years. But while there are fewer mortgages in New York and New Jersey entering foreclosure every month than nationally, more of them have been getting stuck in the process. That's because the two states use a judicial foreclosure process, which generally requires that foreclosures go through a state court.

Related: Foreclosures for Sale in Your Area

Between 2010 and 2012, the share of mortgages entering foreclosure each month was 0.24 percent in upstate New York, 0.36 percent in downstate New York and 0.40 percent in northern New Jersey -- all lower than the national average of 0.42 percent, according to a recent report by the Federal Reserve of New York. This is a good thing, but since foreclosures take longer to process, it also slows down the region's housing recovery. On average, it takes 503 days to complete a foreclosure in New York and 481 days in New Jersey, markedly higher than 318 days nationwide, according to the Fed.

This says less about the strength of the recovery than the unintended consequences of New York and New Jersey's foreclosure laws. While the regulations certainly protect homeowners, they also hamper the housing market's healing process. The longer a home is in foreclosure, the greater the potential for it to deteriorate and for its price to decline, the Fed notes. There's little, if any, incentive for homeowners to maintain or improve their homes once they start the foreclosure process. As a result, the homes tend to deteriorate more rapidly than otherwise similar homes.

Home prices in New York and New Jersey have stabilized, but the Fed expects foreclosures to continue dragging down prices in the coming months. True, the housing markets in these two states are already pricier than most of the rest of the country. And keeping them lower would make homes more affordable, which isn't so bad for buyers. It does, however, mean the residual effects of the Great Recession may linger longer.

See more on Credit.com:
5 Best Apps to Invest Smarter
Gold Plunges
Are Bonds a Safe Investment Right Now?

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]]>foreclosureshome priceshousing crisishousing recoveryjudicial foreclosurenew jersey foreclosuresnew york foreclosuresCNNMoney2013-04-15T15:45:00+00:0014 Cities With the Most Foreclosures Right Nowhttp://realestate.aol.com/blog/2013/04/12/cities-most-foreclosures/http://realestate.aol.com/blog/2013/04/12/cities-most-foreclosures/http://realestate.aol.com/blog/2013/04/12/cities-most-foreclosures/#commentsFiled under: ,



By Mamta Badkar

One in every 859 U.S. homes is receiving a foreclosure filing, according to RealtyTrac's latest foreclosure report. Foreclosure filings were reported on 152,500 U.S. properties. This was down 1 percent month-over-month.

Certain housing markets have recovered well and economists are getting increasingly bullish about the national housing recovery. But housing is a local story, and many continue to suffer from an extremely high foreclosure rate.

"Although the overall national foreclosure trend continues to head lower, late-blooming foreclosures are bolting higher in some local markets where aggressive foreclosure prevention efforts in previous years are wearing off," said Daren Blomquist, vice president at RealtyTrac, in a press release. We drew on RealtyTrac's report to highlight the 14 metros with the highest foreclosure rate.

Note: The metros are ranked by foreclosure rate i.e. 1 in every X homes received a foreclosure filing. We picked the 14 metros with the highest foreclosure rate from all the metros measured by RealtyTrac.

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See more on Business Insider:
It Looks Like Demand for U.S. Housing is Cooling Off
Experts Warn About An 'Outbreak of Delayed Foreclosures Down the Road'
Properties Entering the Foreclosure Process Spiked 200% in New York

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]]>cities with highest foreclosure ratescities with most foreclosuresforeclosureshousing recoveryBusiness Insider2013-04-12T16:15:00+00:00What to Do If Foreclosure Is Killing Your Credithttp://realestate.aol.com/blog/2013/04/12/foreclosure-credit-report/http://realestate.aol.com/blog/2013/04/12/foreclosure-credit-report/http://realestate.aol.com/blog/2013/04/12/foreclosure-credit-report/#commentsFiled under: , ,

By Deanna Templeton

Foreclosures can do a number on your credit report, even for years after they happened. With the Great Recession causing an upheaval in the housing market and many homeowners behind on payments, the aftermath of foreclosures is still a reality for many Americans today. One reader wrote to Credt.com asking for help with a foreclosure on her credit report:

My home has been foreclosed but the second mortgage is still showing an outstanding balance on my credit report -- should that be? How do I remove this? I expect "foreclose" status to remain for seven years but not the amount. Am I right?

When a bank or mortgage lender forecloses on a mortgage, the loan will typically be reported as a "foreclosure" or "foreclosed" in your credit report. However, just because the mortgage has been foreclosed doesn't necessarily mean the outstanding balance is automatically wiped out. Typically, credit reports with a foreclosed mortgage will show the entire outstanding balance, so the way the first mortgage is being reported is actually accurate and can't be removed until it reaches the seven-year expiration timeline.

Foreclosure and Deficiency Balances

Foreclosure laws vary by state, but typically when a home goes into foreclosure the bank or mortgage lender will then attempt to sell the home to recover their losses. If the sale price of the home doesn't cover the outstanding debt, the remaining amount may be considered a "deficiency." Depending on your state laws, the lender may legally be able to attempt to collect on the deficiency amount or they may report the deficiency as "income" to the IRS if the debt is forgiven. This means you could end up receiving a 1099 (showing the forgiven deficiency as income) at the end of the year.

Foreclosure and Second Mortgages

A second mortgage is separate from the first mortgage, and even though the first mortgage was foreclosed, the second is not automatically included in the first mortgage's foreclosure. This means the second mortgage will continue to be reported and the outstanding balance will remain. The second mortgage will not show "foreclosed" because it's a separate loan and not part of the original/first mortgage, unfortunately. For more detailed information about foreclosures, second mortgages, deficiency balances and your rights, here are a few resources that will provide much more detail:

Underwater? Negotiating a Settlement On a Second Mortgage
Understanding Your Foreclosure Rights: A Consumer Law Review
1099-A In the Mail? How to Avoid Taxes on Cancelled Debt from Foreclosure or Short Sale
Foreclosure vs. Short Sale: What's Worse for Your Credit?

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What Not To Do If Your Home Is In Foreclosure

 

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]]>credit reportdeficiency balanceforeclosuresmortgagessecond mortgageCredit.com2013-04-12T14:00:00+00:001 in 3 Foreclosures Have Bank Errors to Blamehttp://realestate.aol.com/blog/2013/04/11/bank-errors-foreclosures/http://realestate.aol.com/blog/2013/04/11/bank-errors-foreclosures/http://realestate.aol.com/blog/2013/04/11/bank-errors-foreclosures/#commentsFiled under: ,



A shocking number of U.S. homeowners who had foreclosure proceedings brought against them by the biggest mortgage companies during the housing bust nearly lost their homes because of a potential banking error, The Huffington Post reported. Nearly a third of foreclosed borrowers, or 1.2 million, in 2009 and 2010 were fighting off foreclosure even though they never defaulted on their loans or were otherwise in good standing under bank-approved plans.

Bank foreclosure errors: Bank liquidation signThis from The Huffington Post:

Close to 1.2 million borrowers, or about 30 percent of the more than 3.9 million households whose properties were foreclosed on by 11 leading financial institutions in 2009 and 2010, had to battle potentially wrongful efforts to seize their homes despite not having defaulted on their loans, being protected under a host of federal laws, or having been in good standing under bank-approved plans to either restructure their mortgages or temporarily delay required payments.

More than 244,000 of those borrowers eventually lost their homes, government data show.

The estimates, disclosed Tuesday, far exceed projections made over the past few years after document abuses known as robosigning gained widespread attention in late 2010.

Read the entire story at The Huffington Post.

See more on foreclosures:
10 Banks Foreclosing On the Most Homes
Foreclosures Returning to Pre-Housing Bust Levels
Boomerang Buyers Return to Market After Foreclosure

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]]>bank error foreclosureforeclosureshousing crisismortgage banksAOL Real Estate Editors2013-04-11T16:50:00+00:00Foreclosures Returning to Pre-Housing Bust Levelshttp://realestate.aol.com/blog/2013/04/11/foreclosure-levels-pre-housing-bust/http://realestate.aol.com/blog/2013/04/11/foreclosure-levels-pre-housing-bust/http://realestate.aol.com/blog/2013/04/11/foreclosure-levels-pre-housing-bust/#commentsFiled under: ,



By Les Christie

The number of homes lost to foreclosure is closing in on levels not seen since before the housing meltdown. Foreclosure filings -- including notices of default, scheduled auctions and bank repossessions -- during the first quarter fell 23 percent from a year earlier, the lowest level since the second quarter of 2007. Last month, banks repossessed just under 44,000 homes, within striking distance of the pre-housing bust monthly average. At the height of the housing meltdown in September 2010, repossessions topped 100,000 a month.

"We're getting back to normal and will be there by next year," said Daren Blomquist, vice president at RealtyTrac. For the past couple of years, foreclosures have been on the decline as homeowners seek alternatives like short sales, in which they sell their home for less than what they owe and the bank agrees to forgive the difference. The deals are preferred by the banks over foreclosures and have less of a negative impact on consumers' credit scores.

But now even the need to turn to short sales is waning. These deals accounted for 10 percent of sales in February versus 14 percent a year earlier, according to the National Association of Realtors. Government initiatives, like the Home Affordable Modification Program and Home Affordable Refinance Program, have helped millions of borrowers avoid foreclosure. And last spring, under a $25 billion settlement deal with state and federal officials, the nation's largest mortgage lenders agreed to help struggling borrowers by lowering their mortgage rates, reducing their principal and other fixes. While there are still pockets of heavy foreclosure activity, the landscape of foreclosures is starting to look a lot like it did in the pre-bust years, said Blomquist.

A larger percentage of the nation's foreclosure activity is now occurring in areas suffering from severe economic problems, such as "Rust Belt" cities like Rockford, Ill., and Chicago, not in the recently-developed, mid-to-upper class neighborhoods of California, Florida and Arizona that were hit hardest when the housing bubble burst, he said. And many of the people who lose their homes now are dealing with a layoff or personal issue, such as a divorce, illness or death in the family. While during the housing bust, many people were forced to default because of plunging home prices and unaffordable mortgage terms.

"The biggest chunk of bank repossessions were in newer homes," said Blomquist. "That's now shifting back toward older, lower-value homes that are more likely to be in poor condition." Now the newer homes that were in distress are either being bought up in short sales or regaining some value as home prices rise so they don't reach the bank repossession stage. Beaten-up older places in blighted communities are not as attractive to buyers and more easily go all the way through the foreclosure process.

Still, there are some states that are still struggling with a backlog of foreclosures like Florida, Illinois and Georgia, all states where courts oversee foreclosures. Florida had more than twice as many bank repossessions as any other state in March -- nearly 7,600. Illinois, with more than 3,500, was second and Georgia, with 3,350, was third. With prices expected to continue to rise -- they were up more than 8 percent year-over-year in January -- the number of short sales should continue to fall, and so should foreclosures, according to Blomquist.

See more on CNNMoney:
5 Best Markets to Buy a Home
Smart Ways to Cut Your Tax Bill
12 Tax Audit Red Flags

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]]>foreclosure levelsforeclosureshousing recoveryCNNMoney2013-04-11T10:00:00+00:00Ex-NFL Star Warren Sapp's Florida Mansion Finally Sellshttp://realestate.aol.com/blog/2013/03/28/warren-sapps-florida-mansion-sold/http://realestate.aol.com/blog/2013/03/28/warren-sapps-florida-mansion-sold/http://realestate.aol.com/blog/2013/03/28/warren-sapps-florida-mansion-sold/#commentsFiled under: , ,

Warren Sapp home, Windermere, Fla.

It's been a long road for ex-NFL star Warren Sapp. The former Tampa Bay Buccaneers and Oakland Raiders defensive tackle filed for bankruptcy in April 2012, with reportedly nothing left in his bank accounts but a little more than $1,000 from his $77 million in NFL earnings -- and $6.7 million in debt to pay off. He threw his prized possessions on the auction block to scrounge up some quick cash: his collection of more than 200 pairs of sneakers, a boxing glove signed by Muhammad Ali and, perhaps hardest of all to part with, a drop-dead gorgeous 10,000-square-foot Mediterranean mansion in Windermere, Fla.

Warren SappThe house was listed for $3.774 million by a bankruptcy court in September, and at an auction, celebrity fitness guru Brenda Dykgraff won out with a $2.1 million bid. But a judge rejected the offer, and the court began seeking a higher one. Now, six months later, it looks as if the court has snagged a bid that it can live with. Not more than two weeks ago, Sapp's estate hit the market again, this time for $2.9 million -- and it's already sold, according to Realtor.com. (The listing has since been taken down.)

It's too bad that Sapp got himself in such a financial tangle. The Windermere home originally was worth more than $7 million. Sapp did sort his money problems out (though he still owes a chunk to the IRS for unpaid taxes), but that house is officially out of his hands. Cheers to the new owner, though. In case you hadn't heard, the mansion has maybe the most eye-popping pool and water slide you've ever laid eyes on.

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See also:
Ravens' Ray Lewis Lists Palm Beach Home
Michael Jordan Buys Massive North Carolina Home for a Great Deal
Miami Heat's Chris Bosh Renting Home in Pacific Palisades for How Much?!

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]]>bankruptcy auctionwarren sappwarren sapp bankruptcywarren sapp homeWindermere FloridaGraham Wood2013-03-28T17:30:00+00:00Mabel Bobo, 88, Loses Home When Investor Buys It for $5,000http://realestate.aol.com/blog/2013/03/26/mabel-bobo-loses-charlotte-home/http://realestate.aol.com/blog/2013/03/26/mabel-bobo-loses-charlotte-home/http://realestate.aol.com/blog/2013/03/26/mabel-bobo-loses-charlotte-home/#commentsFiled under: ,

Mabel Bobo, Pat Rader

How does a house worth more than $200,000 get sold for a mere $5,000? Pure deception, says the family of an 88-year-old woman who, they claim, was swindled while she lay sick in a nursing-home bed. Mabel Bobo (pictured above left with her daughter) owned her Charlotte, N.C., home for 56 years and raised three kids there. But when her loan became delinquent, the home in the Charlotte's Dilworth neighborhood fell into foreclosure and was put up for auction last June. It garnered bids as high as $48,358, but one investor snapped it up for just a tenth of that -- allegedly through shady means, WCNC-TV in Charlotte reported.

Mabel Bobo home, Charlotte, NCBobo, who suffers from dementia, had to move into a nursing home nearby when she could no longer care for herself. She says that she had no idea that her home was even foreclosed on. But while she was at the nursing home, she said that she began receiving frequent "surprise visits" from a woman named Laura Shields, who represents Home Appeal, LLC.

During the visits, Bobo was allegedly asked by Shields to sign over the deed to her small home at 515 Ideal Way. Despite Bobo's lack of understanding and discomfort -- she said that she told Shields to "leave her alone" -- family members said that Bobo was essentially forced to sign the paperwork in order to get Shields to stop visiting her. "[Shields] came to someone who is almost 90 years old and shoved a piece of paper in front of them," Bobo's daughter, Patricia Rader, told WCNC. "[It happened] repeatedly until she was so tired of seeing them, she signed it to get rid of them."

When WCNC presented the signed deed and asked Bobo if it was her signature on the paper, she answered: "Yes, but I don't remember signing it." Shields' lawyers explain that Bobo was paid $5,000 for the house when she signed the deed in her bed in the nursing home, and that they have an undated check stub to prove it. But according to the family, Bobo does not have any more bank accounts and her family "never received a dime." Bobo's family is currently fighting a legal battle to get the home back, saying that Bobo wasn't in "any mental condition" to sign the house away.


See also:
Bank Flip-Flops, Forecloses on Woman With Stage 4 Breast Cancer
Foreclosure Scam: 530 Charged for Allegedly Defrauding 73,000 Homeowners
Woman Tags Home With Message to Bank: You're 'Stealing' My House

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]]>515 Ideal Waycharlotte real estatedilworth nc homeforeclosure auctionsforeclosure fraudHome AppealMabel BoboAOL Real Estate Editors2013-03-26T14:45:00+00:00Multimillion-Dollar Short Saleshttp://realestate.aol.com/blog/on/multimillion-dollar-short-sales/http://realestate.aol.com/blog/on/multimillion-dollar-short-sales/http://realestate.aol.com/blog/on/multimillion-dollar-short-sales/#commentsFiled under: , ,



Short sales are a popular option for homebuyers right now because they're cheap. Well, cheaper than regular non-distressed properties. We recently brought you the 10 best cities to buy short sales, where they sold at an average of 23 percent below market rate. There were three times as many short sales as sales of foreclosed homes in 2012, according to online foreclosure marketplace RealtyTrac. But there are some that the average homeowner might not consider a bargain.

The rich aren't immune from falling behind on their mortgages, and there are plenty of short sales out there that will still cost you a few million bucks. Just imagine how much they'd be if they weren't short sales! We've rounded up a few multimillion-dollar short sales currently on the market around the country. Click through the gallery below to see them.

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See more:
Multimillion-Dollar Foreclosures
Best Cities to Buy Foreclosures

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]]>foreclosuresmultimillion-dollar short salesshort salesAOL Real Estate Editors2013-03-22T08:00:00+00:00What Is an Underwater Mortgage?http://realestate.aol.com/blog/2013/03/14/underwater-mortgage/http://realestate.aol.com/blog/2013/03/14/underwater-mortgage/http://realestate.aol.com/blog/2013/03/14/underwater-mortgage/#commentsFiled under: , ,

By Diana Olick

An underwater mortgage may sound like you're dealing with beachfront property gone bad, but it's actually a term of art in the world of real estate. You probably heard this term in the aftermath of the 2008 financial crisis and its accompanying real estate bubble. So what is an underwater mortgage? CNBC explains.

What is an underwater mortgage? A mortgage is considered "underwater" when the amount of the mortgage is greater than the current value of the home. Another term for this is "negative equity." For example, a person decides to buy a home for $200,000. They put 20 percent down, or $40,000, and then get a mortgage for the remaining $160,000. Usually home prices rise, but let's say prices begin to fall and the home is now valued at $150,000. The mortgage is "underwater" by $10,000.

Why use the term 'underwater'? Because the value of the home, which the mortgage funds, is below or under the mortgage amount, which could be considered the water line. It is just a metaphor that likely grew out of another metaphor: "drowning in debt."

Why is the term 'underwater' so popular in housing today? During the housing boom, home prices rose dramatically. Much of that was because mortgage lenders held borrowers to very low standards, offering them mortgages for no money down. Anyone could buy a home, and so many people -- who really couldn't afford what they were buying -- did. That pushed prices higher and higher. Many of these mortgages, however, had adjustable rates, which meant that a borrower's monthly payment could suddenly spike after a certain amount of time, usually three to five years.

That is just what happened, causing many people to default on their loans; in other words, they missed payments and couldn't keep up. As more and more people were unable to pay their mortgages, and banks began foreclosing on them, home prices crashed. Since so many borrowers in this period had put no money down when they applied for a mortgage, any drop in home prices caused them to be underwater on their mortgages.

Why is the underwater mortgage issue such a drag on the housing recovery? If a borrower can still make the monthly payment, being underwater doesn't really matter, other than making you feel like you are renting the house (since you don't have any equity in the house). But for many people it makes moving impossible, because if a person owes more on their mortgage than their home is worth, then in order to move or sell, they would have to pay the bank back the difference.

They would have to pay in to their mortgage to get out of their home. Being underwater has also prompted many homeowners to walk away from or abandon their homes because they don't think the home will ever be worth more than the mortgage. They consider the home a bad investment and let it go to foreclosure.

See more on CNBC:
CNBC Explains Jumbo Mortgages
World's Most Expensive Cities
What Homebuyers Want

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A New Foreclosure Fix?

 

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]]>mortgagesunderwaterunderwater homeownersunderwater mortgagesCNBC2013-03-14T14:00:00+00:0010 Banks Foreclosing on the Most Homeshttp://realestate.aol.com/blog/2013/03/13/banks-most-foreclosures/http://realestate.aol.com/blog/2013/03/13/banks-most-foreclosures/http://realestate.aol.com/blog/2013/03/13/banks-most-foreclosures/#commentsFiled under: ,

Home foreclosure sign: 10 banks foreclosing on the most homesWhile the number of foreclosures nationwide is thankfully coming down from its peak during the housing bust, there are still quite a few languishing out there. All signs do point to a strong housing recovery, with existing home sales edging up and distressed mortgages accounting for fewer of those sales, according to the National Association of Realtors. But there were still 750,000 homes in the foreclosure process as of February (albeit down from 1 million in early 2011).

So who is responsible for these foreclosures? 24/7 Wall St. took a look at the 10 banks foreclosing on the most homes. They found that these banks often don't own the mortgages on the foreclosures themselves -- they are servicing them on behalf of another institution. But the banks could still stand to lose money even if they don't own the mortgages. The data used to determine the banks' rankings came from online foreclosure marketplace RealtyTrac, and the figures are current as of February. Click through the gallery below to see the 10 banks foreclosing on the most homes.

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See more on 24/7 Wall St.:
10 Companies Profiting Most From War
States With the Most Government Employees
Housing Markets With Double-Digit Growth

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]]>bank-owned homesbanks with the most foreclosuresforeclosureshousing recovery24/7 Wall St.2013-03-13T14:00:00+00:00Boomerang Buyers Return to Market After Foreclosurehttp://realestate.aol.com/blog/2013/03/11/boomerang-buyers-return-to-market-after-foreclosure/http://realestate.aol.com/blog/2013/03/11/boomerang-buyers-return-to-market-after-foreclosure/http://realestate.aol.com/blog/2013/03/11/boomerang-buyers-return-to-market-after-foreclosure/#commentsFiled under: , ,

Boomerang homebuyers Susan, Dave Edwards

By Les Christie

Borrowers who lost homes to foreclosure during the housing bust are starting to buy again. Since the housing bubble burst, 4.8 million borrowers have lost their homes to foreclosure, and another 2.2 million gave them up in short sales, according to RealtyTrac. While many are still struggling to recover financially, a growing number are starting to bounce back -- and they are looking for a new place to call home.

Susan Edwards and her husband, Dave, lost their Palmdale, Calif., home in 2010 after Susan's severe arthritis made it impossible for her to work her medical device sales job. The medical bills soon piled up and the couple could no longer afford their $2,300 monthly mortgage payment. In addition, their home's value had plunged 40 percent below the $325,000 mortgage balance.

"We were living under such pressure," she said. "We looked at the numbers and knew we had to default." After the foreclosure, Susan's credit score had taken a 70-point hit; Dave's score fell even further. By paying all of the bills on time, they nursed their credit scores back to health. And in December, two years after they lost their old home, the couple was able to buy a new home with a loan backed by the Veteran's Administration. VA-insured loans can be obtained just two years after a foreclosure, according to the Mike Frueh, director of the VA's Loan Guaranty Program.

The new house is a lot like the Edwards' old one, with one big improvement: The mortgage payment is $1,150 a month -- roughly half the amount they used to pay. "[After bankruptcy], foreclosure is one of the things that hits your credit score the hardest," said Anthony Sprauve, a spokesman for FICO. Foreclosures and short sales usually knock about 85 to 160 points off a credit score. Scores suffer less if you pay at least the minimum on all your other bills on time and only allow your mortgage payments to go unpaid, said Jon Maddux, the CEO of YouWalkAway.com, which offers advice to defaulting mortgage borrowers.

Once the damage is done, it can take three to seven years for a score to fully recover. But some lenders are willing to work with borrowers earlier than that. Mortgage giants Fannie Mae and Freddie Mac, for example, require defaulters to wait five years -- and have a minimum credit score of 680 and put 10 percent down -- before they can purchase a home again. If they don't meet that criteria, the wait is seven years, at which point the foreclosure is expunged from a person's credit report.

If defaulters show that extenuating circumstances caused the foreclosure -- such as a health issue that prevented them from working, a layoff, a divorce or other one-time event -- the wait may be reduced to three years. The Federal Housing Administration allows banks to issue FHA-insured loans to borrowers three years after a foreclosure or a short sale in which the borrower was in default.

Read the rest of this story on CNNMoney.

See more on CNNMoney:
Million-Dollar Foreclosures
Zombie Foreclosures: Borrowers Hit With Debt That Won't Die
Best Places to Buy Foreclosures

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]]>boomerang buyersforeclosuresmortgage defaultsshort salesCNNMoney2013-03-11T10:00:00+00:00'100 Abandoned Houses': Sad Signs of Detroit's Growing Financial Emergencyhttp://realestate.aol.com/blog/2013/03/05/100-abandoned-houses-detroit-bankruptcy/http://realestate.aol.com/blog/2013/03/05/100-abandoned-houses-detroit-bankruptcy/http://realestate.aol.com/blog/2013/03/05/100-abandoned-houses-detroit-bankruptcy/#commentsFiled under: ,

'100 Abandoned Houses' project photo shows one of the vacant Detroit homes.

Detroit is edging dangerously close to bankruptcy, and the most obvious sign of its dramatic financial downfall lies in the ramshackle, abandoned homes that dot its neighborhoods. Michigan Gov. Rick Snyder declared last week that Detroit is in a "financial emergency," and he said that he would appoint a fiscal manager to oversee the city's finances by March 12 if local officials can't get it under control. Experts warn that Detroit could become the largest municipal bankruptcy in U.S. history.

There are signs everywhere of just how far the city -- which is more than $14 billion in the hole -- has fallen from grace. Photographer Kevin Bauman has more than enough proof of Detroit's spiraling financial crisis: He has 100 pictures. Bauman's "100 Abandoned Houses" project documents the continued degradation of abandoned homes in the city. He began snapping abandoned homes more than 10 years ago, he said, as the flight from Detroit grew. The city was once the fifth-largest in the country but has since lost more than half its population.

Bauman's project is one of the best illustrations of the continued bad news coming out of Detroit. Its sad and rundown homes speak to Detroit's recent ranking as the most miserable city in America. It's here where home values have fallen so low that, in some cases, demolishing them costs more than they are worth. It's no wonder Bauman found so many abandoned homes to photograph: Detroit recently surpassed even hurricane-ravaged New Orleans as the most blighted city in the U.S. But, according to Bauman, Detroit's problems reach further than the eye can see.

"The problems are much more complex than the armchair analysts -- commenting incessantly on every article about Detroit -- would have you believe," Bauman said. "Detroit rose and fell with manufacturing -- in particular, the automotive industry. It provided jobs, and a good living for many for decades. The city, and the region, was not able to adapt to changes in the global economy." Click through the gallery below to see some of Bauman's haunting images of abandoned homes in Detroit, and visit his website for the project to see more.

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See also:
Detroit Houses Demolished Accidentally, Including Couple's Newly Bought Home
101-Year-Old Foreclosure Victim to Get Home Back
Romney Family Home Demolished as Part of Detroit Rejuvenation Plan

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Detroit Foreclosure Activist Talks Tactics That Saved Her Home

 

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]]>100 abandoned housesDetroitdetroit abandoned homesDetroit bankruptcydetroit blightdetroit financial emergencykevin baumanGraham Wood2013-03-05T14:48:00+00:00Ex-Seattle Supersonics Star Robert Swift Leaves Foreclosed Home in Shambles, Report Sayshttp://realestate.aol.com/blog/2013/03/05/robert-swift-seattle-supersonics-foreclosure/http://realestate.aol.com/blog/2013/03/05/robert-swift-seattle-supersonics-foreclosure/http://realestate.aol.com/blog/2013/03/05/robert-swift-seattle-supersonics-foreclosure/#commentsFiled under: ,

Former Seattle SuperSonics star Robert Swift finally moved out of his foreclosed suburban Seattle home this week, but the former basketball star apparently left it in shambles. TV station KOMO in Seattle reported that new owners Jessica Ko-Dalzell and Eric Dalzell found smashed glass, beer bottles, animal feces and even bullets littering their new home. Swift, who was drafted straight out of high school to the Seattle SuperSonics in 2004, but only spent four years in the NBA, bought the $1.3 million home in 2006, according to The Associated Press. But the house in Sammamish, Wash., fell into foreclosure last July.

The Dalzells bought the foreclosed home in January for half its original price -- but the 7-foot-1-inch center refused to leave. "He never came to the door, he never talked to any of us. We came multiple times. We sent him letters. We left him letters," Ko-Dalzell told KOMO. The couple was forced to go to court to remove Swift from the home if he didn't leave. Though the former baller resisted, he reportedly left over the weekend. On Monday, the Dalzells finally were able to enter.

KOMO reported finding its kitchen strewn with piles of pizza boxes and beer bottles, and elsewhere in the home seeing punched-in walls, animal feces clogging its decks, and a handgun and live ammunition left lying in the open. The Dalzells also said the home emitted a putrid smell. "It was a shocker," Dalzell told the TV station.

This sad case of an ex-NBA star -- who once held such promise but who lost his home -- comes soon after another former basketball star, Allen Iverson, saw his luxurious Atlanta home put up for auction after he lost it to foreclosure.

See also:
Another Former Allen Iverson Home Hits Market
Michael Jordan Buys Massive North Carolina Home For a Great Deal (PHOTOS)
Brooklyn Nets' Deron Williams Buys Penthouse

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]]>NBA star homesRobert SwiftRobert Swift evictionRobert Swift foreclosureRobert Swift Seattle SuperSonicsAOL Real Estate Editors2013-03-05T13:16:00+00:0020 Most Expensive and Cheapest Markets for Foreclosureshttp://realestate.aol.com/blog/2013/03/05/most-expensive-cheapest-foreclosures/http://realestate.aol.com/blog/2013/03/05/most-expensive-cheapest-foreclosures/http://realestate.aol.com/blog/2013/03/05/most-expensive-cheapest-foreclosures/#commentsFiled under: , ,

Cheapest foreclosures: Flint, Mich.

There's a reason it's often the privileged who are flitting off to beach homes along the sandy coast of California: It's really expensive to own a home near the ocean. (Location, location, location comes with a high price, after all.) So you think you'd be able to afford the same lifestyle if you bought a beachside foreclosure instead? Well, sure, it'd be cheaper -- but it'll still cost you double or more the national median home price.

Yes, foreclosures are often sold at deep discounts, but in the most expensive markets for foreclosures, the money you'd spend on a distressed property could probably buy two non-distressed properties in most other markets. Online foreclosure marketplace RealtyTrac highlighted the priciest and cheapest markets for foreclosures. According to RealtyTrac's Foreclosure Market Report, foreclosure-related sales accounted for 21 percent of all residential sales in 2012, a drop from 23 percent in 2011 and 28 percent in 2010. A tighter inventory nationwide has contributed to the decline, and a tighter inventory also drives prices up -- even for foreclosures.

"Location definitely matters in real estate, and many people want to live near the ocean, particularly the coast of California and Hawaii," said RealtyTrac vice president Daren Blomquist. "With fewer and fewer foreclosures available in these highly desirable areas, the average price of a foreclosure property is increasing rapidly, although still well below the average price of a non-distressed property given that foreclosures are often in poorer condition and are being sold by more motivated sellers."

So, then, where are the cheapest foreclosures? Go inland. "Population is still dwindling in many Rust Belt markets, which is why those markets dominate the list of least expensive foreclosures," Blomquist said. "Another reason for lower-priced foreclosures in these markets is the type of properties that are in foreclosure. Many foreclosures in these Rust Belt cities are much smaller in terms of square footage, and older in terms of year built, than the foreclosure inventory in the Western markets."

The median home sale price nationwide for all housing types in January was $173,600, according to the National Association of Realtors. The most expensive markets for foreclosures can see prices for distressed properties more than double that, while the cheapest markets can see prices of distressed properties more than half that. Click through the gallery below to see the 10 most expensive and 10 cheapest cities for foreclosures.

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See more:
Happiest and Most Miserable Cities in America
Best Cities to Buy Foreclosures in 2013
10 Best Cities to Own a Home

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Pre-Foreclosures Exposed - Is It Wrong To Publicize Foreclosures Early?

 

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]]>cheapest foreclosuresdo happy people own their own home or rentdohappypeopleowntheirownhomeorrentForeclosure Market Reportforeclosuresmost expensive foreclosuresreal estaterealestateGraham Wood2013-03-05T08:00:00+00:00Struggling Homeowners Turned to Short Sales in 2012http://realestate.aol.com/blog/2013/02/28/short-sales-increase-2012/http://realestate.aol.com/blog/2013/02/28/short-sales-increase-2012/http://realestate.aol.com/blog/2013/02/28/short-sales-increase-2012/#commentsFiled under: ,

Short sale signCNN Money logo

By Les Christie

Struggling homeowners increasingly turned to short sales to get out from under mortgage debt last year. There were nearly three times as many short sales as there were sales of foreclosed homes in 2012, according to RealtyTrac. Foreclosures accounted for 11 percent of all sales, down from 13 percent a year before. Meanwhile, short sales rose 5 percent year-over-year, accounting for 32 percent of all home deals.

"We're seeing fewer of the most disruptive sales, the [bank-owned foreclosures], hitting the market, but there are still a lot of distressed property sales," said Daren Blomquist, spokesman for RealtyTrac. "They're shifting to short sales, though." In a short sale, homeowners sell at a price that is less than what they owe the bank, and the bank agrees to absorb the loss. Typically, a seller has to demonstrate some kind of financial hardship before the bank will approve the deal -- and forgive the unpaid debt. The bank then sells the house, typically at a better price than it would have gotten had the home gone into foreclosure.

During the fourth quarter, the average discount on a foreclosure was a whopping 39 percent, while the average short sale sold for 23 percent below market, RealtyTrac found. The biggest spike in short sales last year occurred during the second half of the year. Fueling the increase was the National Mortgage Settlement, an agreement between the government and the nation's five biggest mortgage lenders which was finalized last February.

Under the terms of the deal, the banks receive credit toward the settlement when they approve short sales for distressed homeowners. Of the $45 billion in consumer relief that lenders have reported under that agreement, $19 billion has gone toward forgiving debt in short sales, according to the latest report from the Office of Mortgage Settlement Oversight. Many underwater homeowners were also scrambling to unload their properties before the Mortgage Forgiveness Debt Relief Act was set to expire Dec. 31. Had the act been allowed to lapse, homeowners would have had to start paying income taxes on the portion of their mortgage that is forgiven in a foreclosure, short sale or principal reduction.

The growing number of short sales helped buoy the housing market and push distressed home prices higher last year. During the fourth quarter, for example, homes that were either bank-owned or in foreclosure sold for an average of $171,704, an increase of 4 percent from a year earlier. In Arizona, prices were 22 percent higher in the fourth quarter compared with late 2011. In Nevada, prices jumped 21 percent; and in California -- where short sales comprised more than a third of all sales -- they increased 14 percent, RealtyTrac reported.

See more on CNNMoney:
Foreclosures: 100 Hardest-Hit Neighborhoods
Million-Dollar Forelcosures
10 Great Foreclosure Deals

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All About Home Short Sales

 

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]]>foreclosuresRealtyTracshort salesshort sales 2012underwater mortgagesCNNMoney2013-02-28T13:01:00+00:00