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California Lists of Repossession Properties among the Top

06.07.10

California Lists of Repossession Properties among the Top

By John Cutts | 06 July 2010 @ 11:49 am EDT

California lists of repossession properties are among the most sought after lists, based on a report recently released by a top foreclosure research organization.

The report said that California foreclosures made up almost 51 percent of all house sales from January to March this year, the second highest rate among states. The share of sales of distressed properties and bank owned homes for sale in the first three months was slightly higher than that in the preceding quarter, but marked a staggering plunge from 70 percent in the January-March quarter last year.

The number of residential units that got sold in the first quarter from California distressed homes and foreclosed home listings to buyers other than repossessing lenders was 59,823. This number represented 50.8 percent of the 232,959 total of foreclosure sales during the quarter and a decrease of more than 21 percent from the total in the prior quarter. It was also lower by nearly 47 percent from the total one year earlier.

Source: International Business Times

Bank Foreclosed Homes for Sale for First-Time Buyers

Renters in Ahwatukee in Phoenix , Arizona liked their apartments well enough. But they have always dreamed of owning their own houses. That is why many of them are excited about the city’s new home-buying program.

Under the program, city officials will use federal stimulus funds to help first-time buyers purchase their bank foreclosed homes sale which will help many Ahwatukee renters achieve their dreams of owning a home.

Some Ahwatukee renters attended a seminar hosted by the city for first-time homebuyers who want to learn how they may apply and become eligible for the home-buying program. Under the program, eligible first-time homebuyers may receive about $15,000 which they may use for down payments and for paying the closing costs when they purchase bank foreclosure houses.

According to industry experts , the program will allow eligible first-time homebuyers to purchase a foreclosed house that needs repair worth $15,000 if they have already received the $15,000 under the home-buying initiative.

The city of Phoenix received about $39.5 million federal funds under the U.S. Housing and Urban Development’s (HUD) Neighborhood Stabilization Program (NSP). The NSP is made possible under the Housing and Economic Recovery Act which was approved in 2008 by the U.S. Congress.

Prospective homebuyers were allowed to meet certain requirements such as income to apply for federal funds to help purchase foreclose houses within the city limits.

Since the program started, about 60 city residents have already applied for federal funds under the home-buying program.

To become eligible to receive the $15,000 federal funds, prospective buyers should be creditworthy, meet the income requirements and should undergo and complete a credit and homebuyer education class.

Prospective buyers who are single should have an income of no more than $55,350, $63,250 for couples and for a four-member family, $79,100. Buyers should never have bought a property and will use the foreclosed homes as their main residence.

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Foreclosed Houses For Sale - News


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