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Real Estate News April 2012 - The single family market continues to be the strength of the market, for the month of March. While single family sales are down 3.1% from March 2011 to March 2012, sales are up almost 32% year to date, and the median sales price is up nearly $12,000 year to date. There was 21% increase in year over year sales in the condo market and as well as a 54% increase in month over month sales. Financing continues to be a problem with cash buyers being 60% to 65% of the market over the last year. Financing will be a key factor over the next year as the real estate market continues its recovery. The pendulum is just starting to swing back towards a seller’s market. With the number of listings so low sales prices have been starting to increase

Foreclosure News Archives October 8, 2010

The country’s largest bank, Bank of America widened its investigation into the flaws of the foreclosure procedures. As a result, foreclosure sales in all 50 states were put on hold. The bank previously froze foreclosure sales in the 23 states where foreclosure must be approved by a court. Bank of America, however, stresses that foreclosure process on delinquent borrowers will still push through. The only procedures that they are halting, according are the judgment and foreclosure sales. We haven’t found any problems in the foreclosure process. What we are trying to do is clear the air, ‘We will go back and check our work one more time,’” says Bank of America President and CEO Brian Moynihan.

Other banks gave into the pressure as well: PNC Financial Services Group announced it is also suspending foreclosure sales for 30 days. Citigroup, however, refuses to make changes to its foreclosure procedures saying the bank sees no reason to believe that employees are not following proper policies. Ally Financial (previously GMAC Mortgage) and JPMorgan Chase also stopped foreclosure proceedings in 23 states.

Between 2006 and 2011, some $7 trillion in American wealth was wiped out when home prices dropped 30 percent after dramatic climb in valuations during the housing bubble

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