Real Estate News – September 1, 2011

Some foreclosed home owners are taking out their anger on the homes they are forced to leave behind, smashing holes in the walls, scribbling graffiti everywhere, leaving piles of trash, and ripping out appliances. More banks — facing a growing problem from trashed foreclosures — are opting to offer homes at big discounts rather than fix the repairs, which can send surrounding home values in the neighborhood spiraling down, experts say (via REALTORMag):

The Federal Deposit Insurance Corp. has filed an objection to Bank of America’s proposed $8.5 billion mortgage-bond settlement to resolve claims from investors in Countrywide Financial. As the receiver for failed banks, the FDIC owns securities covered by the settlement and is pushing for more information to adequately evaluate the proposal (via REALTORMag):

The Average Loan In Foreclosure Has Been Delinquent For A Record 599 Days (via

The Obama administration is considering unveiling new plans next week to revive the ailing housing market and reduce foreclosures, including an effort to help troubled borrowers refinance their mortgages (via

A Raleigh, N.C., man was recently arrested and faces several charges for allegedly squatting for at least seven months in a home valued at nearly $2 million and filing a fake deed and paperwork with the county, according to police (via REALTORMag):