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From the monthly archives:

July 2009

More Refinancings to Contain Foreclosed Homes HUD Lists

by Danny GibsonJuly 31, 2009

More American homeowners have stepped up their efforts to prevent their houses from entering foreclosed homes hud lists and other foreclosure lists by successfully refinancing their home loans, based on the Refinance Report released quarterly by Freddie Mac.
According to the report, half of homeowners who refinanced their loans in the second quarter of this year [...]

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Signs of Housing Market Recovery Amid Foreclosed for Sale

by Danny GibsonJuly 31, 2009

There are now signs that the housing sector is finally starting its way to recovery despite foreclosed for sale inventories, based on reports of home sales in June.
In June, sales of existing homes increased for the third straight month for the first time in 5 years. Meanwhile, sales of foreclosed for sale units decreased in [...]

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Consumer Confidence Fell Amid Foreclosed Homes for Auction

by Danny GibsonJuly 30, 2009

Despite indications of stabilization in home prices, including prices of foreclosed homes for auction, consumer confidence declined in July to 46.6, compared to 49.3 in June, based on data published by the U.S. Conference Board.
In an earlier survey made by Reuters, a consumer confidence level of 49 was predicted.
The main reasons for the decline in [...]

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Mortgage Rates Drop, Time for Foreclosed Home Search

by Danny GibsonJuly 30, 2009

The ideal time for a foreclosed home search to buy is now, according to industry experts who noted the decline in mortgage rates for three consecutive weeks announced by the mortgage finance company, Federal Home Loan Mortgage Corp.
According to Texas Mortgage Bankers Association Vice President Scott Norman, the credit markets have started to loosen up [...]

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Medford Low-Income Families Buy Foreclosures for Sale

by Robert ShultzJuly 29, 2009

Medford appliance salesman Tom Ellis and his wife were ecstatic when they were able to afford one of the foreclosures for sale in the eastern portion of their community.
Under the city’s program to help Medford low-income residents own homes and at the same time reduce the number of foreclosures for sale across the city, Ellis [...]

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Bank Foreclosed Homes Make Up Bulk of SW Florida Market

by Mark GoodmanJuly 29, 2009

Home sales and prices in Sarasota-Bradenton, Florida rose from May to June driven by the large volume of cheap bank foreclosed homes and short sales in the area. For the period, six more properties were sold and the $162,700 median home sales price rose by 3.8 percent.
However, year-to-year comparative price dropped by 30 percent, making [...]

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Trading Down to Avoid Foreclosures

by Mark GoodmanJuly 28, 2009

Trading down as a way to prevent foreclosures is being proposed by scholar Michael Zelin, a professor at Kent State University.
Zelin describes a systems-based scheme under which a distressed homeowner moves down into a cheaper home owned by another distressed homeowner who would also move down into another cheaper property.
The professor said that under the [...]

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Prices Down Due to Glut of Foreclosed Homes for Sale

by Anthony ParkerJuly 28, 2009

The large inventory of foreclosed homes for sale in Lee County, Florida continued to push down property prices to low levels last month. Cheap foreclosed properties may have driven down property prices in the area but it buoyed up home sales in June.
Bargain hunters took advantage of low property prices in the area last month, [...]

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Senator Reviving Cramdown Idea for Foreclosure Prevention

by Mark GoodmanJuly 27, 2009

Because of the continued filing of foreclosure cases in many areas of the country as shown in a recent report of over 1.5 million foreclosure filings in the first half of the year, a group of senators led by Illinois Senator Richard Durbin revived the cramdown proposal as a tool to accelerate the federal foreclosure [...]

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Arizona City to Buy and Fix Foreclosed Houses

by Robert ShultzJuly 27, 2009

The Arizona city of Phoenix will address the growing foreclosure problem in the area by purchasing and renovating foreclosed houses and selling them to Latino families in low and middle income bracket.
The project is partly funded by Citi Foundation, the charitable unit of Citigroup. The foundation will provide about $1.75 million to the National Council [...]

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