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Major banks are agreeing to give local governments and nonprofit groups the ability to buy foreclosed homes before they are sold to private investors. The Obama administration says local officials could benefit from acquiring these properties and using the land for redevelopment projects. Congress has provided ...

SLIGHT DECLINE: Real estate data provider CoreLogic says the number of U.S. homes with mortgages that exceed what the properties are worth fell slightly between the second quarter and the first three months of this year. It's the second consecutive quarterly decline. FORECLOSURES ...

Real estate data provider CoreLogic says the number of U.S. homes with mortgages that exceed what the property is worth declined slightly in the second quarter versus the first three months of this year. The firm said Thursday there were 11 million homes with ...

NEW YORK (Reuters) - The number of U.S. homes headed for foreclosure fell in the second quarter for the first time since the housing slump began in 2006, but improvements may be fleeting as the number of newly delinquent homeowners rose, a banking group said on Wednesday. The percentage of loans in the foreclosure process declined last quarter to 4 ...

Borrowers who had their mortgages modified recently are faring better than those who had them altered earlier in the housing crisis. That's according to a report Tuesday by a group of state banking and law enforcement officials. They say the findings suggest that earlier predictions of a coming ...

Nearly half of the 1.3 million homeowners who enrolled in the Obama administration's flagship mortgage-relief program have fallen out. The program is intended to help those at risk of foreclosure by lowering their monthly mortgage payments. Friday's report from the Treasury Department suggests ...

NEW YORK (Reuters) - A New York judge has put on hold a foreclosure auction for equity in Manhattan's giant Stuyvesant Town and Peter Cooper Village apartment complexes, a victory for senior lenders owed nearly $3.7 billion after the property's owner defaulted. In an order released Thursday, Justice Richard Lowe of the New York State Supreme Court in ...

When President Barack Obama visited Green Valley High School in February, he announced a new $1.5 billion fund to help jobless homeowners nationwide avoid foreclosure. The announcement was most welcome in Southern Nevada, which was hit with both high unemployment and record foreclosure rates in the midst of the worst economy ...

The executive director of the Philadelphia Housing Authority is facing foreclosure. Wells Fargo Bank has foreclosed on Carl Greene's $615,000, three-bedroom, 2,100-square-foot condominium in the upscale Naval Square development in southwest Philadelphia. The bank says in a lawsuit filed late last month that the amount in ...

NEW YORK (Reuters) - More Americans fell into foreclosure in July as a sour job market kept them from making payments, and banks took over homes at a near record pace. Banks repossessed the second highest monthly number of homes ever last month, working through distressed loans already on their books rather than sharply stepping up new default notices, real estate ...