November 5, 2008
- Foreclosures auctions are hot
Foreclosure Auctions are hot right now
Over 5,000 people showed up to bid on 35 Uniondale homes last weekend. According to Newsday, more mass auctions are likely to become commonplace in the larger cities. What does this mean for the real estate investor? Opportunity. This is one way for lenders to let go of foreclosed properties [...]
August 23, 2008
- Home prices down 29.3% in California
A report in the SFGate on the state of real estate in the Bay area:
Cut-rate foreclosed homes being unloaded by banks wreaked havoc on the Bay Area’s median price in July, sending it down nearly 30 percent to a level not seen in more than four years.
A year earlier, just 4.2 percent of existing-home sales [...]
August 20, 2008
- Fannie Mae acquiring TWICE as many foreclosures than they are selling
More "good" news…..
The Chicago Tribune has a great article, sharing some interesting insights into how Fannie Mae and Freddie Mac look at their foreclosed home inventory.
“As home prices decline, unsold properties are a problem for creditors like Fannie Mae because taxes, insurance and repairs drain their cash. Fannie Mae acquired twice as many homes through [...]
August 15, 2008
- Times are tough all over - Ed McMahon sued over mortgage
Westmoore Inc. in Anaheim Hills is suing Ed McMahon for more than $275,000 that it says the former “Tonight Show” sidekick owes from a 2006 loan, reports the Associated Press.
Although the lawsuit was only just filed, he and his wife had defaulted on the loan in early 2007. More proof that the foreclosure process in [...] - U.S. Foreclosure forcast is international news
Even the BBC is talking about the foreclosure crisis in the United States.
Of course, those of us at home know that foreclosures are on the rise, we only need to look around our own neighborhoods.
According to the BBC report:
More than 272,000 people in the US received a foreclosure notice in July, a rise of 55% [...]
