When home prices were heading downward banks would sometimes send default notices to homeowners but allow them to stay in the home without making payments if the homeowner would maintain the home and keep it in good condition. Now that the economy is improving and home prices are rising, banks are willing to complete the foreclosure process if homeowners dont start making their payments again.”
Of those occupied units about 74.9 million were occupied by their owners during both periods while renters occupied 39.87 million units in the third quarter of 2013 compared to 39.51 million during the same period in 2012.
The Obama administration is examining ways to pull foreclosed properties off the market and rent them to help stabilize the housing market, according to people familiar with the matter.
1. Then: Don’t buy now, home values have further to fall.
Now: It’s a fool’s errand trying to time the bottom. Economists don’t even agree on when the bottom will occur, so the average person probably won’t be able to time it perfectly. While it’s true that home values have further to fall in many areas this year, interest rates will likely rise, offsetting any savings that may come from lower home values.
via Zillow Blog
The 3rd Circuit on Thursday struck down ordinances in Hazleton, Pa., aimed at blocking illegal immigrants from getting jobs or renting apartments. The court said the regulations “undermined” the federal government’s careful balance between curbing illegal immigration and preventing employers and landlords from discriminating against anyone who looks foreign.
via Courthouse News Service.
Eventually, Kit and I arrived at the house that he’d picked out for himself. It was a tall, narrow structure, with boarded-up windows and a front lawn in desperate need of mowing. There was no “for sale” sign, but that hardly mattered, because Kit simply planned to move in. Buffalo is fertile ground for squatting. Kit’s house was one of 10,000 such abandoned structures in the city. As far as Kit was concerned, this rust-belt city, hit hard by foreclosures, was a veritable Eden for freegans.
“People throw away houses,” he told me. “It’s ridiculous.”
The state Appellate Division yesterday upheld former Superior Court Judge Bill Mathesius’s 2009 decision to strike down two Ewing ordinances aimed at controlling rowdy college students living in rental housing through occupancy and parking restrictions.
via The Trentonian News
Reeling from the recession’s one-two-three-punch of job woes, climbing mortgage payments and evaporating equity, desperate homeowners are dipping into a nearby income stream to avoid foreclosure: That bedroom just down the hall.