Articles
Investors Sue Alleged REO Scammers
Mortgage and finance news website HousingWire, a group of investors has filed suit against Fortuno Enterprises, a real estate company which allegedly deceived the plaintiffs into purchasing worthless properties which were billeted as REO homes which they could then flip for a substantial profit.A total of 24 investors bought 41 REO properties in Ohio and [...]
Read Article ›“First Look” to Benefit Local Communities
The Federal Housing Authority (FHA) is hoping to help revitalize communities hard-hit by foreclosure through its “First Look” initiative, according to Realty Times. In concurrence with the Department of Housing and Urban and Development’s (HUD) Neighborhood Stabilization Program (NSP) (which gives a discount to non-profit organizations and government entities when purchasing REO properties) the FHA [...]
Read Article ›Foreclosure’s Effect on Communities
Not surprisingly, foreclosures can lower the surrounding homes’ value by at least 27%, according to a report entitled “Forced Sales and House Prices,” from MIT (Massachusetts Institute of Technology) economist Parag Pathak andHarvard researchers, John Y. Campbell and Stefano Giglio. By increasing the housing supply in the area and having the owners (banks and lenders) [...]
Read Article ›Habitat for Humanity to Refurbish REO Homes
As reported by DSNews.com, Habitat for Humanity is making use of REO properties, by turning them into low-cost housing. The organization, which builds homes for free to provide affordable homes, is teaming up with the National Community Stabilization Trust, in order to purchase these run-down foreclosed homes and renovating them. Through the trust’s Property Acquisition [...]
Read Article ›The Home Buyer Tax Credit: Success or Not?
Recently, the Home Buyer Tax Credit program was extended to September 2010. As part of the American Recovery and Reinvestment Act of 2009, this program gave first time home buyers a 10% tax credit for qualified transactions. The credit was later extended to repeat home buyers. So, the question is, has this tax credit been [...]
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