Foreclosures Drive April House Sales
Foreclosures Drive April House Sales
Los Angeles Daily News
Foreclosures accounted for more than half of the homes sold in Southern California last month, spurring the market but pushing down the median price to $247,000, the lowest in more than seven years, a research firm said Tuesday. And while Los Angeles County's median price hovered around $300,000 for the fourth consecutive month, that fragile trend could be shattered by another looming wave of foreclosures, said San Diego-based MDA DataQuick.
Wall Street Journal
The pace of housing sales has been rising in many markets this year, but it is only partly because families seeking affordable housing are returning to the market. It also is because of investors like former Deutsche Bank managing director Matthew Cooleen, whose firm has spent $30 million buying pools of foreclosed houses from banks. His newly formed Greenwich, Conn.-based firm, HudsonCross Financial, is betting it can make a profit reselling in beaten-down markets in states like Nevada, Arizona and Florida and in Southern California because it is paying so little for the homes.
Wall Street Journal
Bruce Marks doesn't bother being diplomatic. A campaigner on behalf of homeowners facing foreclosure, he was on the phone one day in March to a loan executive at Bank of America Corp. "I'm tired of borrowers being screwed!" Mr. Marks yelled into the phone. "You're incompetent!" Before hanging up, he threatened to call bank CEO Kenneth Lewis at home to complain about the loan executive