Some refer to “zombie titles” as a little-known horror in the fallout of the foreclosure crisis. Thousands of home owners are discovering they may be legally liable for a home they thought they no longer owned.
Many experts once warned that the looming “shadow inventory” posed a big problem for the housing market’s recovery, but that threat appears to be receding, according to a new report.
More housing reports released this week show the housing recovery is gaining momentum.
Closed real estate transactions were nearly 18 percent higher in October compared to year-ago levels, according to the October RE/MAX National Housing report, which includes MLS data for 52 metro areas. October — the latest data available — also marked the sixteenth month in a row in which sales were higher to the corresponding month in the previous year.
Mortgage giants Fannie Mae and Freddie Mac have issued new rules, which will take effect Nov. 1, that will allow short sales for underwater borrowers who have never missed a mortgage payment. Previously, Fannie and Freddie allowed only home owners who had missed payments to qualify for a short sale.
The FBI has issued a warning about recent malware attacks that are targeting the operating systems on Android smartphones.