foreclosures

Federal Reserve Chairman Ben Bernanke said Thursday that the government must do more to address foreclosures.

Selling a home in this market is hard enough. Competing in a neighborhood flooded with foreclosed homes that are heavily discounted is nearly impossible.

National home prices, driven lower by a flood of foreclosures, plummeted by a record year-over-year 9% in the third quarter, according to a report issued Tuesday.

AP - The number of homeowners caught in the wave of foreclosures in October grew 25 percent nationally over the same month in 2007, data released Thursday showed.

AP - Citigroup says it is imposing a moratorium on most foreclosures as part of a series of initiatives aimed at helping at-risk borrowers remain in their homes — making Citi the latest big bank to announce sweeping efforts to try to curtail losses from souring mortgages.

For years, bad loans and their aftershocks have been sending homeowners into foreclosure. Now its lost jobs that are putting troubled borrowers over the edge.