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... Continue Reading »

1 in 4 Spend More Than Half of Income on Housing, Study Says

In the wake of the housing bust, almost 1 in 4 working families spend more than half their income on housing costs, according to a new study. The study by the Center for Housing Policy found that both homeowners and renters continue to struggle with housing costs since the market tanked in 2008. Between 2008 and 2010,... Continue Reading »

Black Borrowers Face Higher Hurdles in Lending, Study Shows

Qualifying for a loan in today's tight credit market is hard. But add race to the mix, and a borrower's odds can go from bad to worse, a new report suggests. In a study of loans created on Prosper.com, a peer-to-peer lending website where applicants are encouraged to include a personal photo, researchers found that black... Continue Reading »

Presidential Getaways: Live Where the Presidents Played

War and peace, economic recessions, that little red telephone --it's enough to make a commander-in-chief's head spin. But when the president isn't toiling away at 1600 Pennsylvania, ever wonder where he travels to unwind? With the help of our partners at Realtor.com, we tracked down five of the most eclectic properties on... 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 »

Bank of America Plaza to Sell at Foreclosure Auction

In today's post-bubble housing market, it's not uncommon for landmark buildings to fall into foreclosure. But this Atlanta tower is noteworthy for two reasons – it's the tallest skyscraper in the Southeast, and its sale smacks of irony. The Bank of America Plaza, the 55-story skyscraper where BofA still holds... Continue Reading »

Out-of-Towners Covet Florida Real Estate, Locals Scratch Heads

The grass is always greener on the other side – even if said yard is located in one of the states hit hardest by the foreclosure crisis. A new report by listings company Trulia Inc. reveals that one in three home searches cross state lines, and seven out of 10 of the most popular real estate markets perused by... Continue Reading »

MLK, USA: Many King Streets Stuck on Economic Outskirts

Twenty-six years after the Rev. Martin Luther King Jr. was first honored with a holiday, his legacy has flourished -- and not just in the annals of history. Today, there are more than an estimated 900 streets in America that bear the civil rights leader's name. But even as the memory of King remains at the heart of... 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 »

The Minor Threat: Age-Restricted Communities Evicting Children

At 6 months old, Kimberly Broffman faced eviction. It wasn't because her grandparents couldn't afford the home where she lived -- they were current on the mortgage. And it had nothing to do with her mother's run-ins with the law; she was welcome to stay, too. The only persona non grata was the infant, and she had to... Continue Reading »

Bernanke: Fed Should Help Turn Foreclosures Into Rentals

Most of Washington's initiatives to staunch the flow of foreclosures glutting the housing market have been woefully inadequate. (We're looking at you, HAMP, HAFA and HARP). But a new idea put forth by Federal Reserve Chairman Ben Bernanke might actually make a dent in the bank-owned backlog: Allow renters to move into... Continue Reading »

Tennessee Home Burns as Firefighters Watch

For one Tennessee family, perhaps the only thing worse than watching their home burn down was watching the firetrucks hang back as it was engulfed in flames. Near the rural town of South Fulton, Tenn., outlying homeowners are required to pay a subscription fee to subsidize the fire department, local TV station WPSD... Continue Reading »

Man Sells Sister's Home as She Was Cloistered in Nunnery

Sibling rivalry is one thing, but swindling this sort of sister crosses the line. Teresa Nadia Pedulla, an Australian homeowner who had been living abroad with an order of Italian nuns, is being awarded $3.8 million by the New South Wales government after her brother illegally sold her estate, according to The Sydney... Continue Reading »

Survey: Most Boomers Would Cover Kids' Down Payment

Baby boomers may be in a better position than most to buy homes, but not before helping Junior out of a bind. A national survey found that at least two-thirds of boomers age 45 and up want to help their children or grandchildren with a home down payment. The study, conducted by Meredith Research Solutions for Better... Continue Reading »

Rent This Way: Lady Gaga's Pre-Stardom Pad Hits Market

Get your paws up and your checkbooks out, little monsters. The one-bedroom Lower East Side apartment where starving artist Stefani Germanotta became Lady Gaga is back on the market. For $1,850 a month, you too can experience the pre-stardom glow of living well beyond your means in the hope of making it big. A tour of... Continue Reading »

FHA Loan Limit Raised, Despite Opposition

Congress moved to raise the loan limit for mortgages backed by the Federal Housing Administration on Thursday, despite some lawmakers' fears of artificially propping up the market. The bill increased the ceiling on the loans to $729,750, up from $625,500 in October, says The Wall Street Journal. The loan limit had been... Continue Reading »

Budding Trend: Foreclosed Homes Converted to Pot Gardens

The housing market isn't the only thing that's gone to pot in Las Vegas. With the foreclosure crisis in high gear, some enterprising residents are converting vacant homes into marijuana grow sites, the Los Angeles Times reports.... Continue Reading »

Hot Stat: Today's Homes Burn Faster Than Ever

It may sound like a cliche to trot out fire safety tips before the holiday season, but if there's one statistic that bears repeating, it's this: Even with adequate smoke alarms, a house fire today can become uncontrollable in less than three minutes. That's down from an average 17 minutes in 1975 -- a whopping 82 percent... Continue Reading »

BofA Threatens Family With Foreclosure Over $1 'Coding Error'

When Shantell Curtis sold her Vernal, Utah, home last year, she expected, as a reasonable person might, that she'd paid her last mortgage payment on the house. But her lender, Bank of America, thought differently, according to KUTV 2News in Utah. Because of a $1 "coding error" on the bank's part, the title to Curtis'... Continue Reading »

Victims of Robo-Signing: Fight the Machine!

With the national foreclosure settlement ramping up, victims of the housing crisis may finally be getting some satisfaction. Starting this week, more than 4 million homeowners who faced foreclosure between 2009 and 2010 may be able to get their cases reviewed to determine whether their lenders engaged in robo-signing... Continue Reading »

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