Tag Archives: foreclosed homes

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 →

Foreclosures Being Put to Use in Cleveland

USA Foreclosures 101

As most of the United States continues to grapple with a glut of foreclosed homes and shadow properties, some communities are banding together to do what they can to fight off as much of the resulting urban blight as possible. A handful of programs all over the country are finding creative ways to acquire foreclosed properties and convert them into useful homes for a variety of needy people. One example exists in Cleveland, where the … 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 →

Income Gained From Sale Of Foreclosed Homes Up For Taxation

USA Foreclosures 101

The Mortgage Forgiveness Debt Relief Act expires on the 31st of December 2012, and since short sales take a minimum of six months to complete, the income gained from the selling of a foreclosed home could be, once again, eligible for taxation. Millions of homeowners are now facing this grim reality because previously the income gained from the sale of a house undergoing foreclosure was tax-free, but after this year this won’t be the case … Continue reading →

Foreclosure Deals On The Decline In Las Vegas

USA Foreclosures 101

Las Vegas is one city where it’s no longer possible to nab a great deal on a foreclosed home anymore as the number of these homes has shrunk considerably. Tim Kelly of Max Extreme in Las Vegas was one of the first people to comment on the situation, and he said that homes which previously only cost around $80,000-$125,000 are now being fought over with multiple offers. This situation points to the fact that the … Continue reading →