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Prices of Bank and Government Foreclosure Homes Get Even Lower
by Clark Raitz on Dec 23, 2010
The U.S. housing market is reportedly sitting on an inventory equivalent to 10 months of home supplies. This, analysts have stated, has forced home sellers to cut down prices of dwellings, with bank and government foreclosure homes available at an even cheaper rate than before. Analysts also reported that states in the west and southwest were hit the hardest by the need to slash housing unit prices.
Los Angeles bank owned homes are expected to be available at heavily discounted prices in the last weeks of the year as the state of California, along with Nevada, Texas, Arizona, and New Mexico, feel the worst of the inventory issue. Aside from Los Angeles, Fresno is another California metro area that has seen its house prices cut down by a considerable percentage. Among all its listed residential properties, 26% were forced to lower their prices.
In 2009, only 12% of listed residences in Fresno had to lower their prices. For the current year, selling...Read More >>
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Bank of America Settles Alleged Role in Government Foreclosures
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The Bank of America has reportedly agreed to settle a claim that it sold bad housing loans to mortgage finance firms that led to huge numbers of bank and government foreclosures in the U.S. The settlement involved the bank paying government-sponsored enterprises (GSEs) Freddie Mac and Fannie Mae around $2.8 million.
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