CNN.com has the foreclosure “hot spot” list, which goes a little something like this:

1. Spartanburg, S.C.
2. Albuquerque, N.M.
3. Myrtle Beach, S.C.
4. Savannah, Ga.
5. Charlotte, N.C.
6. Tulsa, Okla.
7. New Orleans, La.
8. Virginia Beach, Va.
9. York, Penn.
10. Mobile, Ala.

Two converging trends – unemployment and adjustable rate mortgages — are primarily to blame for the spikes in the cities mentioned above … and likely elsewhere throughout nation.

The 10 cities mentioned above, according to the report, however, have the fastest-growing rates out of the 100 worst-hit places.

To search foreclosed homes for sale in Spartanburg or anywhere else, including in your area, click here.

Foreclosure.com today announced that it recently added thousands of foreclosed homes for rent-to-own properties to its industry-leading, nationwide database of more than 2 million distressed real estate listings.

To search for potential foreclosed homes for rent to own in your area visit http://www.foreclosure.com/rent_to_own today.

Foreclosure.com already offers the most comprehensive, accurate and current collection of preforeclosure, short sale, foreclosure, Sheriff sale, foreclosure auction, bank repossessed (bankruptcy), HUD homes and tax lien listings in one convenient location.

Adding foreclosed homes for rent-to-own properties, according to company Vice President James Houston, was a natural progression that reflects a shift in the ever-changing housing market.

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“Next month” (Jan. 2011), according to a joint statement from Treasury Secretary Timothy Geithner and Housing and Urban Development Secretary Shaun Donovan.

ABCNews.com has the scoop:

“We expect the results of the investigations will be presented to us next month…. The task force will take whatever action is necessary to hold accountable any institution that acted improperly.”

The task force, which comprises a “group of officials from 11 federal agencies,” is investigating the possibility of fraudulent/faulty foreclosure paperwork filed by “robo-signers” on behalf of several major lending institutions.

So far the task force has found has found no sign of “systemic troubles with home foreclosures that might threaten U.S. financial stability.”

Let’s hope it stays that way and that the task force fixes whatever problems it finds with the foreclosure process once and for all.

The sooner, the better.

That didn’t take too long.

Little more than two months after Bank of America (BoFA) initiated a self-imposed foreclosure freeze to review its eviction process, the largest financial institution today announced plans to resume about 16,000 cases this month.

According to Barbara Desoer, president of BoFA Home Loans, these cases have been selected because they are vacant and/or are not owner-occupied properties.

Here’s a snip:

“We are taking a deliberate and phased approach to restarting foreclosure sales. We continue to be committed to ensuring that no property is taken to foreclosure sale until our Bank of America customer is given an opportunity to be evaluated for a modification or, if ineligible for a modification, a short sale or deed in lieu solution…. Foreclosure is the option of last resort.”

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