Category Archives: Foreclosure Report

Wells Fargo Announces New Housing Assistance Program

USA Foreclosures 101

Few months ago, Bank of America announced plans to streamline its paperwork process in order to facilitate more short sales among distressed homeowners facing foreclosure. That action was met with limited approval among critics who insist that America’s banks are out to steal from America’s homeowners. Now, another plan has been announced by one of the nation’s major banks to help low income home buyers while at the same time reducing the number of vacant … Continue reading →

Short Sales Gain In January And February 2012

USA Foreclosures 101

Two months ago Bank of America announced plans to streamline its paperwork process in order to allow more distressed homeowners to get out of their obligations through a short sale rather than going through foreclosure. The news was greeted happily by some who saw it as a means of helping these homeowners and bringing some stability to the housing market. Others rebuffed the announcement claiming it was just a publicity stunt by Bank of America … Continue reading →

Short Sales Being Streamlined by Bank of America

USA Foreclosures 101

As one of the largest mortgage lenders in the country, Bank of America has great sway with the rest of the industry when it makes a decision contrary to the norm. Such is the case with their recent announcement of plans to streamline the short sale process in order to conclude a deal in 20 days or less. Right now the typical short sale can take months while a bank goes through the paperwork process … Continue reading →

IMF Displays Ignorance Of Foreclosure Issues

USA Foreclosures 101

Bloomberg’s BusinessWeek carried a story outlining a recent report from the International Monetary Fund (IMF) regarding the US foreclosure crisis. Unfortunately for the IMF, the report does nothing but display the organization’s complete ignorance about what’s going on in this country. As most of the ignorant do, the IMF was expecting President Barack Obama to wave his magic bailout wand in a move that would supposedly solve the crisis once and for all. According to … Continue reading →

Home Sales, Foreclosures Both Up In March

USA Foreclosures 101

LoanSafe.org reported late last week that both homes sales and foreclosures were up in March (2012) over the same period in 2011. Their numbers are based on transactions in Maryland and come from RealtyTrac, a nationally known company that tracks real estate trends nationwide. If the numbers reflect national trend – and that’s what the story implied – they could point to a very healthy spring for the real estate market. According to LoanSafe.org there … Continue reading →

Foreclosures Changing the Face of the Rental Market

USA Foreclosures 101

If you’ve been paying attention to news surrounding the ongoing foreclosure crisis you’re probably aware that investors are starting to scoop up large numbers of foreclosed single-family homes in order to convert them into rental units. Smaller homes are being rented as-is while larger ones are being subdivided into individual apartments. This is to be expected with home prices being the lowest they’ve been in a decade. Yet there is something new happening in the … Continue reading →

Foreclosure Rates Down, Analysts Surprised

USA Foreclosures 101

CNBC’s The Street reported here that foreclosure rates in the United States dropped 30% for the first quarter of 2012 as compared to the same time last year; this despite the fact that there was an overall 8.1% increase this past March. While this is good news for the average homeowner, it has the analysts completely flummoxed. According to the CNBC report “analysts had expected this number to skyrocket immediately following the $25 billion settlement between … Continue reading →

Congress Considering Tax Issue With Foreclosure Settlement

USA Foreclosures 101

If you’ve been following the news regarding the foreclosure crisis you’re probably familiar with the settlement between five of the nation’s largest mortgage lenders and 49 state attorneys general. The $25 billion settlement was reached as a means of preventing further litigation against the banks for alleged “illegal” foreclosures. Interestingly enough, the thousands of homeowners expected to receive cash from the settlement will also be subject to income tax on that money. That is, unless … Continue reading →

Foreclosures Hurting Sales Of New Homes

USA Foreclosures 101

There have been several reports over the last couple of weeks suggesting the number of foreclosed homes being put back on the market will increase significantly heading into the summer months. Some of those reports indicate real estate values will fall as the number of properties available to buyers grows. If so, what does it mean for new home sales heading in the future? The Wall Street Journal’s Smart Money says the rise in foreclosures being … Continue reading →

Bank Of America Introduces New Foreclosure Options

USA Foreclosures 101

There’s been a lot in the news recently regarding the relationship between foreclosed homes and the rental market. Attention has been focused on the rights of renters living in foreclosed homes as well as real estate investors purchasing foreclosed homes for use as rental properties. But Bank of America has entered the discussion with the announcement of a new program that could ostensibly turn current homeowners into renters if conditions are right. According to an … Continue reading →