Since the beginning of the housing market crisis, the most common image in Americans' heads of a foreclosed property exhibited a house that was owned by a middle-class family struggling to make ends meet. However, there is a rapidly growing segment of homes that are struggling as well... luxury homes.

In the latest CDPE Member Broadcast, Alex Charfen discussed the growing number of homes worth over $1 million that are going into the foreclosure process. According to RealtyTrac, In 2007 there were 5,632 homes in foreclosure—just 0.5% of all foreclosure activity. That number jumped 17% higher to just over 33,000 in 2011, or 2.5% of all foreclosure activity in the country.

Homeowners with these luxury properties need just as much help as the rest of America's distressed homeowners. If you would like to learn more about how you can help the millions of distressed homeowners across America, download our FREE report, The Five Steps to Listing a Successful Short Sale now!
 

Review Deadline Extended for Wrongful Foreclosures
07/12/2012
share
The Board of Governors of the Federal Reserve System have extended the deadline for Independent Foreclosure Review to September 30th. If you were affected by a mishandled foreclosure between January 2009 and December 2010, there is hope. The… more
Short Sale vs. Foreclosure: Who Wins?
07/06/2012
share
One of the most frequent questions we're asked is if short sales are essentially the same thing as a foreclosure, when it comes to the future of the consumer. The answer is… ABSOLUTELY NOT! When it comes to credit reporting, a short sale will… more
Is Buying a Home Cheaper than Renting?
07/03/2012
share
Last month, the Joint Center for Housing Studies of Harvard University released their State of the Nation's Housing report for 2012, which revealed a growing trend in the housing market. From 1973 to 2008, it was cheaper on a monthly basis to… more
Bank of America Listens, Updates Form
05/31/2012
share
In April, Bank of America introduced some major changes to the way short sales are initiated. One of the most talked about changes is the new Third Party Authorization form. On the form, Bank of America stated that only a licensed real estate… more
Be Prepared: Crucial Updates to Bank of America's Short Sale Process…
04/06/2012
share
On April 2, Bank of America announced the latest round of changes to their short sale process. The changes, aimed at streamlining and expediting the process, include new requirements for initiating a short sale and changes to Equator. Beginning… more
Bank of America Announces New Pilot Program
04/04/2012
share
Last month, Bank of America announced a pilot program that will provide some distressed property homeowners with a new foreclosure alternative. This new "Mortgage to Lease" program will allow homeowners facing foreclosure to remain in their homes… more
‘Success is never owned, it is only rented; and the rent is due every…
02/28/2012
share
I just finished reading " Take the Stairs " by my good friend Rory Vaden, which recently hit these bestseller lists: #1 on Amazon worldwide #1 on Barnes and Noble all categories #1 on USA Today business #1 on Wall Street Journal hardcover… more
Lenders Providing Large Cash Incentives to Homeowners for Short Sales
02/27/2012
share
For awhile now, we’ve instructed agents on government incentives available to distressed homeowners who opt to do short sales. Such programs include the Home Affordable Foreclosure Alternatives (HAFA) program, which provides up to $3, 000 to… more
U. S. Government Settles with Banks on Robo-Signing Scandal
02/10/2012
share
Yesterday, the Justice Department and 49 out of 50 state Attorneys General announced a settlement agreement with 5 of the nation's largest banks in the Robo-signing and Mortgage Service Fraud scandal that first came to light in late 2010. The… more
 
Alexfavoritepicture_600 Rainmaker_large

Alex Charfen

Austin, TX

More about me…

Charfen Institute

Office Phone: (800) 482-0335

Email Me

Our news and views on the distressed property market and Real Estate in General.


Listings

Links

Archives

RSS 2.0 Feed for this blog

Find TX real estate agents and Austin real estate on ActiveRain.