Chicago Begins Renovating and Renting out Foreclosed Condos

Cities across the US are grappling with the same question: What to do with all of those homes left vacant by the large number of foreclosures? While government agencies at a national level struggle to put together a coherent program for transforming foreclosed homes into rental properties, it seems that some cities are already taking matters into their own hands.

FHFA to Review Foreclosure-Rental Proposals

More than 400 viable proposals have been received by the FHFA on how it should try to deal with the large number of foreclosures that continue to plague real estate markets across the nation.

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.

Housing Crisis Gone To Pot

The housing crisis has presented an unlikely opportunity for those involved in the illegal “homegrown” marijuana trade, as more and more drug dealers take advantage of foreclosed homes standing empty and transform them into cannabis growing factories. Las Vegas in particular, has seen a huge increase in the number of marijuana farms appearing in its

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Home Appraisals Continue to Derail Housing Markets

Home appraisers are continuing to be an obstacle in the way of sales, with more than a third of real estate professionals blaming them for delaying or canceling proposed contracts in the first six months of this year. This marks a staggering increase of 29% on the number of deals blocked by appraisers in 2010,

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Mitt Romney Says Banks Should Be Allowed to Proceed with Foreclosures

Republican Presidential candidate Mitt Romney has stated that he believes that the best way to help housing markets to recover is to let home foreclosures “hit the bottom”. Speaking to the Las Vegas Review Journal ahead of a presidential debate in Nevada, Mr. Romney said that he thought banks should be allowed to carry through

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Las Vegas Scammers Renting Out Vacant Homes To Unsuspecting Tenants

Real estate agents and law enforcement officials in Las Vegas have issued a warning about a new scam targeting renters in the area, which has also been reported in other areas of the U.S. The scam involves fraudsters posting ads for housing on websites such as Craigslist, offering a vacant property for rent. Interested persons call the number, go

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Obama’s Foreclosure Fix Failures

The Obama administration’s attempts to deal with the foreclosure crisis have been nothing short of abysmal. As of right now, more than 6 million American homeowners remain under threat of foreclosure, or are behind on their mortgage payments. Property prices are continuing to fall, and inventories across the U.S. are overwhelmed with foreclosed homes. Obama’s

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John Wesley Martynec Charged Over Fraudulent $300,000 Investment Scheme

A real estate agent from Seal beach, California, has been charged with 34 felony offences following his arrest in connection with an alleged $300,000 fake investment pool scheme, police have said. Seal Beach police, said that John Wesley Martynec, 35, who was arrested in August, had since been bailed pending the start of his trial.

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Foreclosed Homes Prove Tempting Targets For Thieves

Foreclosed homes have become a big target for thieves, tempted by such easy pickings as left-behind appliances, bits of copper, electrical fittings and anything else they can find in properties left vacant. One of the most common scams, brought to the attention of real estate professionals by the National Association of Realtor’s Memphis branch, is

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