Foreclosure

11:45am

Fri February 8, 2013
The Two-Way

Squatter Relying On Archaic Law Is Kicked Out Of Florida Mansion

Originally published on Fri February 8, 2013 12:30 pm

The mansion Andre Barbosa was squatting in.
South Florida Sun-Sentinel

The unlikely tale of "Loki Boy" came to a quick, uneventful resolution on Thursday.

Without incident, Boca Raton Police have evicted Andre "Loki Boy" Barbosa from the $2.5 million mansion he had been squatting in citing Florida law.

Read more

1:36am

Mon February 4, 2013
Crisis In The Housing Market

Foreclosure Process Hammers Florida's Housing Market

Originally published on Mon February 4, 2013 10:09 am

A sign hangs outside a house in Miami in 2010. Currently, Florida's foreclosure legal process can take a couple of years, which critics say is hurting the housing market.
Joe Raedle Getty Images

A decade ago, speculators in Florida were pumping up a huge housing bubble.

"You couldn't go wrong," Tampa real estate attorney Charlie Hounchell says. In that overheated period from 2001 to 2006, "you could buy a house and make $100,000 a year later by selling it," he says.

But the party ended in 2007 and the hangover persists. The state now has the highest foreclosure rate in the country, beating out Nevada for the first time in five years.

Experts say the legal process in Florida is the key reason for the sluggish pace of foreclosures there.

Read more

4:06am

Tue January 8, 2013
Business

Settlements Underscore Damage Done In Housing Crash

Transcript

STEVE INSKEEP, HOST:

Some other news: Some of the biggest banks in the country have agreed to pay more than $18 billion to settle allegations of wrongdoing in their mortgage lending. That's today's "Business Bottom Line."

Bank of America said yesterday it would pay more than $10 billion to the mortgage company Fannie Mae because of bad loans sold during the housing boom. And in a separate settlement, 10 banks agreed to pay more than $8 billion in total, to settle claims that they made errors in foreclosing on people's homes. NPR's Jim Zarroli reports.

Read more

2:35pm

Wed November 14, 2012
Crisis In The Housing Market

Foreclosed Homeowners Getting Back In The Market

Originally published on Wed November 14, 2012 4:15 pm

Millions of U.S. families have a recent foreclosure on their record. Typically, that means waiting at least seven years before securing another home loan. But some families say they are having luck buying again — sometimes in as few as three years.
Justin Sullivan Getty Images

Buyers are coming back into the housing market after losing their homes during the financial crisis — returning to homeownership more quickly than lenders have typically allowed.

With millions of families with recent foreclosures on their records, some report that they are having luck buying a house — in some cases within three years.

Read more

8:58am

Mon November 5, 2012
Planet Money

Foreclosures Are Falling In States Where It's Easy To Foreclose

Originally published on Mon November 5, 2012 12:22 pm

Joe Raedle Getty Images

In New York, it takes an average of about three years for a bank to foreclose on a house.

In Texas, it takes about three months.

That's a huge, huge difference, and it's largely by design. About half the states in the country, including New York, require foreclosures to go through the courts. This slows down the process, and is intended to reduce the risk of someone being wrongly foreclosed on. In the other half of the country, including Texas, a third-party trustee can foreclose without going through the courts.

Read more

Pages