Foreclosure Crisis
Foreclosed Homes Continue to Be Part of Fannie and Freddie
Foreclosed homes continue to be part of the operations of mortgage companies Fannie Mae and Freddie Mac. While their finances are being battered by foreclosures, they play big roles in the prevention of more foreclosures.
Stop Foreclosure Process, Tax Officials Are Urged
Cities and counties are now being urged by housing advocates and homeowners to stop foreclosure process for homeowners who are delinquent in their property tax payments.
Bank Repo Homes Contributed to Problems of Taylor Bean
The servicing of 180,000 Ginnie Mae-guaranteed home loans in the loan portfolio of Florida-based mortgage servicer and broker Taylor Bean & Whitaker has been assumed by Bank of America.
Commercial Property Investments Turn Sour
The problems of the commercial property sector are getting worse, according to Real Capital Analytics, Deutsche Bank and other commercial real estate analysts.
Unemployment Drove Foreclosed Properties to Rise in Nevada
The metropolitan areas of Reno-Sparks in Nevada saw a sharp rise in the number of foreclosed properties in the first six months of this year. The quick rise of foreclosure-related activity in Reno-Sparks earned the area the 13th position among metropolitan areas nationwide with the highest number of foreclosed homes.
Refinancing Problems Hinder Foreclosed Property Program
Since the launching of the foreclosed property prevention program, only around 13,000 home loans have been refinanced under the loan refinancing scheme.
Why Foreclosure Homes Still Abound
Despite the claim by two federal agencies that more than 185,000 home loans were modified in the first quarter of this year and that more than 50 percent of the modified loans resulted in lower monthly payments, the number of foreclosure homes in many areas of the country is still increasing.
Demand Up in Areas With High Bank Foreclosure Listings
Homebuyers could be seen flocking on areas where there are high Bank Foreclosure Listings. Encouraged by below market values, $8,000 federal tax credit for first-time homebuyers and low interest rates, more and more people are vying for foreclosure properties as aggressively as speculators during the peak of the housing market.
Rising Delinquencies Means More Repossessed Homes
More and more American homeowners are defaulting on their monthly mortgage payments but are not yet on foreclosure proceedings. About 1 million borrowers made up the backlog of delinquent loans making the prospect of recovery from repossessed homes impossible to attain.
Renters in Bank Foreclosure Homes Increasing
Renters are the latest casualty in the ever-growing foreclosure crisis in California. More and more tenants are scrambling to find cheap places to stay after they discovered that the properties they are renting are bank foreclosure listings.
