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Homeowners who are strapped with a mortgage loan that is higher than their home's value often turn to short sales to rid themselves of debt and avoid foreclosure.
As the future of the economy remains uncertain, some individuals may be wondering how they can better improve their financial condition to start making money again rather than simply having sufficient funds to stay afloat.
Following the subprime mortgage crisis that was largely the result of predatory practices, the government has been adding layers of protections to the current lending rules.
A flood of recent reports and statistics reveal that the number of Americans defaulting on their mortgage loans and subsequently losing their homes to foreclosure is not improving in many areas of the country.
The first half of the year has not been kind to consumers and businesses in Massachusetts.
Fannie Mae recently introduced a new rule that would require lenders to run an extra credit check on potential borrowers before they closed on their mortgages.
Despite a decline in delinquency rates for across most consumer categories, commercial rates climbed again to almost record highs.
The real estate industry is cautiously expecting more favorable conditions in 2010, with help from the recently-extended tax credit for home buyers.
Consumers have been increasingly flocking to the real estate market in recent months, driven by improving economic conditions and a popular government tax credit.