Field Guide to
Foreclosures
By D. Foligno, Project Specialist
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C O N T E N T S
Foreclosure News
Profiting from Foreclosures
Foreclosure Help
Helpful Websites
Books, eBooks & Other Resources
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Foreclosures! Subprime Lending Scams! Risky Mortgages!
2007 news headlines and reports hammered us with these dire stories. To be sure the rate of foreclosures has increased substantially, but it has also created significant opportunities for real estate investors. Though not for the faint of heart, investing in foreclosed properties can prove profitable for those willing to put in the required research and work. This field guide provides links and tips for the potential investor as well as suggestions for those trying to prevent foreclosure.
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WHAT'S THE PASSWORD?
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 - Articles marked with a red Q are provided by ProQuest for NAR members only. Please enter NAR's Proquest password if required.
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 - Articles marked with the REALTOR® "R" are available on Realtor.org. Your Realtor.org ID and password may be required. |
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Foreclosure News
Dirty deeds - as housing crisis deepens, cities fight lenders over abandoned homes, (MSNBC, Jan. 7, 2008).
States clamp down on sharks; legitimate investors may feel sting, (REALTOR® Magazine Online, Jan. 2008).
A way for older homeowners to back out of a bind; some find banks are willing to accept reverse mortgages to retire troubled loans, (Wall Street Journal, Dec. 26, 2007). 
Fraud seen as a driver In wave of foreclosures; Atlanta ring scams bear stearns, getting $6.8 million in loans, (Wall Street Journal, Dec. 21, 2007).
FORECLOSURES: NOT SO FAST; Court rulings may make it tougher for holders of mortgage-backed securities to take back the keys, (Business Week, Dec. 10, 2007).
Why aren't predatory loans illegal?, (RealtyTrac.com, Dec. 4, 2007). |
Metropolitan
Foreclosure Rates
Stockton, CA
Detroit/Livonia/Dearborn, MI
Las Vegas/Paradise, NV
Riverside/San Bernardino, CA
Sacramento, CA
Denver/Aurora, CO
Miami, FL
Bakersfield, CA
Memphis, TN
Cleveland/Lorain/Elyria/ Mentor, OH
Ft. Lauderdale, FL
Atlanta/Sandy Springs/ Marietta, GA
Ft. Worth/Arlington, TX
Fresno, CA
Indianapolis, IN
Dayton, OH
Dallas, TX
Akron, OH
Oakland, CA
Columbus, OH
Source: CNN Money.com - Foreclosure rates for top 100 metro areas, Aug. 14, 2007
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How foreclosures may strain the rental market, (Harvard Joint Center for Housing Studies, Nov. 4, 2007).
ACORN study shows losses to cities could exceed $25 billion, (Acorn.org, Oct. 7, 2007). Metro area reports.
Man uses pigs to trash own house after foreclosure, (Northwest News Channel 8, May 27, 2007).
Rising foreclosures reshaping communities, (USA Today, Apr. 13, 2007).
Foreclosure crisis will hit minority communities hardest says new report, (CivilRights.org, Dec. 21, 2006).
Profiting from Foreclosures
The foreclosure bargain hunt, (Los Angeles Times, Dec. 9, 2007).
How to work in foreclosures and short sales, (Florida REALTOR® Magazine, Nov. 2007).
How to find true values in foreclosures, (Market Watch.com, Oct. 15, 2007).
Secrets to finding foreclosure deals, (Yahoo! Real Estate, Oct. 10, 2007).
Foreclosure bargain-hunting, (CNN Money, May 10, 2007).
Profiting on foreclosures, (Wall Street Journal, Feb. 10, 2007).
This old foreclosure: buying directly from a bank avoids some risks, but don't expect a steal, (Business Week, Sept. 17, 2006).
Retirement interrupted, (CNN Money, May 22, 2007).
Buyer beware: the dangers of investing in foreclosed properties, (Real Estate Finance, Oct. 2006).
Foreclosure auctions: bidder beware, (New York Times, Apr. 9, 2006).
Tax consequences of flipping real estate, (BankRate.com, Jan. 2006).
"Flip" - it's not just another four-letter word, (Realty Times, Jan. 2006).
Flipping houses is harder that it looks, (MSN Real Estate, 2006). |
Foreclosure Help
Tips for avoiding foreclosure, (HUD, Jan 2., 2008)
Protect yourself from mortgage fraud, (YouTube.com, Dec. 2007). Freddie Mac video.
The court house: how one family fought foreclosure; amid mortgage misery, the Davets fended off eviction for eleven years, (Wall Street Journal, Dec. 28, 2007).
What should be done to help households facing foreclosure?, (Brookings Institution, Nov. 2007).
Foreclosure scams, (Bank Rate.com, Oct. 25, 2007).
Pre-foreclosure FAQs, (HUD, Feb. 27, 2007).
Avoiding foreclosure rescue scams, (CNN Money.com, Dec. 7, 2006).
Financial institutions and foreclosure intervention: innovative partnerships and strategies to better serve borrowers in default, (Neighbor Works America,Nov. 2007).
Maybe we can work it out; if banks would modify the loan terms, the majority of at-risk borrowers could pay their mortgages and stay in their homes., (Newsweek, Nov. 26, 2007).
'Helpers' want your house; Foreclosure scams spread, as lenders promise 'rescue' loans, (Wall Street Journal, Nov. 25, 2006). |
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Books, eBooks & Other Resources
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Books, Videos, Research Reports & More
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The resources below are available for loan through Information Central. Up to three books, tapes, CDs and/or DVDs can be borrowed for 30 days from the Library for a nominal fee of $10. Call Information Central at 800.874.6500 for assistance.
Complete guide to flipping properties, (Chicago, IL: John Wiley & Sons, 2004). HF 5438 B45c
Renovate to riches: buy, improve, and flip houses to create wealth , (Chicago, IL: John Wiley & Sons, 2004). HF 5438 D88
Foreclosure: Prevention and Opportunities for Buyer-Clients, (REBAC Course; 2008).
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Helpful Websites
Foreclosure assistance programs by state, (National Association of REALTORS®) .
Foreclosure FAQs, (HUD).
Foreclosures.com - Brief summary of foreclosure laws by state.
Learn How to Avoid Foreclosure and Keep Your Home - NAR downloadable brochure.
Federal Trade Commission - Mortgage payments sending you reeling? Here’s what to do.
CNN Money - Renovation calculator.
Bob Vila.com - Home improvement library.
Be Jane.com - Home improvement tutorials & articles.
Internal Revenue Service - IRS seized property auctions.
RealtyTrac.com - Fee-based foreclosed property search.
Foreclosure.com - Fee-based foreclosed property search.
Pre-Foreclosure Property Investor's Kit
Item #141-145
Step-by-step instructions on how to win big in real estate..
Order online or by calling 800-874-6500.
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The material on this page is presented by
NAR's Information Central.
Updated Jan. 2008
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