Should you still pay property tax because the bank has not recorded the deed?

Question: The Bank foreclosed on a piece of property of mine 4 months ago a and bought it at the foreclosure sale. They have yet to record the deed in thier name. It is still registered to me at the courthouse. Issue is the property taxes still get billed to me.

Continue reading Should you still pay property tax because the bank has not recorded the deed?

Forclosures rise in July

he number of U.S. households on the verge of losing their homes rose 7 percent from June to July, as the escalating foreclosure crisis continued to outpace government efforts to limit the damage.

Foreclosure filings were up 32 percent from the same month last year, RealtyTrac Inc. said Thursday. More than 360,000 households, or one in every 355 homes, received a foreclosure-related notice, such as a notice of default or trustee’s sale. That’s the highest monthly level since the foreclosure-listing firm began publishing the data more than four years ago.

Banks repossessed more than 87,000 homes in July, up from about 79,000 homes a month earlier.

Nevada had the nation’s highest foreclosure rate for the 31st-straight month, followed by California, Arizona, Florida and Utah. Rounding out the top 10 were Idaho, Georgia, Illinois, Colorado and Oregon. Among cities, Las Vegas had the highest rate, followed by the California cities of Stockton and Modesto.

While there have been numerous recent signs that the ailing U.S. housing market is finally stabilizing after three years of plunging prices, foreclosures remain a big concern. Foreclosures are typically sold at a deep discount, hurting neighbors’ home values. Should I Refinance my Home

The mortgage industry has been slow to adapt to the surge in foreclosures. Many lenders have needed government prodding to get up to speed with the Obama administration’s plan to stem foreclosures.

Housing failure continues

Housing, which led the economy into recession, may be one of the forces that helps to pull it out of the ditch.

After 14 quarters of declining investment in homes averaging one percentage point of GDP per quarter, residential investments could actually add to the nation’s gross domestic product in the third quarter, economists say.

No one expects a renewed housing boom. But at least sales and construction spending aren’t falling any more.

Signs of stabilization abound:

*  Home builders are gradually becoming more hopeful, even though surveys show most builders are still very discouraged. The builders’ housing market index has risen in four of the past five months.

*  Housing starts have increased in four of the past five months after tumbling to a postwar record low. Building permits for single-family homes have risen at a 109% annual rate over the past three months.

*  Sales of new single-family homes have risen three months in a row after falling to a record low in March.

* Sales of existing homes have risen four of the past five months, supporting by a government subsidy for first-time buyers and by sales of foreclosed homes.

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Read the news carefully today. You never know what you're gonna get. For recommended reading materials on mortgages and refinance aspects and how to fix your deeds or just plain news on real estate, check out the new york times online. It's a very good source of information.