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Tag Archives: Movers & Shakers

RealtyTrac: 1 in 5 Foreclosures Vacated by Owner

As the foreclosure process drags on in certain states, sometimes the homeowner will beat the lender and leave before a foreclosure sale date is set. According to RealtyTrac's estimate, 167,680 properties in foreclosure have been abandoned by their owner. The total represents 20 percent of all foreclosures. Adding to this total are the more than 540,000 banked-owned properties still waiting to be sold to a third party.

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Mortgage Rates…The Descent Continues

Mortgage interest rates are already at their lowest level in decades, and this week, they headed even lower. The descent was prompted largely by fears that another housing downturn could hamper the economic recovery, after July's home sales took a deeper plunge than expected. Freddie Mac reports that 30-year fixed-rate mortgages are now averaging 4.36 percent, and 15-year mortgages are at 3.86 percent. Bankrate says the larger jumbo 30-year fixed rate also slipped to a new record low of 5.22 percent.

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Price Reductions Unchanged as Sellers Start the Summer With Optimism

Unchanged from last month, 22 percent of listings on the market as of June 1, 2010 experienced at least one price reduction, San Francisco-based Trulia recently reported. And price reductions dipped slightly from the same period last year when 23.6 percent of listings experienced price cuts. According to Trulia, the total dollar amount slashed from home prices was $26.7 billion, and the average discount for price-reduced home continued to hold steady at 10 percent off of the original listing price.

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