Banks bulldozing foreclosed properties

Increasingly, banks are taking drastic steps to rid themselves of unsellable homes. Read more at: http://news.yahoo.com/bulldoze-way-foreclose-102000063.html

Hundreds of Thousands of Bank-Owned Homes Harming Housing Market

The nation’s biggest banks and mortgage lenders have steadily amassed real estate empires, acquiring a glut of foreclosed homes that threatens to deepen the housing slump and create a further drag on the economic recovery. Read more at: http://news.firedoglake.com/2011/05/23/the-foreclosure-glut-hundreds-of-thousands-of-bank-owned-homes-harming-housing-market/

Fannie Mae Buyer Incentives Back For Limited Time

Fannie Mae has reinstated special closing-cost assistance for buyers who close on a REO property (real-estate owned inventory).  Read More

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Another Blizzard Casualty: The Block 37 Mall Auction

Even Mother Nature is getting into the act at Block 37. The blizzard that paralyzed Chicago last week also postponed the court-ordered sheriff’s auction of the new mall at Block 37. The auction, which would be the largest foreclosure sale of a downtown property in more than a decade, was set for Feb. 2 after a group of lenders led by Bank of America Corp. obtained a foreclosure judgment in December against the four-level mall at 108 N. State St. Because of the blizzard, the sale was rescheduled for Feb. 3. But lawyers for ousted Block 37 developer Joseph Freed & Associates LLC asked the judge overseeing the foreclosure case to make the bank re-advertise the sale in accordance with legal foreclosure guidelines. At a court hearing Tuesday, the bank ultimately agreed to do that. Read entire at: http://www.chicagorealestatedaily.com/article/20110209/CRED03/110209865/another-blizzard-casualty-the-block-37-mall-auction#ixzz1DV1Kd0ua

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