'Shadow' homes could burden US housing agencies, report says

'Shadow' homes could burden US housing agencies, report says

Well over a million US homeowners are months behind on payments on government-backed mortgages, raising the risk federal housing agencies will face the cost of managing a fresh flood of foreclosed homes, two government watchdogs say.

Wednesday, 5 June, 2013, 4:40am

Mortgage foreclosures surge in Northern Ireland

The Ardoyne area in Belfast is becoming more and more popular as the Northern Ireland economy strikes hard times. Photo: Wikipedia

Belfast retail worker Chantal McCarthy never thought she would have to find a new home at the age of 57, but her husband lost his job as a builder three years ago and their finances have since spiralled downward.

5 Jun 2013 - 4:40am 1 comment

US mortgage giants offer incentive to walk away from home loan debt woes

Prices are recovering after the worst foreclosure crisis since the Great Depression. Photo: Bloomberg

Non-delinquent borrowers with illness, job changes or other reasons they need to move will become eligible in March to apply for a so-called deed-in-lieu transaction that erases the shortfall between a property's value and the size of its mortgage. It follows a change in November that lets on-time borrowers sell properties for less than they owe, known as short sales, wiping out the remaining mortgage debt. Normally, the lenders could pursue people to recoup their losses.

30 Jan 2013 - 4:07am

Ship managers float on a rising tide of repossession

Banks prefer to repossess vessels rather than arrest the ships and sell them. Photo: Bloomberg

Banks are set to take tougher action against distressed shipowners this year, leading to a rise in loan foreclosures and lenders taking possession of vessels, shipping experts say.

19 Jan 2013 - 5:12am

US government freezes home foreclosures for victims of Sandy

US government freezes home foreclosures for victims of Sandy

The US government said it had ordered the suspension of some housing foreclosures in areas hit by Hurricane Sandy and would help find hotels and motels to temporarily house some 34,000 people displaced by the storm.

7 Nov 2012 - 4:10am

Superstorm Sandy slams New Jersey's struggling housing market

Hurricane Sandy left a trail of shattered homes in New Jersey. Some had only just been rebuilt after Hurricane Irene. Photo: Bloomberg

Cody Buck rebuilt his home in Sayreville, New Jersey, after Hurricane Irene knocked it down last year. A week ago, Buck showed New Jersey Governor Chris Christie how superstorm Sandy had destroyed the house again.

7 Nov 2012 - 3:16am

Smart money

Some useful resources for investing in distressed US real estate:

13 Feb 2012 - 12:00am

Brokering a silver lining in a dark cloud

'Every crisis brings an opportunity'. That is the motto of Paul Liang, a Taiwanese immigrant who arrived in the United States at the age of 12.

3 Aug 2011 - 12:00am

Film distribution deal off as UK-based firm bites the dust

The Lord giveth and the Lord taketh away. Media Asia has recently giveth and taketh away, too - but we doubt it's feeling particularly Christian. The Hong Kong film company had granted the overseas rights to its catalogue to speciality distributor Tartan Group, but now it has taken them all back because the indie label has gone out of business.

28 Jul 2008 - 12:00am

Strategy puts US buyers at risk

Foreclosures are rising as a third of the nation's owners who took out interest-only loans feel the pinch

The buy-now-pay-later strategy of millions of American homeowners is facing mounting risks. In some parts of the United States, the number of foreclosed residential properties has soared in recent weeks.

20 Apr 2005 - 12:00am

Foreclosed homes sell swiftly as prices rise

Home buyers are snapping up units repossessed by mortgage lenders

Sales of foreclosed homes soared across the city as the housing market bounced back over the past two months.

With home prices rising steadily since late August, prospective buyers are looking to foreclosure sales as a way to land homes at below-market prices.

5 Nov 2003 - 12:00am

Homework can lead to a bargain

Foreclosed homes often sell for less than the market price, but not all of them are a bargain.

At best, you could end up with a decent home at a discount, or one you can rent or resell for a tidy profit. At worst, you are saddled with a house that will cost more time and trouble than you bargained for.

So, how can you make a wise choice?

5 Nov 2003 - 12:00am

First-quarter sales slow as investors opt for equities

First-quarter sales transactions in the office property market are expected to have dropped modestly from the previous quarter as investors shifted their focus to the stock market, according to property consultants.

22 Mar 2000 - 12:00am

Midland foreclosure sale expected to pull in buyers

Midland Realty plans to offer 22 bank-foreclosed residential and commercial properties worth about $70 million for auction on Monday.

Properties on offer include 17 residential units, four office premises and a car-park space.

11 Feb 2000 - 12:00am

Bids placed for Phoenix Tower

Six to seven potential buyers submitted bids for the foreclosure sale of Phoenix Tower in Causeway Bay, originally owned by the Hong Kong subsidiaries of collapsed Guangdong International Trust and Investment Corp, sources said. The tender, arranged by First Pacific Davies, closed yesterday.

27 Nov 1998 - 12:00am