foreclosure: America's 25 Weakest Housing Markets
- 01/12/09 02:10 PM
Last year was brutal for real estate markets in Florida, California and Arizona. This year won't be much better. In Palm Bay, Fla., a 563,000-person metro area on the central Florida coast, it's not just lush palm trees dotting the landscape--foreclosure signs are all over. Partly to blame? The area's median home sale price has fallen by half since 2006, from $238,000 to $110,000, according to Trulia.com, an online real estate data provider. This has left many homeowners owing more on their mortgages than their homes are worth. As a result, almost 1,800 homes are in the process of being repossessed … (0 comments)
foreclosure: Radical cheap: $1,000 homes
- 01/08/09 01:24 PM
Les Christie, CNNMoney.com staff writer The real estate market is so awful that buyers are now scooping up homes for as little as $1,000. <!--- Insert the sidebar information --> <!-- Article Related Media --> There are 18 listings in Flint, Mich., for under $3,000, according to Realtor.com. There are 22 in Indianapolis, 46 in Cleveland and a whopping 709 in Detroit. All of these communities have been hit hard by foreclosures, and most of these homes are being sold by the lenders that repossessed them. "Foreclosures have turned banks into property management companies," said Heather Fernandez, a spokeswoman for Trulia.com, … (1 comments)
foreclosure: Bail-Out Round Two: Uncle Sam Dives into Mortgage Lending
- 09/12/08 01:10 PM
Score another short-term victory for the global financial system. Unfortunately, taxpayers will eventually fund the latest salvo by the United States federal government. The United States officially entered the mortgage lending business on Monday following the nationalization of Fannie Mae (NYSE-FNM) and Freddie Mac (NYSE-FRE), which combined are responsible for more than half of all mortgage lending or about $6 trillion dollars. Fannie and Freddie were too big to fail. Without their participation in mortgage lending combined with their massive outstanding issuance of credit (bonds), the possibility of a default or collapse would have undoubtedly had global systemic consequences – perhaps … (1 comments)
foreclosure: Buy and Bail
- 06/13/08 04:21 PM
A NEW TWIST ON WALKING AWAY FROM A MORTGAGEIn the hardest hit housing markets, some borrowers with a mortgage worth much more than their home are buying a second home before walking away from their primary residence - a strategy known as Buy and Bail. How It Works: Borrowers can qualify for a second loan by proposing to rent out their existing residence to cover the second mortgage payments. Once they are approved for a loan, they walk away from the existing home instead of renting it out. Consequences: Homeowners with a foreclosure will take a big hit to their credit … (7 comments)
foreclosure: Foreclosure Capital Hit With Wildfires
- 06/10/08 10:34 AM
Stockton, California has the highest foreclosure rates per capita of any city in the United States. As if that weren't enough, four wildfires destroyed 7 houses, 20 condominium units and a small apartment building today.Two firefighters suffered minor injuries battling the blaze. The number of people displaced is unknown at this time. … (0 comments)
foreclosure: May Foreclosure Report for Broward County
- 06/06/08 04:47 AM
In May of 2007 there were 1299 foreclosure actions filed. This May, the court reported that 3090 foreclosure actions filed. Miami Dade county to the south and Palm Beach county to the north were reporting similar numbers. Saint Lucie County is being hit harder than most counties in the state. With all these foreclosures, the real estate market is being flooded with inventory that is driving down real estate prices by the week. According to one Realtor, "50 to 75 per cent of the houses I show are short sales or foreclosures." "These type of properties are in low end housing … (0 comments)
Last year was brutal for real estate markets in Florida, California and Arizona. This year won't be much better. In Palm Bay, Fla., a 563,000-person metro area on the central Florida coast, it's not just lush palm trees dotting the landscape--foreclosure signs are all over.
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