Sixty Percent of California Resales Previously Foreclosed On
Last month, an estimated 29,458 new and resale homes and condos sold in California, according to DataQuick.
That’s down 22.1 percent from the 37,836 sales in December, but up 53.9 percent from the 19,145 sales seen a year earlier.
However, of the existing homes sold, 60.4 percent had been foreclosed on in the prior 12 months, more than double the 29.6 percent share seen a year earlier.
That Read more
Survey Shows Fewer Inclined to Purchase a Foreclosed Home
The percentage of U.S. adults who would consider buying a foreclosed home has dropped below 50 percent, according to a survey conducted by Trulia and RealtyTrac.
In a previous survey completed in April, 54 percent of adults said they would consider the purchase of a foreclosed home, but that number has since dropped to 47 percent.
Not only that, but negative sentiment with regard to the purchase of a foreclosed Read more
Large Inventories of Foreclosed Homes Leading to Bulk Sales
As the number of foreclosed homes continues to rise, some of the banks and investors that own them are beginning to fiddle with bulk sales in an effort to clear their inventories more quickly, the WSJ reported.
Per the article, banks and investors owned 871,000 foreclosed homes as of November 1, up from 414,000 a year earlier, according to Barclays Capital data.
And that number is expected to rise to roughly Read more
Wyclef Jean’s Miami Home Foreclosed On
Another day, another celebrity foreclosure, this time involving former Fugees guitar player and current solo act Wyclef Jean.
Before you feel too bad for him, understand that the residence had never been vacated by the hip-hop star, so he’s not out on the streets as a result.
According to the Palm Beach Post, Wyclef’s corporation borrowed $2 million from Home Equity Mortgage Corp. back in 2004 so he Read more