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From the monthly archives:

August 2009

Foreclosed Homes Used as Comps in House Appraisals

by Danny GibsonAugust 31, 2009

Home sellers and real estate brokers across the country are complaining that many home appraisers are setting extremely low house appraisals, preventing them to sell homes as buyers cannot close the gap between the home loan amount and the selling price.
Sellers and brokers are criticizing house appraisers for giving too much weight to foreclosed [...]

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Oregon to Buy Foreclosed Homes for Sale

by Robert ShultzAugust 31, 2009

Oregon Governor Ted Kulongoski has announced that the state Housing and Community Services awarded about $4 million to several nonprofit organizations to allow them to buy and renovate foreclosed homes for sale.
Majority of properties that will qualify for the grants are situated in rural communities with high foreclosure rates. The funds awarded to nonprofit organizations [...]

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Proposal to Help Reduce the Number of Bank Foreclosed Houses

by Robert ShultzAugust 28, 2009

The residential real estate landscape in Miami Gardens, Florida is dotted with bank foreclosed houses. Driving along city neighborhoods, one could not fail to see bank foreclosed houses in various conditions, with some languishing on the market since last year.
These properties have become blights to neighborhoods, became favorite haven of criminals and pulled down values [...]

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Foreclosed Homes Foreclosure May Hinder Utah’s Recovery

by Danny GibsonAugust 28, 2009

The economic prospect in Utah is not something to be excited about, especially if it will be compared with the rest of the country.
According to industry experts, U.S. Federal Reserve Chairman Ben Bernanke issued a projection that the country’ economy will soon experience a turnaround, albeit at a slow pace, but a turnaround nonetheless. Bernanke [...]

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Freddie Mac Loans Facing Foreclosed Home Auctions Jump

by Mark GoodmanAugust 27, 2009

The Federal Home Loan Mortgage Corp. or Freddie Mac, a government-sponsored mortgage lending company, reported that the number of its loan delinquencies facing foreclosed home auctions rose sharply in July.
It also reported that its loan investment portfolio was reduced to an annualized rate of 44.5 percent last month.
In its July volume summary, Freddie Mac stated [...]

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Buying Troubled Loans to Avoid Bank Foreclosed House

by Anthony ParkerAugust 27, 2009

A partnership has been formed to help reduce the number of bank foreclosed home in Long Island, New York.
Investors led by Bedford Construction Group head James Vilardi plan to invest from $5 to $10 million to purchase about 50 troubled mortgages at bargain prices. The Long Island Housing Partnership will then try to reduce mortgage [...]

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Rising Foreclosed for Sale, Price Drops Belie Recovery Reports

by Mark GoodmanAugust 26, 2009

Lately, the housing market has been busy attending to buyers who flocked to the market entice by falling home prices, interest rates, federal tax credit incentives and a wide selection of foreclosed for sale.
And some industry analysts are also busy singing the housing market recovery tune. But other analysts, who are more conscientious, said that [...]

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Bay Area Delinquency, Foreclosed Homes for Sale to Rise

by Danny GibsonAugust 26, 2009

An analysis of the housing market in the Bay Area counties of Contra Costa, San Francisco, Alameda and San Mateo in California led to a projection that mortgage delinquencies would rise by the end of 2009.
According to the market projection, one in every 10 homeowners with mortgages will miss two months of payments by [...]

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More Maryland Foreclosures Homes as Loan Defaults Rise

by Mark GoodmanAugust 25, 2009

A substantial increase in foreclosures homes is expected in Maryland as the mortgage default rate in the state increased in the spring, according to a report from the Mortgage Bankers Association.
Based on the MBA report, 12.4 percent of all mortgage borrowers across the state or approximately 132,000 borrowers were in default by at least one [...]

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Tenants of Bank Foreclosed Homes are Now Protected

by Danny GibsonAugust 25, 2009

The Ridgecrest City Council in California has approved an ordinance that will strengthen the rights of tenants and protect them from bank foreclosed homes. The ordinance will prevent banks from evicting tenants in foreclosed rental properties.
The Tenants Together, a tenant rights organization, together with other local tenant groups, has pushed for the passage of ordinance [...]

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