foreclosure crisis - Articles

Cities With the Most Foreclosures

ZillowFlorida is still the state with the highest rate of foreclosures, such as this one for sale in Port St. Lucie. Bank repossessions of homes are at their lowest level since July 2007. But foreclosures rose 4 percent from February to March as 117,485 U.S. properties were foreclosed last month, according to a new... Continue Reading »

Foreclosures See a Slight Upswing

Shutterstock By Christine DiGangi There was a time when having more than 1 million U.S. homes in foreclosure was the norm. It wasn't that long ago, actually -- the foreclosure inventory only dropped below the million mark in June 2013 -- but as of January 2014, just 794,000 homes were in some state of foreclosure.... Continue Reading »

Crunching the Latest Foreclosure Numbers

AP By Christine DiGangi There are fewer than 2 million mortgages in serious delinquency as of November, a 26 percent decline from the previous year and a 5-year low, according to the monthly CoreLogic Foreclosure Report. A seriously delinquent mortgage means the homeowner is more than 90 days past-due on payments and is... Continue Reading »

Foreclosure Activity Drops to Lowest Level Since 2005

By Alex Veiga LOS ANGELES -- While foreclosures remain a concern in select states, the number of U.S. homes entering the path to foreclosure or winding up repossessed by lenders has fallen to levels not seen in more than six years. The trend is the latest sign foreclosures are becoming less of a national factor on... Continue Reading »

Federal Housing Agency Sued in Battle Over Eminent-Domain Bailouts

Getty Images By Katie Zezima NEWARK, N.J. -- The American Civil Liberties Union has sued the Federal Housing Finance Agency, asking it to disclose efforts to stop municipalities from using eminent domain to bail out underwater homeowners and make its dealings with the financial industry more transparent. The ACLU,... Continue Reading »

Where Neighbors Can Buy Abandoned Homes for $1

#fivemin-widget-blogsmith-image-508599{display:none;} .cke_show_borders #fivemin-widget-blogsmith-image-508599, #postcontentcontainer #fivemin-widget-blogsmith-image-508599{width:570px;height:411px;display:block;} Abandoned homes and empty plots in neighborhoods can become nuisances for neighbors. They aren't only... Continue Reading »

Mortgage Modifications Still Taking Banks Too Long, Report Says

By Andrew Miga WASHINGTON -- A new report says homeowners trying to avoid foreclosure must wait too long for their loan modification applications to be reviewed by some of the nation's top mortgage servicers. Such delays can plunge borrowers deeper in debt. Joseph A. Smith, the independent monitor of last year's... Continue Reading »

5 Worst Cities to Buy Foreclosures in 2013

By Jerry Kronenberg The U.S. foreclosure crisis looks like it's finally winding down -- great news for homeowners, but decidedly less positive for house hunters and real estate investors. "From the perspective of buyers, [some] markets might not be as attractive anymore," says Daren Blomquist of market watcher RealtyTrac.... Continue Reading »

Do Banks or Homeowners Win in Mortgage Settlement?

Hundreds of thousands of Americans stand to benefit from the latest mortgage-abuse settlement, but consumer advocates say U.S. banks may be getting the best of the deal. Banks have agreed to pay $8.5 billion to settle charges that they wrongfully foreclosed on millions of homeowners in the wake of the 2008 financial... Continue Reading »

'Shadow Inventory' Threat Continues to Recede, CoreLogic Says

The number of homes in the "shadow inventory," once considered a serious threat to a real estate recovery, continues to drop as the housing market absorbs foreclosures, analytics firm CoreLogic said in a report it released today. The shadow inventory refers to the pent-up supply of homes that are either in foreclosure or... Continue Reading »

Process Servers Say Foreclosure Crisis Puts Them in Greater Danger

Process server Michael Root says that he knows how angry foreclosure notices can make homeowners -- because one property owner almost killed him and members of his family. As it turned out, Root wasn't even bringing a foreclosure notice when, he said, he was attacked in June by a homeowner in Wingdale, N.Y.; it was a... Continue Reading »

Occupy Our Homes, Occupy Wall Street Offshoot, Builds a Reputation in Battling Foreclosures

Though Occupy Wall Street is fading from the public eye, one of its offshoots continues to garner attention, carrying the torch as perhaps the most potent legacy of a movement that's largely cooled. Ten months ago, Occupy Our Homes officially launched in more than 20 cities, staging sit-ins at properties in danger of... Continue Reading »

Single-Family Rental Houses Draw Millions Impacted by Foreclosure Crisis

After splitting from her husband, Tami Wingfield couldn't afford to keep up with the mortgage on the home that they had shared. The monthly $1,600 bill was too much for her to bear alone, and in 2008, she lost the house to foreclosure. Like many people who lost their homes in the housing collapse, Wingfield decided the... Continue Reading »

Foreclosure Rehab: Ramping Up the Battle Against Blight

The foreclosure crisis, which has caused around 4 million people to lose their homes, has wreaked havoc on many neighborhoods. Foreclosed homes drag down property values when they swell the housing supply and sell at below-market rates. These bank-owned homes also can erode the character of communities by attracting all... Continue Reading »

'Project X' Copycat Revelers Allegedly Wreck $500,000 Home

It didn't take long before the carnage in the hit house-party movie "Project X" spilled onto the real real estate market. Thirteen teenagers are being questioned for their possible involvement in a wild house party that will cost the builder nearly $100,000 in repairs, reports KHOU in Houston, Texas. "It's devastating.... Continue Reading »

Living on a Prayer: Church Foreclosures Skyrocket

By Rich Smith The Bible tells us that "it is easier for a camel to go through the eye of a needle, than for a rich man to enter the kingdom of God." Foreclosing on his pastor probably doesn't make the trick any easier. There's a new development in the housing crisis: Foreclosures are hitting houses of... Continue Reading »

Former Housing Boomtown Hangs by a Thread

STOCKTON, Calif. -- A red, white and blue sign declaring Stockton an "All-America City" still adorns City Hall, but the building's crumbling facade tells the real story of the community's recent fortunes. Since the sign went up nearly a decade ago, Stockton has twice topped Forbes magazine's list of "America's most... Continue Reading »

How Obama's FHA Loan Plan Can Help You Refinance

WASHINGTON -- The Obama administration is offering some relief to homeowners who have government-backed mortgages. Under a program President Barack Obama unveiled Tuesday, the government would cut the fees it charges to insure those borrowers. The idea is that lower fees would persuade millions to refinance their loans... Continue Reading »

REO to Rental: Fannie Mae Dips Further Into Foreclosure Pool

Fannie Mae waded further into the foreclosure pool on Monday as it released new details on its plan to sell its repossessed homes as rental properties. The pilot program, first announced in August as an effort to clear the mortgage giant's backlog of foreclosures, is launching with an initial offering of 2,490 residential... Continue Reading »

Foreclosure Fire Sale: Will Bulk 'REO to Rental' Program Fly?

With an estimated 3.6 million more foreclosures expected over the next two years, the government-backed mortgage giants have a proposition for you: How'd you like to take a couple (hundred) homes off their hands? In a recently announced program, the Federal Housing Finance Agency, which regulates the quasi-government... Continue Reading »

Mortgage Settlement Will Lead to More Foreclosures, Experts Say

By Chris Isidore, CNNMoney NEW YORK -- Even as the $26 billion mortgage settlement helps hundreds of thousands of troubled homeowners, it will bring a wave of new foreclosures. Many lenders held off on reposessing homes during the complex negotiations between 49 state attorneys general, and federal officials. That's... Continue Reading »

Bernanke: Housing Still Hurting Consumer Spending

WASHINGTON -- Ben Bernanke says declines in home prices have forced many Americans to cut back sharply on spending and warns that the trend could continue to weigh on the economy for years. The Federal Reserve chairman drew the connection between home values and consumer spending, which fuels 70 percent of economic... Continue Reading »

How the Foreclosure Settlement Could Affect You

Marking the conclusion of the largest joint state-federal settlement in history, the National Association of Attorneys General announced today that the nation's five largest mortgage servicers -- Bank of America Corporation, JPMorgan Chase & Co., Wells Fargo & Company, Citigroup, Inc., and Ally Financial -- have... Continue Reading »

WATCH: 'Need to Know' Explores the Mortgage Mod Maze

On the eve of the Nevada primary, in which housing policy will weigh heavily on residents of the foreclosure-ridden state, PBS' "Need to Know" takes a closer look at what the housing crisis looks and feels like for locals. In the video special below, which airs in full at 8:30 p.m. EST tonight, the "Need to Know" team... Continue Reading »

At Foreclosure Epicenter, Apathy Toward Both Political Parties

LEHIGH ACRES, Fla. -- At Our Daily Bread Food Pantry, the conversation often centers on real estate. Once taboo details -- home values and what people paid for their properties -- are casually discussed, and there appears to be little shame in walking away from a mortgage or fighting the bank on a foreclosure. With... Continue Reading »

Report: Foreclosures Down, But Discounts Abound

LOS ANGELES -- Foreclosures made up a smaller slice of all U.S. homes sold in last year's third quarter, as banks delayed placing properties for sale and home sales slowed. Despite the decline, foreclosures still represented 20 percent of all homes sold in the July-September period -- about four times more than at the... Continue Reading »

States Mull $25 Billion Mortgage Settlement With Big Banks

WASHINGTON -- The nation's five largest mortgage lenders have agreed to overhaul their industry after deceptive foreclosure practices drove homeowners out of their homes, government officials said Monday. A draft settlement between the banks and U.S. states has been sent to state officials for review. Those who lost... Continue Reading »

Foreclosure Actions at Lowest Level Since 2007

After a year marred by red tape and mortgage lender malfeasance, foreclosure activity in 2011 fell to the lowest annual rate since the housing crisis began more than four years ago, according to data released Thursday. Foreclosure filings -- which include default notices, scheduled auctions and bank repossessions -- were... Continue Reading »

Up in Smoke: House Fire Reveals Huge Marijuana Operation

In a scene straight out of the stoner flick "Pineapple Express," firefighters in California's Riverside County discovered a massive pot-grow operation in a burning, vacant home on Friday. Located in the unincorporated area of Reche Canyon, the large rural home lit up soon after midnight and took firefighters three hours... Continue Reading »

Delaying Foreclosure, Some Owners Stay Put For Years

By Les Christie NEW YORK (CNNMoney) -- Delinquent borrowers facing foreclosure are learning that they can stay in their homes for years, as long as they're willing to put up a fight. Among the tactics: Challenging the bank's actions, waiting to file paperwork right up until the deadline, requesting the lender dig up... Continue Reading »

>

AOL RealEstate on Facebook