Foreclosure Investments

What can $5 buy you at a foreclosure auction in Lansing, Michigan?
This house, located at 1819 Herbert Street in Lansing, according to BusinessLansing.com: See what $25 will get you after the jump: The property pictured above, located at 1416 Ada Street (also in Lansing),  was actually occupied at the time of the sale. The tenants have six months to vacate the property or rent from the [...]

This house, located at 1819 Herbert Street in Lansing, according to BusinessLansing.com:

See what $25 will get you after the jump:

The property pictured above, located at 1416 Ada Street (also in Lansing),  was actually occupied at the time of the sale. The tenants have six months to vacate the property or rent from the new $25 owner.

Unreal.

To check out foreclosed homes for sale in Michigan and/or in your neck of the woods click here.

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Report: Million dollar foreclosures in Los Angeles are increasing (Video)
Even the rich and famous are not immune to financial hardship. To check out luxury foreclosures in and around the Los Angeles, Calif., area click here.

Even the rich and famous are not immune to financial hardship. To check out luxury foreclosures in and around the Los Angeles, Calif., area click here.

THE REAL ESTATE FORECLOSURE LISTING SYSTEM

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JT Stewart Cleanout Foreclosures

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Foreclosure.com review earns five-star rating
Brian Dolezal of TopConsumerReviews.com provides a glowing summary after a comprehensive review of Foreclosure.com’s “market-leading” website and all of the awesomeness associated with it: “Foreclosure.com has the best foreclosure listing service available today. With over 1.8 million properties available, a listing database that’s updated twice daily, and state-of-the-art features such as aerial mapping and current [...]

Brian Dolezal of TopConsumerReviews.com provides a glowing summary after a comprehensive review of Foreclosure.com’s “market-leading” website and all of the awesomeness associated with it:

“Foreclosure.com has the best foreclosure listing service available today. With over 1.8 million properties available, a listing database that’s updated twice daily, and state-of-the-art features such as aerial mapping and current house photos, Foreclosure.com delivers exactly what house hunters and investors are looking for.”

That’s right, Foreclosure.com is the best.

We always knew that, but it’s nice to hear other people recognize all the hard work and dedication that goes into maintaining a massive nationwide database of more than 2 million listings, as well providing more helpful resources for buyers/investors, agents and lenders than you can shake a stick at.

To read more about “Why we’re the best” click here. Or to cut to the chase and get your search on right now (it’s free for seven days) click here.

(Photo courtesy of Thomas Hawk via Flickr.com)

THE REAL ESTATE FORECLOSURE LISTING SYSTEM

US $14.95

7h 3m

JT Stewart Cleanout Foreclosures

US $125.00

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http://www.phpbay.com/affiliates/jrox.php?id=1586

Foreclosure demographics: Study reveals Latinos and ‘modest’ homes hit hardest
Center for Responsible Lending — a non-profit organization that strives to eliminate abusive lending and protect economic opportunity for all — recently conducted a study in California to determine the “who, the what and the where of foreclosures in the Golden State.” The “first-of-its-kind” report, which was dubbed “Dreams Deferred: Impact and Characteristics of the [...]

Center for Responsible Lending — a non-profit organization that strives to eliminate abusive lending and protect economic opportunity for all — recently conducted a study in California to determine the “who, the what and the where of foreclosures in the Golden State.”

The “first-of-its-kind” report, which was dubbed “Dreams Deferred: Impact and Characteristics of the California Foreclosure Crisis,” analyzed more than a half-million statewide foreclosure cases.

The results?

Latinos account for nearly half (48 percent) of defaults in the state. Whites were a close second (35 percent), while African Americans (8 percent) and Asians (6 percent) made up a relatively small portion of the foreclosure melting pot.

Additionally, “modest” homes — not “McMansions” or other oversized/overpriced properties — were the overwhelming primary victims of foreclosure, totaling a whopping 75 percent of the 500,000 homes in the study.

The reasons?

San Francisco Chronicle explains:

“Latino and African American borrowers were more likely to acquire higher-cost subprime mortgages with loan terms that generally increased the risk of default, compared with safer loans made to similarly situated non-Hispanic white borrowers…. According to the US Census Bureau, between 2000 and 2007, Hispanic homeownership grew 47%. Over that same period, homeownership nationally grew by only 8%. And, according to the Federal Financial Institutions Examination Council, in 2005 alone, mortgages to Hispanics jumped by 29%, with expensive nonprime mortgages soaring 169%.”

To correct the disproportionate problem, Center for Responsible Lending recommends that judges be allowed to “cram down” loan balances in default and increase funding for organizations that provide legal assistance and housing counseling.

THE REAL ESTATE FORECLOSURE LISTING SYSTEM

US $14.95

7h 3m

JT Stewart Cleanout Foreclosures

US $125.00

10h 18m

http://www.phpbay.com/affiliates/jrox.php?id=1586

Foreclosure help for unemployed gets $3 billion infusion
It’s rather straightforward: If you don’t have a job, affording a mortgage is virtually impossible. In fact, Barry Zigas, director of housing policy for the Consumer Federation of America, today tells the Christian Science Monitor that “the biggest single cause of foreclosure today is loss of income or employment-related issues.” To treat the problem, and [...]

It’s rather straightforward: If you don’t have a job, affording a mortgage is virtually impossible.

In fact, Barry Zigas, director of housing policy for the Consumer Federation of America, today tells the Christian Science Monitor that “the biggest single cause of foreclosure today is loss of income or employment-related issues.”

To treat the problem, and not the symptoms, the Obama administration pledged an additional $3 billion to support foreclosure prevention initiatives, extending beyond the current $75 billion “Making Home Affordable” loan modification program.

Here’s how the extra funds will be spread around:

“… the additional aid will go towards funding a new bridge-loan program for homeowners with reduced incomes in hard hit local areas, although those regions have not yet been specified. The program extends a no-interest loan of up to $50,000, which can last as long as 24 months, to assist homeowners with mortgage payments until they become financially stable.”

Previously, out-of-work homeowners received a three-month forbearance to find work and become eligible for a loan modification. However, with the average length of employment lasting up to 24 weeks (six months) more needed to be done.

The latest initiative is modeled after a successful program in Pennsylvania, which has helped about 45,000 distressed homeowners avoid foreclosure since 1983.

THE REAL ESTATE FORECLOSURE LISTING SYSTEM

US $14.95

7h 3m

JT Stewart Cleanout Foreclosures

US $125.00

10h 18m

http://www.phpbay.com/affiliates/jrox.php?id=1586

Foreclosure demographics: Study reveals Latinos and ‘modest’ homes hit hardest
Center for Responsible Lending — a non-profit organization that strives to eliminate abusive lending and protect economic opportunity for all — recently conducted a study in California to determine the “who, the what and the where of foreclosures in the Golden State.” The “first-of-its-kind” report, which was dubbed “Dreams Deferred: Impact and Characteristics of the [...]

Center for Responsible Lending — a non-profit organization that strives to eliminate abusive lending and protect economic opportunity for all — recently conducted a study in California to determine the “who, the what and the where of foreclosures in the Golden State.”

The “first-of-its-kind” report, which was dubbed “Dreams Deferred: Impact and Characteristics of the California Foreclosure Crisis,” analyzed more than a half-million statewide foreclosure cases.

The results?

Latinos account for nearly half (48 percent) of defaults in the state. Whites were a close second (35 percent), while African Americans (8 percent) and Asians (6 percent) made up a relatively small portion of the foreclosure melting pot.

Additionally, “modest” homes — not “McMansions” or other oversized/overpriced properties — were the overwhelming primary victims of foreclosure, totaling a whopping 75 percent of the 500,000 homes in the study.

The reasons?

San Francisco Chronicle explains:

“Latino and African American borrowers were more likely to acquire higher-cost subprime mortgages with loan terms that generally increased the risk of default, compared with safer loans made to similarly situated non-Hispanic white borrowers…. According to the US Census Bureau, between 2000 and 2007, Hispanic homeownership grew 47%. Over that same period, homeownership nationally grew by only 8%. And, according to the Federal Financial Institutions Examination Council, in 2005 alone, mortgages to Hispanics jumped by 29%, with expensive nonprime mortgages soaring 169%.”

To correct the disproportionate problem, Center for Responsible Lending recommends that judges be allowed to “cram down” loan balances in default and increase funding for organizations that provide legal assistance and housing counseling.

THE REAL ESTATE FORECLOSURE LISTING SYSTEM

US $14.95

7h 3m

JT Stewart Cleanout Foreclosures

US $125.00

10h 18m

http://www.phpbay.com/affiliates/jrox.php?id=1586

How are children affected by foreclosure?
In three ways, according to Senior Researcher, Metropolitan Housing and Communities Policy Center, Urban Institute, Kathryn L.S. Pettit, in a recent interview with NPR.org: Family turmoil. Even before losing your home, the stress that parents are feeling over their financial difficulties, qualitative work has shown greater levels of anxiety and depression among parents going through [...]

In three ways, according to Senior Researcher, Metropolitan Housing and Communities Policy Center, Urban Institute, Kathryn L.S. Pettit, in a recent interview with NPR.org:

• Family turmoil. Even before losing your home, the stress that parents are feeling over their financial difficulties, qualitative work has shown greater levels of anxiety and depression among parents going through this problem. So that can happen even before the move is the move actually occurs.

• Switching neighborhoods/schools. Dislocation can affect their educational progress and social development.

• Living in hard-hit foreclosure areas: Their families may not even be in foreclosure, but they are still being impacted by their surrounding area.

Pettit is the director of a project that examines how foreclosure affects children and schools in Baltimore, Washington, D.C., and New York City.

To view her comprehensive library of foreclosure-related studies click here.

Pettit’s research on “kids in foreclosure” is in the beginning stages; however, that should not diminish the importance of it. Children are often lost in the shuffle as their parents stress over finances and other provider-related responsibilities.

Her advice to parents going through foreclosure, or possibly headed down the path, is to avoid it at all costs. Reach out for assistance as soon as possible to eliminate the problem before it has time to grow roots.

Easier said than done, but sound advice nonetheless, whether children are involved or not.

THE REAL ESTATE FORECLOSURE LISTING SYSTEM

US $14.95

7h 3m

JT Stewart Cleanout Foreclosures

US $125.00

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‘Top Chef’ Timothy Dean faces foreclosure on Prime Steakhouse in Baltimore
Celebrity chef Timothy Dean, who participated in the seventh season of the popular “Top Chef” program on the Bravo network, is fighting to save his Prime Steakhouse in Baltimore, Md., from foreclosure. Baltimore Business Journal reported earlier this week that a foreclosure auction for the Fells Point building (located at 1717-1721 Eastern Ave.) has already [...]

Celebrity chef Timothy Dean, who participated in the seventh season of the popular “Top Chef” program on the Bravo network, is fighting to save his Prime Steakhouse in Baltimore, Md., from foreclosure.

Baltimore Business Journal reported earlier this week that a foreclosure auction for the Fells Point building (located at 1717-1721 Eastern Ave.) has already been scheduled for Sept. 16, 2010. If it goes through, the business would have been open for a mere seven months.

Adams National Bank sued Dean and his company for $1.3 million, which is the reason behind the foreclosure proceedings.

The good news is that Dean is confident that the two parties can reach an agreement, renegotiate the terms of the loan and live happily ever after. He’s even willing to declare bankruptcy if it means he will avoid losing the building to foreclosure.

Dean, who says in the report that business at Prime Steakhouse is booming (he plans to open another restaurant in nearby Prince George County this fall), was among 17 chefs hand-picked to compete “against each other in culinary challenges” on “Top Chef.”

The 39-year-old was eliminated from the competition in episode five when his dish of roasted turnips and asparagus with honey failed to impress the palettes of the tournament judges.

THE REAL ESTATE FORECLOSURE LISTING SYSTEM

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Underwater mortgages percentage drops to 21.5
Fewer homeowners are burdened with underwater mortgages this year when compared to statistics from 12 months ago in 2009, according to a report released today by Zillow.com (via Reuters). Here’s the skinny: “The percentage of American single-family homes with mortgages in negative equity fell to 21.5 percent in the second quarter from 23.3 percent in the first [...]

Fewer homeowners are burdened with underwater mortgages this year when compared to statistics from 12 months ago in 2009, according to a report released today by Zillow.com (via Reuters).

Here’s the skinny:

“The percentage of American single-family homes with mortgages in negative equity fell to 21.5 percent in the second quarter from 23.3 percent in the first quarter and 23 percent a year ago.”

The term “underwater” describes homeowners who owe more money on their mortgages than what their homes are really worth.

The Smith’s, for example, took out a $250,000 loan on a house in 2003 that now appraises for $190,000. They are, therefore, underwater to the tune of about $60,000.

Underwater mortgages are bad because it limits what the homeowners can do if their finances take a hit. Refinance? Not allowed. Sell? Maybe, but be prepared to cut a very large check at closing.

So the good news is that the number of upside-down homeowners is down a few percentage points, which means that more of them have options at their disposal.

One might also speculate that home values were beginning to correct after a drastic free fall. But the report warns that home values will likely continue to fall until the end of 2010.

If and when that reaches bottom, expect the percentage of underwater mortgages to start dropping significantly shortly thereafter.

It can’t happen soon enough.

THE REAL ESTATE FORECLOSURE LISTING SYSTEM

US $14.95

7h 3m

JT Stewart Cleanout Foreclosures

US $125.00

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http://www.phpbay.com/affiliates/jrox.php?id=1586

Weekly Twitter Digest from Foreclosure.com (2010-08-07)
We can fly like eagles when adversity hits – my latest blog post on Active Rain http://bit.ly/ahy7wx LY # Must be in the mood for romance… top romantic US cities http://bit.ly/djQwaZ LY # Holding real estate: After 378 years, N.H. family farm goes up for sale http://bit.ly/91jn1x SC # Attention agents/home sellers: How to stage a house for [...]

• We can fly like eagles when adversity hits – my latest blog post on Active Rain http://bit.ly/ahy7wx LY #
• Must be in the mood for romance… top romantic US cities http://bit.ly/djQwaZ LY #
• Holding real estate: After 378 years, N.H. family farm goes up for sale http://bit.ly/91jn1x SC #
• Attention agents/home sellers: How to stage a house for sale http://ffs.cc/a/vy297m TM #
• Oops, you didn't buy a house, you bought its worthless 2nd mortgage, and now it's in foreclosure http://bit.ly/9dbIj3 #realestate SC #

THE REAL ESTATE FORECLOSURE LISTING SYSTEM

US $14.95

7h 3m

JT Stewart Cleanout Foreclosures

US $125.00

10h 18m

http://www.phpbay.com/affiliates/jrox.php?id=1586