Repossessed Homes and Listings of Government Repo Homes

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Real Estate and Economy News

» Foreclosures are Dictating Prices of Real Estate Market

With foreclosures persisting, it does not seem that the real estate market will rebound until 2013. Even then the increase will be modest compared to the decimation of the market since the crash. From 2016 it might go up by 3% annually.

» Chicago City Sued by FHFA for Enforcing Law That Mandates Lenders to Maintain Foreclosed Properties or Pay Heavy Penalties

FHFA, the regulator of Fannie Mae and Freddie Mac has brought a lawsuit against Chicago City for issuing an ordinance that has made the lenders responsible for maintenance of vacant properties. They have also been asked to register the units by paying fees. There is fear that this ordinance would be repeated in other states.

» Foreclosure Numbers Have Gone Down in Pittsburgh

In Pittsburgh, the number of foreclosures has decreased. The plummeting numbers may paint a very rosy picture that the economy is bouncing back. However, there may be a completely different reason behind that. Experts say that the local and federal governments are encouraging mortgage lenders to modify loans. Creditors too are working while people are availing of unemployment benefits.

» The Anti-Foreclosure Movement Against Wall Street Moves Into Wall Street office

After the eviction of OWS from Zuccotti Park the protestors have got themselves more organized and set up office close to New York Stock Exchange in the heart of the financial zone of Manhattan. They operate in cramped quarters, conferring and organizing while keeping in touch with other Occupy members across America.

» Foreclosures Are High in Las Vegas

The attorney general of Nevada said two officers have been hauled up on 600 charges for directing a “robo-signing” system. Subsequently, many thousands of documents have been signed leading to the loss of innumerable homes unjustifiably. From 2005 to 2008, Sheppard and Trafford directed their employees to sign on foreclosure papers and to notarize these forged signatures.

Repo Homes Information

Bank Repo Homes

Analysts have found a considerable gap between the numbers of homes not sold at foreclosure auctions and those taken by banks with the number of bank repo homes that have been listed for sale on the market.

Bank Repos

Bank repos are residential houses that have been taken over by the bank after completing the foreclosure process. Lenders resort to foreclosures to accrue unpaid dues from the borrowers. Foreclosure rules vary from one state to another. States can choose to allow either judicial or non-judicial foreclosure lawsuit in their respective territories.  Judicial foreclosures usually take longer than non-judicial foreclosures.

Repo Homes For Sale

Oftentimes, a buyer fails to repay the mortgage loans he has taken out, which results in the lender taking away his property. The lender, in order to recover his lost money, holds a public auction for the property and sells it to the highest bidder. The properties, which are auctioned, are called repo homes and the ones the highest bidder purchases are called repossessed homes.

Repo Homes Listings

Discrepancies have been found in repo homes listings by many data collecting firms. Realtors also believe the same thing. Realtors and data collecting firms say that, after banks takes over foreclosed homes, the repo home listings do not always show all the properties that are acquired by the bank. The rule is that, within three months, the foreclosure should show in the books as being sold or having become repossessed by the bank.

Repo Houses

Repo homes are houses that have been repossessed by the bank after they are foreclosed. The numbers of repo houses have been increasingly in recent years. Today the number of repo homes has extended into the millions.

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