Banks are more willing to agree to a sale at a lower cost than a home owner’s mortgage balance in order to avoid having the property fall into foreclosure, which can be more costly for a lender.
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Federal Reserve Chairman Ben Bernanke told lawmakers Wednesday that the economy is improving, and the Fed plans to carry on with its policy of holding key interest rates low — at least for now.
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Fannie Mae announced Wednesday that it will ask for an additional $4.6 billion in federal aid after posting a big loss in the fourth quarter and a disagreement with Bank of America, Reuters News reports.
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Florida has been bogged down by a backlog of foreclosures stuck in its court system, but lawmakers hope a new bill will get foreclosures moving faster in the state. This week, the Florida House of Representatives approved a bill to speed up foreclosures, which can take more than 900 days to complete in the state.
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Mortgage applications for those purchasing homes was on the upswing last week: Applications for purchases grew to a seasonally adjusted 8.2 percent during the week ending Feb. 24, the Mortgage Bankers Association reports.
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Practitioners who focus on the foreign buyer population, along with local sellers, can enjoy a thriving business — especially in markets like California, Texas, and Florida.  In the former two states, roughly one out of every 10 residential properties is bought by someone outside of the country; in the Sunshine State, the share is about one in three.
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