Topic: RealtyTrac Inc.
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10 best cities to buy short sale homes
Foreclosures are tough: Homeowners lose their houses and ruin their credit, while banks get stuck with vacant, deteriorating real estate for months before selling it at a considerable loss. Increasingly, banks are finding another way: the short sale. Instead of waiting to foreclose, a bank preemptively sells a home at a deep discount and closes out the underwater mortgage, even if the house sells for less than the value of the mortgage. The result: Homeowners shed their mortgage debt, and banks unload properties more quickly and inexpensively. Here are the Top 10 metropolitan areas with the biggest average discounts on these pre-foreclosure homes, according to online foreclosure marketplace RealtyTrac. Can you guess which city is No. 1?
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Foreclosures on the rise: Is your city on the Top 10 list?
Foreclosures have been huge in cities that rode the real estate bubble in the West and in Florida. But the fastest rise in foreclosures is taking place primarily in far less frothy metropolitan areas of the Southeast, according to a new report by RealtyTrac. North Carolina alone was home to four of the Top 10 fastest-rising foreclosure metros last year. While their foreclosure rates are still quite low compared with most places, these metros and their plight illustrate how the poor economy is driving the housing crisis now.
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The New Economy
Foreclosures down, short sales up. Are banks getting smart?
Foreclosures are down to their lowest levels in nearly five years. One reason: Lenders are increasingly using short sales, instead.
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Home prices: New numbers raise hopes they're finally starting to stabilize
Declines in home prices may be slowing, according to one report, while another has found the first year-on-year increase in prices since July 2007.
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10 best cities to buy short sale homes
Foreclosures are tough: Homeowners lose their houses and ruin their credit, while banks get stuck with vacant, deteriorating real estate for months before selling it at a considerable loss. Increasingly, banks are finding another way: the short sale. Instead of waiting to foreclose, a bank preemptively sells a home at a deep discount and closes out the underwater mortgage, even if the house sells for less than the value of the mortgage. The result: Homeowners shed their mortgage debt, and banks unload properties more quickly and inexpensively. Here are the Top 10 metropolitan areas with the biggest average discounts on these pre-foreclosure homes, according to online foreclosure marketplace RealtyTrac. Can you guess which city is No. 1?
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Bankruptcy jitters in Stockton. Will other cities fail?
Bankruptcy of Stockton, Calif., looms large as city enters talks with creditors. But most other troubled California municipalities are taking drastic steps to avoid bankruptcy.
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Foreclosures rise in 26 states
Foreclosures are increasing, ironically, because banks are addressing foreclosures that had been in limbo.
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Will $26 billion settlement from big banks repair US housing market? (+video)
In the short term, the deal between 49 states and five big banks may actually boost foreclosures, some say. In the longer term, it should clear the inventory of homes that depresses prices and help the middle class.
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Foreclosures: new wave is coming in 2012
Foreclosures are in a seasonal slowdown, but evidence suggests a new surge of foreclosures will arrive in 2012.
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The New Economy
Burt Reynolds sees his Florida mansion go into foreclosure
Burt Reynolds hasn't paid the mortgage on his five-bedroom mansion for a year. Burt Reynolds owes $1.2 million, say creditors in a lawsuit.
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Stocks end modestly higher; Microsoft gains
The Dow rose about 8 points, closing higher for the second session in a row
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Fixed mortgage rates at lowest levels of 2011
Fixed mortgage rates are at their lowest level of the year, with the average rate for a 30-year loan at 4.63 percent. Fixed mortgage rates for a 15-year loan now average 3.82 percent, Freddie Mac says.
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Foreclosures on the rise: Is your city on the Top 10 list?
Foreclosures have been huge in cities that rode the real estate bubble in the West and in Florida. But the fastest rise in foreclosures is taking place primarily in far less frothy metropolitan areas of the Southeast, according to a new report by RealtyTrac. North Carolina alone was home to four of the Top 10 fastest-rising foreclosure metros last year. While their foreclosure rates are still quite low compared with most places, these metros and their plight illustrate how the poor economy is driving the housing crisis now.
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The Circle Bastiat
A million foreclosed homes – with bad vibes
As foreclosures skyrocket, more buyers consider buying a foreclosed-upon house – but not until the bad vibes are cleared out by a witch or shaman.
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Home foreclosures reach 1 million
Home foreclosures, which set a record in 2010, will hit even higher levels in 2011, RealtyTrac predicts.
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Foreclosures up especially in cities
Foreclosures in the US have increased over the summer and have become particularly serious in metropolitan areas.
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Dreams of the middle class deferred by the recession
The recession has stalled the expectation of upward mobility in the American middle class: The unemployed are forced to live frugally, while many others choose financially cautious paths.
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The Daily Reckoning
Recession officially over: Somebody tell the unemployed.
Unemployment lasts longer than ever before, home values keep declining, foreclosures abound and people are growing poorer. This is the rebound?
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The New Economy
Foreclosures: Lenders' tactics affect homeowners, home buyers
Foreclosures are being managed by banks like a pipeline, says RealtyTrac, which has implications for homeowners and home buyers.
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Foreclosures dip in Louisiana, but many in US still in trouble
Foreclosures fell last month in Louisiana, but the vast majority of homeowners in trouble still either lost their residences or received an auction notice.
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The New Economy
Unemployed homeowners to get extra foreclosure aid
As part of the foreclosure aid, unemployed homeowners will be eligible for federal bridge loans up to $50,000 to help with mortgage payments.
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The New Economy
Foreclosures ease in cities hit hardest by housing crisis
Foreclosures declined in all top 10 metros, according to a new report.
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The Daily Reckoning
Economic recovery awaits the housing market
The housing market hasn’t yet been corrected: there are still millions of homeowners who paid too much and whose houses are now worth less than what they owed. It’s a matter of time until they default or their debt is restructured.
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The New Economy
Unemployment rate: Michigan, Nevada trade places as No. 1 jobless state
Unemployment rate is now highest in Nevada at 14 percent, while Michigan falls to No. 2.
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After the housing crisis home flippers cash in on foreclosures
After the housing crisis, real estate wholesalers are finding investors for foreclosures and distressed homes, who fix them up. But are low-income buyers shut out?
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The New Economy
Outlook for home foreclosures brightens a bit
Home foreclosures in April decreased 2 percent from a year ago, the first 12-month decline in at least five years.
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The New Economy
Unemployment claims jump: latest sign that recovery will be slow
Unemployment claims rose an unexpected 24,000 to their highest level in nearly two months. The number of foreclosures in March was nearly 20 percent higher than the month before. Will the recovery be slower than Wall Street thinks?
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