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Latest news on foreclosures and short sales trends
Foreclosure expert says the worst is yet to come as foreclosure filings hit record high of nearly 3 million in 2009 Industry group RealtyTrac’s year-end report shows a record 2.8 million U.S. properties with foreclosure filings in 2009. It shows 3,957,643 foreclosure filings — default notices, scheduled foreclosure auctions and bank repossessions — a...
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Bank foreclosures in Memphis and other parts of Shelby County in Tennessee are being blamed on giant financial services provider Wells Fargo The city and the county have filed a civil litigation case against Wells Fargo alleging that Charlotte-based bank Wachovia, which Wells Fargo acquired in December last year, engaged in predatory lending practices...
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Foreclosure rates are on the rise in Tampa, St. Petersburg and Clearwater, reveals report According to a report by First American CoreLogic, the foreclosure rate climbed to 9.25 percent in November compared with 6.1 percent the year before. At the same time, the 90-day delinquency rate stood at 15.7 percent compared with 8.9 percent...
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Lenox Michigan wants to adopt foreclosure ordinance Michigan: Lenox Township officials are taking steps to try to protect homeowners from some of the negative side effects associated with a neighbor’s foreclosure. At a recent meeting the township board discussed implementing a foreclosure ordinance to appear for a vote on a future agenda. Protecting property...
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Homeowners stuck while banks mull whether to approve short sales could benefit from new federal guidelines that give lenders a 10-day limit to respond to offers The rules from the U.S. Treasury, which also allow for financial incentives to sellers and lenders, likely will figure prominently in South Florida as the housing slump meanders...
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Top 10 states with the highest foreclosure rates Some of the country’s foreclosure problems revolved around a pervasive American mindset of “object identity,” says Barbara Fitch of Pacific Star Real Estate in Corona, Calif. “The house is who they are and that is why (so many) are in this jam.” Unfortunately, the foreclosure beat...
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Florida condo community associations need solutions to stay financially afloat in face of widespread foreclosure and owner delinquencies Rep. Maria Lorts Sachs, D-Delray Beach, invited a group of nine South Florida experts to come up with solutions she can turn into state law reforms. The condo posse of nine leaders she assembled last week...
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