CFPB Has ‘Zombie Foreclosures’ In Its Crosshairs

The Consumer Financial Protection Bureau is targeting “zombie” foreclosures, a growing problem where borrowers may unknowingly still own a property that they thought the bank had foreclosed upon.

An Update on Foreclosure Activity

Over the last few years a lot has happened in regards to the foreclosure process, which has ultimately affected the overall real estate market. Although a lot of lenders have pushed foreclosure properties through the pipeline at an accelerated rate since the end of 2011, many distressed properties in judicial foreclosure states are still in limbo due to the long foreclosure process in these states.

Banks View Short Sales as Better Option

America’s banks are more willing than ever to embrace a short sale in order to avoid the costly process of foreclosure, according to latest statistics from RealtyTrac. Over the last three months of 2011, there was a 15% increase in the number of short sales, totaling some 88,000 altogether

Foreclosure Process Takes Twice as Long

The average length of a foreclosure process has more than doubled since the housing crisis gripped the nation in 2007. Back then, the average length of time for a home to be foreclosed was just 253 days. Now, the average length of a foreclosure process is almost two years – 674 days, to be absolutely precise.

US Facing Decades of Foreclosure Hell

New research compiled by LPS Applied Analytics and published in USA Today paints a particularly gloomy picture of the foreclosure situation, with the huge backlog of foreclosed home likely to take an average of 8 years to clear at the current rate of sales in US states. The shocking report revealed that in three states – […]

Foreclosure Filings Down, But It’s Not Good News

A new report from RealtyTrac has revealed that foreclosure filing numbers in August dropped by 6% from the previous month, while year on year foreclosures have dropped by 38% compared to the end of August 2010. However, it may not be all good news, as analysts expect that foreclosure activity may well pick up in […]

Short Sales Activity Shows Dramatic Increase

Realty Trac has released a new report indicating that banks are finally becoming more willing to discount pre-foreclosure properties, and short sell them, rather than continue with the foreclosure process. Prior to the housing market crisis, short sales were a relatively rare item. Most folks had never heard of them. They were rarely agreed to […]

Report Shows One Million Foreclosures To Be Delayed Until 2012

A new report from RealtyTrac suggests that around one million foreclosure notices expected to be filed by mortgage lenders in 2011 will be delayed until the following year – a boon for homeowners who will gain extra time to catch up with their mortgage repayments and avoid losing their homes.   However, it might not […]

First-Time Buyers Face Stiff Competition From Investors

What with the way things are in the housing market today, you’d be forgiven for thinking that you have all the time in the world to decide which property to buy. But you would be wrong. It seems that the best homes in the most desirable areas are being snapped up all too quickly, and […]

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