Home buyers and investors should no longer expect a big discount, if any, when buying a foreclosure, according to the latest housing reports.
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Federal agencies are teaming up to investigate false mortgage advertisements across the country, as well as advertisements by home builders and real estate professionals.
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The average FICO score for first-lien loans reached 750 in October, a rise from 741 in August.
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“Builders are reporting increasing demand for new homes as inventories of foreclosed and distressed properties begin to shrink in markets across the country,” says a spokesperson for the home builder trade group.
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In some areas of a $26 billion mortgage settlement, banks are extending far more principal mortgage reductions and loan modifications to home owners than expected.
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