Bank of America Stops All Foreclosures

Written by Alan Findlay on . Posted in Foreclosure, News

Bank of America is stopping foreclosures in all 50 U.S. states.

Last week the bank, the country’s biggest by assets, announced it was halting foreclosures in the 23 states where foreclosures are processed in court, saying it needed to review foreclosure documents for potential errors. Now, the bank has extended that moratorium to all 50 states as it has decided to stop sales of foreclosed properties, blocking a major step in the foreclosure process.

The decision comes as a foreclosure crisis threatens the nation’s housing market and larger economy. Reports of foreclosure processors approving documents without properly reviewing them and bank agents changing locks on the doors of houses that aren’t even in foreclosure — while the residents are inside — pile ambiguity and scandal on the foreclosure system. Delays in the process further cripple the weak housing market.

Source: Huffingtonpost.com

Buffalo Niagara Region Ranks 5th In Affordable Housing

Written by Alan Findlay on . Posted in Buffalo, News, Stats & Trends, Syracuse

Based on median sale price and median income, the Buffalo Niagara region ranked 5th among large metro areas on the quarterly “Housing Opportunity Index” created by the National Association of Home Builders and Wells Fargo.

The region earned an “affordability” score of 93.3 percent, meaning that percentage of new and previously occupied homes sold from April through June were considered affordable for a family earning the region’s median income. In Buffalo Niagara, the median sale price was $112,000, meaning half the homes sold for less than and more than that amount. The median family income was $63,700.

The survey does not take into account property taxes, often cited as a negative factor offsetting the region’s relatively inexpensive housing.

No. 1 on the most-affordable list for the second quarter was Syracuse, with a rating of 97.2 percent. Second was Indianapolis, which had held the No. 1 spot for five straight years. Upstate New York was well represented on the list, with Rochester at No. 10.

Source: BuffaloNews.com
Photo: Eliot Square, Buffalo NY via Flickr

Buffalo Foreclosure Filings Decline

Written by Alan Findlay on . Posted in Buffalo, Foreclosure, News, Stats & Trends

A mid-year report released by RealtyTrac Inc. shows foreclosure filings in Buffalo rank at the low end of the 206 markets measured nationwide. According to the report, there were 915 foreclosure filings in the Buffalo area from January through June, or one for every 570 households, a decline of 45 percent over the first six months of 2009. That placed Buffalo 197th on the list.

Read more: U.S. foreclosure woes not felt in Buffalo – Business First of Buffalo

57,256 Homeowners Receive Pre-Foreclosure Notice

Written by Alan Findlay on . Posted in Foreclosure, Mortgages, News

In the last three months, more than 57,000 pre-foreclosure notices have been sent to homeowners across the state — including 2,917 in Erie County — who are behind on their mortgage payments, reports Buffalo News. A state law enacted last year requires servicers to notify delinquent borrowers at least 90 days before initiating foreclosure proceedings and tell them how they can avoid foreclosure. Read more…

Decision Time for HSBC

Written by Alan Findlay on . Posted in Buffalo, News

HSBC Bank USA NA, the largest bank in Buffalo, expects to decide “in the next few months” whether it will renew its lease at the city’s tallest office building or move elsewhere.

HSBC spokesperson Neil Brazil said Friday that the bank, which employs 2,227 workers at the downtown One HSBC Center, initiated a review of its future real estate requirements in Buffalo earlier this year. The bank has leased space at the center since 1972, the year after the 40-story building opened.

Read more: HSBC site selection few months away – Business First of Buffalo

Housing Market Busy in April

Written by Alan Findlay on . Posted in Buffalo, News, Stats & Trends, Taxes

Many rushed to sign on the dotted line last month, as homebuyers in the Buffalo Niagara region scrambled to take advantage of federal tax credits on home purchases before they expired, reports Buffalo News Business Today.

Pending home sales jumped to their highest level in at least 11 years as buyers rushed to sign contracts before the April 30 deadline for federal tax credits of as much as $8,000.

The expiring tax credits pushed the number of pending sales that still are waiting to close up by 35 percent from a year earlier to their highest level for any month since at least 1999, according to figures released Wednesday by the Buffalo Niagara Association of Realtors.

Read more: Housing market hectic in April

Sale of Excellus Building Falls Through

Written by Alan Findlay on . Posted in News, Syracuse

A Houston company’s plan to buy the former downtown Syracuse home of Excellus Blue Cross Blue Shield has fallen through, a city official said today.

Davico Realty Group, of Houston, apparently backed away from the acquisition after determining that its intended anchor tenant for the 200,000-square-foot building “was not a viable tenant,” said Ben Walsh, deputy commissioner of the Syracuse Office of Neighborhood & Business Development.

Rad more: Syracuse.com

US Foreclosures Fell in April

Written by Alan Findlay on . Posted in Foreclosure, News, Stats & Trends

Foreclosures in the US fell by more than 2 percent in April from a year earlier, the first year-over-year decline in the five years RealtyTrac has been reporting the data.

The number of Americans receiving foreclosure notices was down 2.4 percent in April from a year before and 9 percent lower than March 2010.

Experts say the foreclosure situation is slowing, and may have hit a plateau.

Read more: CNBC

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