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Tuesday, October 7, 2008

DAILY BRIEFING: Tuesday, October 7, 2008

DAILY BRIEFING
Tuesday, October 7, 2008



COUNTRYWIDE FINANCIAL CORP.

Countrywide Financial, now owned by Bank of America, will provide financial relief to 52,000 Florida homeowners, who could see their mortgage principal or interest rate reduced. The deal will cost up to $1 billion under a settlement reached with the state's attorney general.

FORECLOSURE AUCTIONS

Florida's Duval County is set to become the first county in the nation to hold an Internet foreclosure auction next month, forgoing the traditional courthouse sale in the hope of attracting buyers from other areas. But some real estate professionals think it's a bad idea, since Internet searches may not tell a buyer everything about a property's title.

REAL ESTATE INVESTMENT

Real estate investors want to buy low and sell high, but which neighborhoods will see an increase in value? Look for the artists. They generally flock to lower-valued properties, but hip boutiques and cool restaurants usually follow.


AFFORDABLE HOUSING

Many lower-income families find their dream of homeownership coming true as Habitat for Humanity organizations across the nation are able to buy more affordable properties due in part to the sluggish economy. In Miami, the local group has been getting calls from residents trying to sell their homes and recently began looking into purchasing foreclosures.

HOMEOWNERSHIP

The Census Bureau's 2007 American Housing Survey reports that total residential units across the U.S. hit 128.2 million last year, up about 4 million from 2005. Detached single-family homes accounted for 80 million units, with manufactured or mobile homes making up 6.3 million units.

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