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Foreclosures Can Offer Deals, but Buyer Beware

New York Times - Fri Dec 4, 5:45 pm ET

Houses in foreclosure often sell for 15 to 20 percent less than comparable in the same neighborhood.

News Stories

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Mortgage-Bond Yields Jump to Highest in Month After Jobs Data
Bloomberg - Fri Dec 4, 11:56 am ET
Dec. 4 (Bloomberg) -- Yields on Fannie Mae and Freddie Mac mortgage securities climbed to the highest in a month amid signs the employment market is improving, signaling that interest rates on new home loans may extend a rebound from record lows.
Regulators shut AmTrust Bank in Ohio, 5 others; 130 failures this year
USA Today - 1 hour 38 minutes ago
Regulators on Friday shut down Ohio's AmTrust Bank, the fourth-largest bank to fail this year. They also closed five others, bringing to 130 the number of U.S. banks to be brought down so far in 2009 by recession and mountains of bad debt.
Banks Take Losses on Short Sales as Foreclosures Soar (Update2)
Bloomberg - Fri Dec 4, 2:11 pm ET
Dec. 4 (Bloomberg) -- Drew Schlosser tried for two years to sell his three-bedroom Punta Gorda, Florida, waterfront condominium for less than he owed on its two mortgages.
The Dark Side Of TIPS
Forbes - Fri Dec 4, 5:53 pm ET
Treasury inflation-indexed bonds carry a little-understood risk.
Sony Chief Pushes Online Plan for Recovery
New York Times - Fri Dec 4, 5:29 pm ET
The company says it will create an online network that pipes its films, music, games and other content to its TVs, Walkmans and PlayStation game machines.
Iran Will Keep Nuclear Plans Secret
New York Times - Fri Dec 4, 4:48 pm ET
Iran said Friday it would keep plans for 10 new enrichment plants secret until six months before they were ready to concentrate uranium into nuclear fuel.
MGIC Capital Waiver a ‘Road Map’ for Saving Insurers (Update3)
Bloomberg - Fri Dec 4, 4:38 pm ET
Dec. 4 (Bloomberg) -- MGIC Investment Corp. ’s capital- requirements waiver offers a “road map” to save unprofitable mortgage guarantors, Wisconsin Insurance Commissioner Sean Dilweg said.
U.S. mortgage rates fall to record low: Freddie Mac
Washington Post - Thu Dec 3, 11:42 am ET
NEW YORK (Reuters) - U.S. mortgage rates dropped to a record low in the latest week, as rates fell for a fifth straight week, a closely watched mortgage survey showed Thursday.
Banks Take Losses on Short Sales as Foreclosures Soar (Update1)
Bloomberg - Fri Dec 4, 9:57 am ET
Dec. 4 (Bloomberg) -- Drew Schlosser tried for two years to sell his three-bedroom Punta Gorda, Florida, waterfront condominium for less than he owed on its two mortgages.
30-year rates fall to 4.71%, elicit mortgage applications
USA Today - Fri Dec 4, 2:36 am ET
The average interest rate for a 30-year mortgage dropped to a record low of 4.71% this week, pushed down by an aggressive government campaign to reduce borrowing costs.
US suspect in husband's killing caught
AP via Yahoo! News - Fri Dec 4, 1:07 pm ET
Austrian police have arrested an American woman sought in connection with the killing of her ex-husband, who died when a pipe bomb exploded in his car more than a decade ago, law enforcement officials said Friday.
In real estate, nesting is the new flipping
CNN Money - Fri Dec 4, 6:40 am ET
If flippers were the poster children of the real estate boom, then nesters are becoming the icons of the new housing market.
US, Russia pledge to work for new START treaty
AFP via Yahoo! News - Fri Dec 4, 11:27 am ET
Washington and Moscow pledged on Friday to uphold the "spirit" of the START nuclear arms treaty and to seek a new agreement as soon as possible, hours before the landmark 1991 pact was to expire.
From coal to culture: Louvre-Lens site inaugurated
AP via Yahoo! News - Fri Dec 4, 11:04 am ET
It's an abandoned coal mining site in a depressed corner of northern France that was pummeled by the two world wars.
Mortgages: Fixed-rate mortgages hit record low: Freddie Mac
Market Watch - Thu Dec 3, 11:02 am ET
Average rates for 30-year and 15-year fixed mortgages fall to a record low this week.