Although the timing is far from festive, the lender says it's moving forward only with the sale of homes that are vacant or not occupied by the owner.
In the same news release in which Bank of America touted a holiday reprieve on foreclosure evictions from Dec. 20 to Jan. 2, it also announced that it's restarting 16,000 foreclosures after the freeze it implemented in October.
Since Dec. 20 is little more than a week away, it should come as no surprise that Bank of America says it plans to move forward only with the sales of foreclosures that are either vacant or renter-occupied, so it could certainly be worse.
A growing number of homeowners plan to rent their next home, but financial constraints aren't the only reason for this short-term trend.
Although a growing number of Americans don't think it's a good time to buy a home now, most still are interested in becoming a homeowner someday, despite the housing crisis, according to a new analysis by Fannie Mae. (Bing: Are you ready to buy a house?)
But in the meantime, the share of both renters and homeowners who plan to rent rather than own their next home rose to 33% in the third quarter, up from 30% in January.
The short-time aspirations for renters to become homeowners is even more bleak, with 59% saying they're more likely to rent their next home, compared with 54% in in January. But long-term, 51% of both renters and homeowners say the housing crisis has not affected their overall willingness to buy a home.
The wife of late Hollywood great Aaron Spelling has purchased what's believed to be the most expensive condo in Los Angeles on record.
Candy Spelling, the wife of late Hollywood producer Aaron Spelling, just can't stop setting records in the real-estate world.
First, she put their 123-room mansion in Los Angeles' ritzy Holmby Hills neighborhood on the market for $150 million, which at the time was the most expensive home listed for sale in the world. (Two home sales have since surpassed that price: a $220 million penthouse in London and a $308 million penthouse in Monaco.)
And even though her 56,500-square-foot megamansion, known as The Manor, still is up for grabs, Spelling has managed to snag what appears to be Los Angeles' most expensive condo on record, according to Curbed L.A. (Bing: Learn more about the different neighborhoods in L.A.)
The total decline since the peak in June 2006 is estimated at $9 trillion, according to Zillow.
Don't panic, but Zillow estimates that by the end of this year, home values across the nation will have lost a total of $1.7 trillion in 2010.
Ouch. That's even higher than the estimated losses of $1 trillion in 2009, and it brings the total losses since the housing peak in June 2006 to $9 trillion.
The Zillow blog notes that figure is larger than the cost of 12 wars in Iraq, considering the current war has cost $750.8 billion, according to a September report by the Congressional Research Service.
For the nearly one-quarter of U.S. homeowners who owe more on their homes than the home is worth, there are a number of factors to consider before deciding whether to default on your loan.
With more than a quarter of U.S. homeowners underwater on their mortgages, countless borrowers have likely pondered the pros and cons of walking away from a home they owe more on than it's worth.
For many homeowners, walking away from a contract they signed isn't an option, regardless of the mounting losses. Meanwhile, others facing financial hardship might think they have no other option, while some borrowers have the means to pay, but still choose to walk away from their underwater home. (Bing: How do mortgage laws differ from state to state?)
Regardless of a borrower's opinion on the matter, it's rarely an easy decision, and there's certainly no easy answer, because of state laws and other factors that can let some homeowners simply walk away, while others are pursued for years for that debt.
Now there's a new book that aims to make that decision easier for you: "Underwater Home: What Should You Do if You Owe More on Your Home Than It’s Worth?"
Paying insurance and taxes on a vacant home isn't worth it for homeowners forced to wait until the market picks back up again to sell.
Maybe the man facing foreclosure earlier this year who bulldozed his home to keep it out of his bank's hands was actually doing the lender a favor.
According to the Sarasota, Fla., Herald-Tribune, some people see knocking down their homes as the best way to get the most value out of their property as they wait for the economy to improve. (Bing: Plotting your own home's demolition? Where to rent a bulldozer)
Carl and Susanne Wise of Sarasota are one such couple; they bulldozed their 13-year-old home, which just a couple of years ago was worth $1 million.
Former members of the military are looking for a lot of the same amenities as most retirees, but easy access to some of their benefits for a lifetime of service are an added perk.
Deciding where to enjoy your golden years is no easy task these days. For the most part, retirees have less to spend, just as home values and the cost of living in many of the nation's retirement hot spots rise despite the shaky economy elsewhere.
There are even more concerns for retired members of the military to consider before they decide where to settle down. Sure, like most retirees, most are looking for great recreational options, dependable medical care and educational opportunities.
But to take advantage of the benefits available to them after a lifetime of service, they might be a little pickier about some of the nearby amenities, as well as how military pensions are taxed by each state.
Sound like too much work for somebody who's supposed to be retired? No worries, the military has taken care of it for you by creating a list of the 10 best cities for military retirees.
The Dallas Mavericks' Shawn Marion also is throwing in jet service for four to and from the big game for the buyer of his 7,373-square-foot Florida home.
There are perks, and then there are perks. And in this home sale, the added incentive just might be a bigger draw than the home itself.
By the end of this month, NBA All-Star Shawn Marion of the Dallas Mavericks hopes to unload his $2 million home in Coconut Grove, Fla., by throwing in four club-level tickets to the Super Bowl, along with round-trip private jet service between Miami and Dallas for the game.
- See the listing at Realtor.com (an MSN Real Estate partner)
"The once-in-a-lifetime experience offered by Shawn is just icing on the cake ... it's an added value, at a time when homebuyers are craving added values," said listing broker Darren Weiner of Antigen Realty.