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18 Sep 09

No relief from foreclosure heat in August

Bank Repossessions were down, but defaults keep increasing.

www.foreclosurepulse.com/...oreclosure-heat-in-august.aspx - Preview

foreclosures reos

month-over-month and year-over-year decrease in bank repossessions (REOs)
total foreclosure activity in August remained close to the record high set in July
6 more annotations...
- increasing defaults and scheduled foreclosure auctions
- 358,471 U.S. properties received foreclosure filings
- an increase of nearly 18 percent from August 2008.
- The August report demonstrates that there is still an ample supply of properties filling the foreclosure pipeline even
- we also saw a record high number of properties either entering default or being scheduled for a public foreclosure auction
- Nevada, Florida and California posted the three highest state foreclosure rates in August. These three states, along with Michigan, Arizona and Illinois, accounted for more than 60 percent of the nation's total foreclosure activity

29 Jun 09

Bank of America Gives Cities, States First Shot at REOs

This could be a good opportunity for Bank of America to get rid of foreclosure inventory and help cities restore slum areas at the same time. Probably won't fly, but it's worth a shot.

www.realtor.org/...News2009062305 - Preview

foreclosures reos bank of america

Bank Gives Cities, States First Shot at REOs

Bank of America is making it easier for states and cities to buy foreclosures before investors purchase them.

The program is a result of the U.S. Department of Housing and Urban Development’s Neighborhood Stabilization Program, which aims to encourage redevelopment of neighborhoods hit hardest by foreclosure and the resale of properties to home owners.

Bank of America will notify participating cities that properties are available before they are listed on multiple listing services. The company will set the prices with no haggling allowed.