News of Foreclosures, Foreclosure Properties Information and How to Find Distressed Properties for Sale
Because home appraisers base their home valuations on foreclosure listing prices and other previous home sales prices, distressed sales and foreclosure sales still affect homebuilders weeks or months after the distressed homes are sold.
In May, the number of foreclosure notices filed in Florida dropped from the April total, but the state is still second among all states in number of filings including foreclosed property units, according to a foreclosure report released this week by California-based real estate research service RealtyTrac.
The city council of Shoreview, Minnesota is planning to require owners of abandoned, vacant and repossession homes to register their properties to prevent them from becoming blights in neighborhoods and communities in the area.
Short sale and foreclosure are very different from each other. This is what Lincoln Calder, president of Park City Board of Realtors in Utah, wants homeowners to know. He is concerned about some of the misunderstandings surrounding short sales.
Reverse mortgages may pose the same compliance risks as subprime loans, according to Comptroller of the Currency (OCC) John Dugan. He also criticized his agency for responding too slow to the growing repo properties problem which led to the collapse of the housing market.
Starting July 1, Connecticut’s voluntary mediation program to prevent foreclosures will become mandatory after the state General Assembly passed a bill making foreclosure mediations mandatory.
Mortgage Help Services Inc., an REO property prevention firm, has been ordered by Superior Court Judge Howard Manning to stop operating in North Carolina. Attorney General Roy Cooper requested Manning to order Mortgage Help and Nathaniel Livingston, its chief executive officer, to stop operating in the state.
The U.S. Federal Trade Commission (FTC) wants to have a hand on regulating companies that offer repossession houses rescue and loan modification services. The agency has started drafting tougher rules as more and more companies emerge to offer foreclosure prevention and loan modification services.
The continued rise in foreclosed properties in Florida clouded the speech of Governor Charlie Crist last week at the signing of Florida’s budget of $66.5 billion.
Foreclosure has spread rapidly across California making it number 3 among the states with highest foreclosure rate in the first quarter of 2009. The growing number of distressed homeowners has encouraged some unscrupulous people to take advantage of their desperation to avoid foreclosure.
