Distressed Real Estate News and Opinion
Those who fail to learn from history’s mistakes are doomed to repeat them.
Current and future homeowners would be wise to examine the causes of the real estate bust that has forced countless families into foreclosure and many more fighting to avoid it.
Unemployment, divorce, illness and other unforeseen events are hard to avoid and nearly impossible to predict. But there are several situations for which homeowners can prepare and control.
NASDAQ.com offers “3 Lessons to Learn from Foreclosure:”
Foreclosure on the set of “The Real Housewives” reality series is reaching epidemic proportions.
The latest victim is Orange County’s Peggy Tanous, whose $1.6 million Irvine, Calif., home is the subject of a recent foreclosure filing, according to The Orange County Register.
She filed a financial hardship counter claim, saying that she is having money problems and must be considered for a loan modification before her lender can repossess the home.
If nothing else, the legal maneuver will likely delay the public foreclosure auction, which was booked for May 17, 2011.
As mentioned earlier, this is not the first time that someone from “The Real Housewives” has had to face the possibility of losing her home to foreclosure.
Alexis Bellino was saved with a loan modification, as well as Jeana Keough. Tamra Barney was able to unload her upside-down home via a short sale and Teresa Guidice filed for bankruptcy.
We’ll pass along more information on Tanous’ foreclosure situation as it becomes available.
To read all about these lovely ladies, as well as other celebrity types, and their real estate-related issues click here.
Catch them while you can.
That’s the opportunistic approach that many investors in major real estate markets such as Detroit, Mich., Las Vegas, Nevada, Miami, Fla., Phoenix, Ariz., and Tampa, Fla., are taking as home prices plunge at or below 2002 levels.
Foreclosed homes and other discounted distressed deals are being “snapped up” with a quickness, “forcing down” collective home prices and “thinning the supply of homes” by as much as 13 percent, according to BusinessWeek.com.
In fact, the report reveals that 35 percent of previously-owned homes purchased in March 2011 were done so with cold-hard cash, indicating that investors are hoping to buy low today and sell high someday in the future.
Mike Shannon, an agent who specializes in Detroit-area foreclosures, marvels at the recent surge in buyer activity:
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