Foreclosure News

Foreclosures often in lenders' best interest
Numbers tend to work against government efforts to help homeowners
By Renae Merle
The Washington Post
Tues., July 28, 2009

WASHINGTON - Government initiatives to stem the country's mounting foreclosures are hampered because banks and other lenders in many cases have more financial incentive to let borrowers lose their homes than to work out settlements, some economists have concluded.

Low-priced foreclosures incite bidding wars
By JONATHAN J. COOPER, Associated Press Writer Jonathan J. Cooper, Associated Press Writer
Mon Jul 20, 1:42 pm ET

PHOENIX – Each time Lance and Kelli Thorson thought they had found their first home, someone would outbid them. It's already happened at least 15 times.

Why Do Home Foreclosures Keep Rising? 6 Things You Need to Know
by Luke Mullins, USNews.com
Jul 20th, 2009

Foreclosures rise 15 percent in first half of 2009
By ALAN ZIBEL, AP Real Estate Writer Alan Zibel
07-16-2009

WASHINGTON – The number of U.S. households on the verge of losing their homes soared by nearly 15 percent in the first half of the year as more people lost their jobs and were unable to pay their monthly mortgage bills.

The mushrooming foreclosure crisis affected more than 1.5 million homes in the first six months of the year, according to a report released Thursday by foreclosure listing service RealtyTrac Inc.

WALL STREET JOURNAL - MAY 1, 2009
Foundation Backs Foreclosures Project
By MIKE SPECTOR

The Ford Foundation plans to pump $50 million into a new nonprofit venture that will help municipalities buy foreclosed homes from financial institutions, in an effort to stem property-value declines plaguing U.S. neighborhoods.

Reed Encouraged By Administration’s Efforts to Help Homeowners by Demanding More Accountability from Banks and Loan Servicers
July 13, 2009 by Rhode Island RealEstateRama

By Sarah Morgan, SmartMoney.com
Jun 30th, 2009

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Think twice before buying a house in these cities any time soon.

Impact of Foreclosure Properties on Lowe’s and Home Depot
By kevin | June 2, 2009

The sales performances of home improvement retailers Lowe’s and Home Depot CEOs are closely tied with various stages of foreclosure and the number of foreclosure properties, according to the chief executives of the country’s two largest home improvement retailers.

By Matt Woolsey | Forbes.com
Apr 22, 2009 | Updated: 12:33 p.m. ET Apr 22, 2009

Two weeks ago, Joyti Goundar, an agent at Redfin, a residential real estate brokerage, entered a bid of $420,000 for a three-bedroom, 1,625-square-foot La Crescenta home outside of L.A., listed at $299,000. When she lost the bid, she wasn't surprised. In July of 2008, Goundar bid $559,000 for a two-bedroom Arcadia house, also outside L.A., listed by Wells Fargo for $459,900. That one received 105 bids, driving the price up to $628,000, according to Los Angeles County records.

As home prices continue to skid and foreclosure rates soar (up a further 38% since the third quarter of 2007), something else is happening: Across the country, shrewd investors alert to outrageous bargains are beginning to stir. In California and Florida, thousands of small investors are crowding auction venues; in places like Phoenix and Las Vegas they're grabbing seats on foreclosure bus tours featuring free champagne and onboard massages.