Category: Foreclosure

One-Third of US Homeowners Underwater

By Mike Colpitts Nearly one out of three homeowners with a mortgage are underwater or owe more on their homes than they are presently worth, according to new research by Zillow economists. The figure represents almost 16 million U.S. mortgage holders struggling to pay home loans. However, foreclosure is not imminent for most underwater homeowners,… Continue reading One-Third of US Homeowners Underwater

States Rip Off Foreclosure Victims

By Mike Colpitts Almost $1-billion targeted to victims of banking foreclosure fraud is being ripped off from foreclosure victims to be used to pay for other programs for states facing serious financial deficits. The nation’s largest five banks agreed to pay a $25 billion settlement as part of their agreement to settle allegations of illegal… Continue reading States Rip Off Foreclosure Victims

‘Psycho Character’ Commits Home Foreclosure Scam

By Mike Colpitts Millions of homeowners are suffering through foreclosures, but this guy takes the CAKE! It’s right out of the classic Alfred Hitchcock horror movie Psycho. In a truth is stranger than fiction tail, a Brooklyn man dressed up as his dead mother and “channeled her” to commit real estate fraud in an effort… Continue reading ‘Psycho Character’ Commits Home Foreclosure Scam

Bank of America Increases Short Sale Payments

By Ryan Jackson Bank of America, which has performed more foreclosures than any other single U.S. lender is raising the amount of money it pays delinquent homeowners to agree to a short sale. The program will pay any where from $2,500 to $30,000 in relocation assistance to qualifying mortgage holders. The program is hoped to… Continue reading Bank of America Increases Short Sale Payments

Home Sales Jump in April

By Mike Colpitts Existing home sales jumped for the first time in three months in April, rising 3.4% to a seasonally adjusted rate of 4.62 million units, and are 10% higher than a year ago, according to the National Association of Realtors. Home prices also showed some improvement. However, homes listed on the market for… Continue reading Home Sales Jump in April

State Launches $75 Million Home Demolition Program

By Mike Colpitts Ohio has lead the nation demolishing homes that have been left abandoned in hard hit neighborhoods in the U.S. real estate collapse. The state’s attorney general is now taking the program to an aggressive new level to demolish up to an estimated 100,000 vacant homes. The funds for the program are provided… Continue reading State Launches $75 Million Home Demolition Program

Home Foreclosure Purchases Push Prices Higher

By Mike Colpitts Strong demand for lower priced foreclosure homes held by banks (REOs) and the nation’s giant mortgage lenders by purchasers is starting to send values of all other homes higher, according to real estate research firm Clear Capital. The Truckee, California based data firm said home prices are still losing ground over the… Continue reading Home Foreclosure Purchases Push Prices Higher

Banks Fight Foreclosure Initiative

By Mike Colpitts A ballot initiative that would force banks to provide proof of ownership before foreclosing on a home is facing a major legal fight in court by bankers, who want to kill the citizen initiated proposal before it makes the ballot. Two big banking associations are battling against the initiative from being placed… Continue reading Banks Fight Foreclosure Initiative

Housing Index Shows Upward Trend

By Mike Colpitts Home prices declined an average of less than one-percent in the U.S. on a year to year basis through the end of March, according to a heavily watched housing price index indicating an upward trend for the marketplace. The CoreLogic index showed that prices were down 0.6% from one year ago, including… Continue reading Housing Index Shows Upward Trend