REO Properties for Sale
If you’re looking to purchase REO Properties for sale, best way is to look directly from the websites of the loan servicers or mortgage companies stuck with these assets.   In this tough economy, banks are all looking to unload the REO properties on the cheap as fast as possible.  Here are just [...]

Home prices drop record 19 percent

Date
1 Month
1 Year
June 2006 (Peak)
5 Year

AZ-Phoenix
-6%
-35%
-49%
-8%

CA-Los Angeles
-3%
-26%
-39%
-6%

CA-San Diego
-3%
-25%
-41%
-20%

CA-San Francisco
-4%
-32%
-43%
-20%

CO-Denver
-3%
-5%
-12%
-4%

DC-Washington
-2%
-19%
-31%
2%

FL-Miami
-4%
-29%
-43%
-4%

FL-Tampa
-4%
-23%
-37%
1%

GA-Atlanta
-3%
-14%
-18%
-8%

IL-Chicago
-5%
-16%
-22%
-5%

MA-Boston
-2%
-7%
-15%
-5%

MI-Detroit
-4%
-23%
-37%
-35%

MN-Minneapolis
-5%
-20%
-30%
-20%

NC-Charlotte
-1%
-8%
-4%
10%

NV-Las Vegas
-4%
-32%
-46%
-14%

NY-New York
-1%
-10%
-16%
11%

OH-Cleveland
-2%
-5%
-16%
-11%

OR-Portland
-3%
-14%
-13%
26%

TX-Dallas
-2%
-5%
-9%
-1%

WA-Seattle
-4%
-15%
-13%
24%

Composite-10
-3%
-19%
-30%
-3%

Composite-20
-3%
-19%
-29%
-3%

Home prices in 20 cities fell a record-breaking 19 percent in January from the previous year, a sign that the prolonged housing slump shows no sign of abating, according to S&P/Case-Shiller Homes Prices Index data released today.
Average home prices across [...]

Hardknock Life For the Rich And Famous
According to the prominent real estate valuation site, this 11 bedroom 11 bath mansion in the Hamptons recently sold for a whopping … $27k.  Yes,”K” as in thousand.

House Facts:
Address:
120 Meadow Lane
Southhampton, NY 11968

Multi family
11 beds
11.0 bath
14,522 sqft
Lot 84,942 sqft
Built in 1982

Notice the annual tax costs twice as much as [...]

Rating Agency Incompetence
The AAA tranche of the ABX 06-02 is now trading in the 30s. The bonds that were rated AAA investment grade at the time of securitzation back in 2006 are now trading at 37 cents on the dollar. Just goes to show the severity of the housing crisis and also the [...]

NEW YORK (CNNMoney.com) — President Obama is in danger of losing the biggest stick in his foreclosure prevention arsenal.
The administration’s plan to stem the housing crisis depends on Congress amending the bankruptcy laws to allow judges to modify mortgages, in particular by reducing principal to make monthly payments more affordable.
The so-called cramdown provision could put [...]

Government Foreclosure Buying Tips:

If you’re looking for buy foreclosures repossessed (repos) properties by the government, these tips might be helpful.
1. Be sure to inspect the home completely. That means you must check for all the minor details and damages that may add up in repair costs, such as moles issues or maybe even foundation problems. [...]

How to Avoiding Mortgage Fraud
Because of increasing number of mortgage fraud cases springing up across the country, the Federal Bureau of Investigations ( the FBI) and other law enforcement agencies have begun working closely with banks and mortgage companies, as well as national associations such as the MBA, the Appraisal Institute, the National Association [...]

By DAVE CARPENTER, AP Business Writer Tue Jul 29, 11:02 PM ET
Questions and answers about the Hope for Homeowners Act of 2008, passed by Congress last weekend to try to steer as many as 400,000 struggling homeowners away from foreclosure:
Q: What exactly will the legislation do?
A: It will allow those who qualify to cancel their [...]

Top Foreclosure States In July 2008
(source: www.RealtyTrac.com)

Rate Rank
State Name
Total
1/every X HH (rate)

1
Nevada
10,060
106

2
California
72,285
182

3
Florida
45,884
186

4
Arizona
13,350
195

5
Ohio
13,457
375

6
Georgia
10,061
385

7
Michigan
11,591
389

8
Colorado
5,376
390

9
Utah
1,911
472

10
District of Columbia
559
506

11
Virginia
5,745
562

12
Indiana
4,783
576

13
Illinois
8,915
583

14
Tennessee
4,565
587

15
New Hampshire
903
653

16
Idaho
936
658

17
Connecticut
2,014
711

18
Maryland
3,104
741

19
Missouri
3,512
747

20
New Jersey
4,622
751

21
Massachusetts
3,574
758

22
Oregon
1,955
812

23
Texas
10,354
891

24
Rhode Island
494
910

25
Oklahoma
1,728
930

26
North Carolina
4,303
936

27
Washington
2,762
977

28
Nebraska
660
1,174

29
Arkansas
1,068
1,193

30
Wisconsin
2,044
1,240

31
New York
6,167
1,282

32
Pennsylvania
4,174
1,306

33
Alaska
207
1,336

34
Minnesota
1,671
1,367

35
South Carolina
1,333
1,482

36
Kentucky
1,226
1,540

37
New Mexico
544
1,563

38
Kansas
677
1,784

39
Wyoming
133
1,798

40
Louisiana
1,017
1,799

41
Hawaii
229
2,184

42
Alabama
863
2,445

43
Iowa
498
2,651

44
Maine
255
2,710

45
Delaware
132
2,900

46
Montana
142
3,042

47
North Dakota
65
4,735

48
Mississippi
190
6,534

49
South Dakota
30
11,760

50
West Virginia
38
23,100

51
Vermont
5
61,911

Here are 5 new reasons to move this year:

1. The federal government is offering a tax credit for first time homebuyers of 10% of the price of the home, up to a maximum credit of $7,500. There are income and other restrictions, so you should consult a tax professional to see if you could [...]