Home Prices Dropping Faster in Largest U.S. Cities

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 The nation’s home prices expected to keep dropping in the biggest cities.

Home prices are falling in the nation’s largest cities and are expected to keep falling next year, as fewer people purchase homes and millions of foreclosures come on to the market.  The Standard & Poor’s/Case-Shiller 20-city home price index released Tuesday fell 1.3 percent in October from September.

 

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High-end ‘Mansion Squatting’ is a Growing Trend Around the U.S.

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Randy and Evi Quaid were found squatting in a guest house on a million-dollar property Quaid once owned.

On the big screen, actor Randy Quaid may be best known for his mooching, move-in-and-never-leave character “Cousin Eddie” from National Lampoon’s “Vacation” films. Last weekend, he allegedly followed his own Hollywood script.

 

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The Homeownership Rate Continues to Decline

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Foreclosures may send homeownership to it’s lowest level in 50 years.

Millions of houses on the verge of foreclosure threaten to send homeownership to its lowest level in 50 years, according to new industry estimates.Fresh projections say the rate could plummet to about 62% as early as 2012 and almost certainly by the end of the decade. Homeownership rates haven’t been that low since they hit 61.9% in 1960.

 

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Lenders Aggressively Going After Money Lost in Foreclosures

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In many cases, the foreclosures don’t end with the taking of the house

Over the past year, lenders have become much more aggressive in trying to recoup money lost in foreclosures and other distressed sales, creating more grief for people who thought their real estate headaches were far behind.

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Courts Overwhelmed with a Backlog of Millions of Foreclosure Cases

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Homesowners face a backlog of foreclosure cases in the courts.

Shortly after Orlando Eslava’s bank started to push him through the foreclosure process last year, he got some good news: He was eligible for a government mortgage relief program that would lower his loan payments. But the lender plowed ahead with the foreclosure sale anyway, taking back the condo in Aventura, Fla., even as Eslava made payments under the federal plan.

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‘Free Rent’ Approach on the Rise as Some Homeowners Stop Paying Mortgages

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Some homeowners stop paying their mortgages.

For Alex Pemberton and Susan Reboyras, foreclosure is becoming a way of life — something they did not want but are in no hurry to get out of.  Foreclosure has allowed them to stabilize the family business. Go to Outback occasionally for a steak. Take their gas-guzzling airboat out for the weekend. Visit the Hard Rock Casino.

 

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More Than 10% of Homeowners Missed a Mortgage Payment First Quarter of 2010

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A short sale is when banks agree to let borrowers sell their homes for a reduced price if they owe more than it’s worth.

The number of homeowners who missed at least one payment on their mortgage surged to a record in the first quarter of the year. More than 10% of homeowners had missed at least one mortgage payment in the January-March period, the Mortgage Bankers Association said Wednesday. That number was up from 9.5% in the fourth quarter of last year and 9.1% a year earlier.

 

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More American’s Moved Last Year But Not Long Distance

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Most American’s are not moving far from home.

More Americans moved last year than in the previous year, but most didn’t go far, a sign that foreclosures and housing costs are still keeping people close to home.  About 37.1 million Americans — 12.5% of the population — changed addresses from 2008 to 2009, the Census Bureau reported Monday.

 

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Overcrowded Housing in Chicago Worsening

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A roommate prepares a meal in their overcrowded apartment that is share by two couples in Chinatown

Like many Chicago-area residents who’ve lost their homes to foreclosure, Alondra Navarette had nowhere to turn when forced to leave her spacious house earlier this year.  The struggling maid could no longer afford her ballooning mortgage payments when house-cleaning jobs dried up. So she moved into the already cramped basement apartment occupied by her daughter and a roommate on Chicago’s Northwest Side.

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