Amid growing public anger over U.S. home seizures, Bank of America Corp has suspended some of its foreclosures and JPMorgan Chase & Co has come under investigation in California and Connecticut. Get the full story »
Inside these posts: Foreclosures
Home loan delinquencies, excluding those loans already in foreclosure, rose 2.3 percent in May, to 9.2 percent nationally, according to a mortgage monitor report released Tuesday by Lender Processing Services Inc.
Meanwhile, the foreclosure inventory remained relatively stable compared with April, at 3.18 percent of all mortgage loans outstanding, the company reported.
Illinois is among the 10 states with the most loans in foreclosure or delinquency, with a rate of 13.6 percent of active loans. Nationwide, the rate is 12.38 percent.
President Barack Obama says that no matter how much the government spends, some people still won’t be able to afford their mortgages and will lose their homes.
There are still underlying problems in the housing market, the president said, in part because “some people just got too much house for their salary.”
Obama made his comments in response to a question Wednesday at a town hall event. Get the full story »
Distressed properties accounted for just over one-third of all residential sales in Illinois during the first three months of 2010, according to new data to be released Wednesday.
More than 8,400 distressed properties sold in Illinois during the first quarter, and the state recorded some of the highest discounts for bank-owned properties in the nation, said a report by RealtyTrac, an online marketplace that tracks foreclosed properties. Get the full story »