All Articles Tagged "home foreclosures"
When the real estate bubble popped in 2008, even the rich and famous weren’t immune from the consequences. As of October, foreclosure filings–default notices, scheduled auctions and bank repossessions–were reported on 332,172 properties, a 4% decrease from the previous month but almost exactly the same total reported in October 2009, according to RealtyTrac, an online marketplace for foreclosure properties. Here’s a look at some highly publicized foreclosures since 2008:
Known as “the most famous foreclosure ever,” the king of pop defaulted on a $24.5 million loan in 2008 for his 2,676-acre Neverland Ranch in Los Olivos, Calif., which included an amusement park, a zoo, and giant statues. To avoid foreclosure, he sold the property to a real estate investment company, Colony Capital LLC. There were plans to renovate and re-sell it but presently, nothing has come to fruition.
(AOL Black Voices) — According to a recent Newser article, an astonishing one million Americans will likely lose their homes to foreclosure this year. This is even more incredible if you consider that during a normal year before the recession approximately 100,000 homes were foreclosed upon. In addition, approximately 1.7 million homeowners received foreclosure notices between January and June of this year, which equals about 1 in every 78 homes.