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Buying foreclosed homes soared in popularity during the Great Recession as a wave of foreclosures hit the market and drove down prices nationwide.
The National Community Stabilization Trust (NCST or Stabilization Trust) is a Washington, D.C.–based non-profit organization that facilitates the transfer of foreclosed and abandoned properties from financial institutions nationwide to local housing organizations to promote property reuse and neighborhood stability.
A judicial decision is announced after the exchange of pleadings at a (usually short) hearing in a state or local court in the US. In some rather rare instances, foreclosures are filed in US federal courts. A judicial officer supervises the sale and executes the legal papers and deed if any.
The homes on each of these properties were torn down with state, local and federal tax dollars. The bills for the taxpayer-funded demolitions, which typically run between $5,000 and $10,000, were ...
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Because homes are being sold as incomplete, the prices are much lower than others in the area, which brings down the local average property value. Foreclosure stripping is also a problem for banks , as mortgages are unavailable on incomplete properties meaning that for resale to occur, a cash buyer is necessary.
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