Best Places for Home Bargains

Well-to-do buyers weren't immune to wacky loans, and they're coming due

(NEWSER) - The country's most expensive homes are now making up a larger segment of foreclosures in the most recent spike of mortgage defaults. An analysis of recent data shows that 30% of June foreclosures involved homes valued in the top third based on location; that’s up from just 16% at the beginning of the crisis. “The slope of that curve in recent months is much sharper than it was recently,” an economist tells the Wall Street Journal. More»

(NEWSER) - Another wave of foreclosures is on the way, possibly as early as this summer, threatening to upend a housing market that had begun to stabilize, the LA Times reports. Though loan defaults are up sharply, banks have been delaying foreclosures lately thanks to the Obama administration’s home-stability plan. Now with many government and self-imposed foreclosure moratoriums set to expire, big lenders have signaled that they’ll be cleaning house. More»

Unloading homes quickly while maintaining value, Fannie walks tightrope

(NEWSER) - It’s no secret that for US homeowners, it’s not a seller’s market. But imagine having 65,000 properties to sell. That’s the task ahead of Fannie Mae, NPR reports, as its volume of repossessed homes grows by the day. The guarantor of a third of all loans, Fannie is charged with foreclosing, renovating, valuing, and unloading this massive inventory into the worst housing market in decades. More»

Phony rescuers collect big upfront fees from desperate homeowners

(NEWSER) - A new breed of crook is getting rich preying on homeowners desperate to fend off foreclosure, the New York Times reports. Scamsters set themselves up as "foreclosure rescue companies,” collect big upfront fees for the promise to modify loans, then do little or nothing to help. Some people have lost their only chance to save their homes, as phony rescuers use up critical time as well as money. More»

More FHA-insured mortgages to be available for strapped consumers

(NEWSER) - Homeowners struggling to avoid foreclosure are about to get a boost from the Federal Housing Administration. The FHA commissioner is expected to announce plans to expand an aid program that will allow borrowers saddled with negative equity to write down part of their mortgages and refinance their homes with cheaper FHA-insured loans, reports the Wall Street Journal. More»