Jan 26th 2012 10:00AM
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 »
Nov 30th 2011 6:00AM
Think the high-end of the market hasn't been felled by the economic downturn? Guess again. Here's a lovely four-bedroom contemporary home in Malibu, Calif., that is now being offered as a short sale with a recent price drop of $1 million. Ouch. The 5,000-square-foot home is now listed at $2.85 million, subject to the... Continue Reading »
Oct 26th 2011 9:00AM
Oddly, the best way to deal with being upside down on your home mortgage may be to just go out and buy a second house. As housing values spiral down and people increasingly owe more on their loans than their homes are worth, many start to look longingly at a different house -- perhaps something smaller and cheaper and... Continue Reading »
Oct 11th 2011 5:00PM
It's not mortgage principal reduction, but it's a start. Bank of America is quietly rolling out an incentive program in parts of Florida in which they'll pay distressed homeowners up to $20,000 if they successfully short-sell their home, according to The Palm Beach Post. A short sale is an arrangement in which the lender... Continue Reading »
Sep 28th 2011 11:17AM
Wherever there is a crisis, there will be a line of unscrupulous people poised to take advantage of it. The housing crisis is no exception. According to CoreLogic, fraud occurs in one in every 53 short sales. And sometimes, it's not the homeowner but the lender who is targeted in the scam. While hearing that lenders have... Continue Reading »
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