Featured Bank Owned Properties 041209

Traughber St., $493,000, 6 Bedrooms, 4 Bathrooms, 2038 SqFt
Randolph Dr., $483,600, 5 Bedrooms, 3 Bathrooms, 2197 SqFt
Kring Dr., $471,900, 3 Bedrooms, 2 Bathrooms, 1760 SqFt
Glengarry Dr., $449,900, 3 Bedrooms, 2 Bathrooms, 1407 SqFt
Merrill Lp., $444,900, 3 Bedrooms, 2 Bathrooms, 1221 SqFt
Parvin Dr., $434,900, 5 Bedrooms, 3 Bathrooms, 1942 SqFt
Destino Cir., $421,900, 4 Bedrooms, 3 Bathrooms, 1954 SqFt
Azule Ave., $414,900, 3 Bedrooms, 2 Bathrooms, 1208 SqFt
Ralene Pl., $409,900, 3 Bedrooms, 2 Bathrooms, 1041 SqFt
Kimball Dr., $404,900, 4 Bedrooms, 2 Bathrooms, 1618 SqFt

Featured Bank Owned Properties 041109

Lakewood, $394,900, 3 Bedrooms, 2 Bathrooms, 1108 SqFt
2nd St., $389,900, 3 Bedrooms, 2 Bathrooms, 1246 SqFt
Omira Dr., $389,900, 4 Bedrooms, 2 Bathrooms, 1400 SqFt
Alderwood, $375,000, 4 Bedrooms, 2 Bathrooms, 1399 SqFt
S 9th St., $374,900, 6 Bedrooms, 2 Bathrooms, 1700 SqFt
Story Rd., $369,000, 4 Bedrooms, 2 Bathrooms, 1476 SqFt
Eulalie, $344,900, 3 Bedrooms, 2 Bathrooms, 1232 SqFt
Turley Ct., $324,900, 4 Bedrooms, 3 Bathrooms, 1479 SqFt
N 17th St., $314,000, 3 Bedrooms, 2 Bathrooms, 1260 SqFt
Dixon Rd., $312,900, 3 Bedrooms, 1 Bathroom, 1085 SqFt

Nearby Homes Feel Effect of Foreclosures

Foreclosure homes vary in appearance from community to community. Some foreclosure sales are handled quietly and quickly resold by the lender for market value. One day a moving van pulls up, loads the occupant’s belongings and departs, shortly followed by a real estate broker’s For Sale sign. Few weeks later, a sold sign pops up and new owners move in.

In other neighborhoods, a foreclosed home might be boarded up and plastered with large signs advertising bank-owned or REO. Some of those homes might remain in an abandoned condition for years. The weeds grow high enough to cover sidewalks, pranksters throw rocks through second-floor windows, and the home becomes an eyesore, a dumping ground for used mattresses and automobile parts.

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Featured Bank Owned Properties 041009

Decatur Dr., $299,900, 3 Bedrooms, 1.5 Bathrooms, 960 SqFt
Platte River, $289,900, 3 Bedrooms, 2 Bathrooms, 1152 SqFt
Hiawatha, $284,900, 4 Bedrooms, 2 Bathrooms, 1353 SqFt
Amaryl Dr., $275,000, 2 Bedrooms, 1 Bathroom, 899 SqFt
Lyndale Ave., $274,900, 3 Bedrooms, 2 Bathrooms, 1667 SqFt
Pacina Dr., $269,900, 3 Bedrooms, 2 Bathrooms, 1200 SqFt
Azucar Ave., $259,900, 3 Bedrooms, 2 Bathrooms, 1290 SqFt
Poplar Dr., $237,445, 4 Bedrooms, 2 Bathrooms, 1542 SqFt
Gion Ave., $225,900, 2 Bedrooms, 1 Bathroom, 1038 SqFt
Beeman Dr., $220,000, 3 Bedrooms, 1 Bathroom, 887 SqFt

Bank Owned: 4572 Capitola Ave., San Jose, CA.

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Create Your Own Dream Place! Beautiful Views! This Charming San Jose Home Features Updated Baths, Eat In Kitchen, Brick Fireplace, Inviting Pool/Backyard Perfect For Entertaining, Central Forced Air Heat, Wood Burning Fireplace In Living Room, Separate Family Room, Shower Over Tub, Composition Roof, 2 Car Garage, Easy Accessible To Shopping, Restaurant, Employment, Entertainment, Major Freeways, Don't Miss This Great Price! Not A Short Sale! Asking $369,900

Featured Bank Owned Properties 040809

S 9th St., $199,900, 3 Bedrooms, 1 Bathroom, 1203 SqFt
N Cragmont, $199,500, 3 Bedrooms, 1 Bathroom, 1036 SqFt
Chrisland, $190,900, 3 Bedrooms, 1 Bathroom, 992 SqFt
Midfield Ave., $189,900, 3 Bedrooms, 1 Bathroom, 960 SqFt
Havana Dr., $189,050, 3 Bedrooms, 2 Bathrooms, 1040 SqFt
Balfour Dr., $166,900, 3 Bedrooms, 1.5 Bathrooms, 1075 SqFt
Rose Ave., $159,900, 2 Bedrooms, 1.5 Bathrooms, 1092 SqFt
Yew Tree Ct., $135,000, 3 Bedrooms, 1.5 Bathrooms, 1157 SqFt
Cinnamon Dr., $123,500, 2 Bedrooms, 1.5 Bathrooms, 1017 SqFt
Gum Tree Dr., $104,900, 2 Bedrooms, 1.5 Bathrooms, 1017 SqFt

Featured Bank Owned Properties 040509

Plateau Dr., $475,000, 4 Bedrooms, 4 Bathrooms, 1787 SqFt
Hallbrook Dr., $469,900, 4 Bedrooms, 2 Bathrooms, 1407 SqFt
Flagler St., $459,900, 4 Bedrooms, 3 Bathrooms, 1924 SqFt
Honey Dale, $439,900, 4 Bedrooms, 2.5 Bathrooms, 1861 SqFt
Rockway Dr., $429,000, 4 Bedrooms, 3 Bathrooms, 2428 SqFt
Muriel Ct., $424,900, 3 Bedrooms, 2 Bathrooms, 1645 SqFt
Drexel Wy., $414,900, 4 Bedrooms, 2 Bathrooms, 1703 SqFt
Tilton Ct., $402,800, 4 Bedrooms, 2 Bathrooms, 1618 SqFt
Pusateri Wy., $401,900, 4 Bedrooms, 2 Bathrooms, 1594 SqFt
Searcy Dr., $400,000, 3 Bedrooms, 3.5 Bathrooms, 1180 SqFt

Featured Bank Owned Properties 040409

Heron Ct., $384,900, 4 Bedrooms, 4 Bathrooms, 1615 SqFt
Avalani Ave., $379,000, 3 Bedrooms, 2.5 Bathrooms, 1532 SqFt
Catamaran, $373,915, 4 Bedrooms, 3 Bathrooms, 1637 SqFt
Manton Dr., $372,500, 4 Bedrooms, 3 Bathrooms, 1664 SqFt
Carick Pl., $364,900, 4 Bedrooms, 2 Bathrooms, 1478 SqFt
Freya Dr., $342,500, 3 Bedrooms, 2.5 Bathrooms, 1431 SqFt
Canton Dr., $335,000, 4 Bedrooms, 2 Bathrooms, 1522 SqFt
E. Misson, $329,900, 3 Bedrooms, 2 Bathrooms, 1178 SqFt
Kinross Way, $329,000, 4 Bedrooms, 2 Bathrooms, 1417 SqFt
Vaughn Ave., $327,000, 4 Bedrooms, 2 Bathrooms, 1166 SqFt

Buying Foreclosed Homes: Be Careful

If you're looking for a great deal on a house, one option might be to purchase a home that's in foreclosure.

But Early Show financial contributor Vera Gibbons says the process isn't for everyone: It's complicated and fraught with potential stumbling blocks.

There's certainly no shortage of properties in or approaching foreclosure to pick from.

Some three million foreclosures are expected this year alone, according to the Web site RealtyTrac.com>, three-to-four times the usual number.

Prices usually range from 20 to 80 percent below market value, depending on where the house is located.

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Featured Bank Owned Properties 040309

Stroud Pl., $299,900, 4 Bedrooms, 3 Bathrooms, 1688 SqFt
N Jackson, $285,000, 3 Bedrooms, 2 Bathrooms, 1200 SqFt
Alveswood, $285,000, 2 Bedrooms, 2 Bathrooms, 1178 SqFt
San Simeon, $280,000, 5 Bedrooms, 3 Bathrooms, 1965 SqFt
Griffith St., $275,900, 4 Bedrooms, 2 Bathrooms, 1154 SqFt
Shortridge, $274,900, 4 Bedrooms, 2 Bathrooms, 1528 SqFt
Lochner Dr., $269,900, 4 Bedrooms, 2 Bathrooms, 1154 SqFt
Diana Pl., $261,900, 4 Bedrooms, 2 Bathrooms, 1280 SqFt
Lochner Dr., $232,702, 3 Bedrooms, 2 Bathrooms, 1000 SqFt
Hurlingham, $224,900, 3 Bedrooms, 2 Bathrooms, 1188 SqFt

Featured Bank Owned Properties 040109

Panama Ave., $179,900, 3 Bedrooms, 2 Bathrooms, 1040 SqFt
Column Ct., $174,900, 3 Bedrooms, 2 Bathrooms, 1197 SqFt
Don Basillo, $169,900, 2 Bedrooms, 1.5 Bathrooms, 950 SqFt
Buckeye Dr., $164,900, 4 Bedrooms, 2.5 Bathrooms, 1461 SqFt
Balance Dr., $159,900, 3 Bedrooms, 1.5 Bathrooms, 1197 SqFt
N Capitol Ave., $147,500, 2 Bedrooms, 2 Bathrooms, 955 SqFt
Judith St., $135,000, 2 Bedrooms, 1 Bathroom, 810 SqFt
Playa Del Rey, $134,900, 2 Bedrooms, 1 Bathroom, 798 SqFt
Moffo Ct., $129,900, 2 Bedrooms, 2.5 Bathrooms, 988 SqFt
Mcquesten Dr., $119,900, 2 Bedrooms, 1 Bathrooms, 876 SqFt

"Broker price opinions" may be depressing property values

Are lowball valuation estimates on short sales and bank-owned foreclosures artificially depressing property values in neighborhoods across the country?

Growing numbers of appraisers and consumer groups believe the answer is yes -- and are demanding that either Congress or state regulators crack down. Their complaints focus on what are called "broker price opinions," or BPOs, that substitute for appraisals.

Unlike standard property valuations performed by licensed appraisers -- which can run to hundreds of dollars -- BPOs often cost $50 and are performed by real estate agents who may have minimal or no appraisal training and are subject to no regulatory oversight. Realty agents defend BPOs, contending that their extensive knowledge of local market trends equips them to render accurate estimates.

BPOs have become a booming business as foreclosures and short sales have risen sharply. When banks that own foreclosed houses need to put values on them for resale, increasingly they order BPOs that can be delivered quickly at rock-bottom fees.

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Featured Bank Owned Properties 032909

Pomme Ct., $473,900, 3 Bedrooms, 3 Bathrooms, 1731 SqFt
Paiute Ln., $472,900, 4 Bedrooms, 2.5 Bathrooms, 1757 SqFt
Mabury Sq., $459,000, 3 Bedrooms, 3 Bathrooms, 1699 SqFt
Woodland Ter., $454,900, 4 Bedrooms, 3 Bathrooms, 2232 SqFt
Rusch Pl., $451,250, 5 Bedrooms, 2.5 Bathrooms, 1811 SqFt
Herlong Ave., $449,900, 4 Bedrooms, 2 Bathrooms, 2186 SqFt
Burdick Way, $439,000, 4 Bedrooms, 2 Bathrooms, 1769 SqFt
Parc Place Dr., $429,000, 3 Bedrooms, 2 Bathrooms, 1530 SqFt
Hillbright Cir., $420,000, 4 Bedrooms, 2 Bathrooms, 1495 SqFt
Buena Point Ct., $409,000, 3 Bedrooms, 2 Bathrooms, 1216 SqFt

Featured Bank Owned Properties 032809

Flintwell Way, $382,500, 4 Bedrooms, 2.5 Bathrooms, 2077 SqFt
Amaryl Dr., $361,000, 4 Bedrooms, 3 Bathrooms, 1726 SqFt
S 21st St., $344,900, 4 Bedrooms, 2 Bathrooms, 1544 SqFt
Pepper Tree Ln., $336,775, 3 Bedrooms, 1 Bathroom, 1492 SqFt
Rubion Dr., $324,900, 4 Bedrooms, 2 Bathrooms, 1380 SqFt
Locust St., $320,000, 3 Bedrooms, 1 Bathroom, 1400 SqFt
Gawain Dr., $314,900, 4 Bedrooms, 3 Bathrooms, 1509, SqFt
Bayou Dr., $312,900, 4 Bedrooms, 3 Bathrooms, 1346 SqFt
Turquesa Ct., $309,900, 4 Bedrooms, 2 Bathrooms, 1207 SqFt
Harmony Ln., $302,900, 4 Bedrooms, 2 Bathrooms, 1458 SqFt

Renters get foreclosure relief

It's every renter's worst nightmare: To move into a home or condominium with affordable rent only to find out that the owner has lost the property in foreclosure. The rent money and security deposit are gone, and chances are good that the bank that now owns the property will evict the tenant even if the rent has been paid.

Such sudden evictions have been on the rise due to the dramatic increase in home foreclosures across the U.S. But some tenants will have other options now that Fannie Mae and Freddie Mac have introduced new programs that let renters (and in Freddie Mac's case, former homeowners) continue to occupy the home after foreclosure.

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Featured Bank Owned Properties 032709

Palmview Way, $299,900, 4 Bedrooms, 2 Bathrooms, 1250 SqFt
Conti Ct., $299,000, 3 Bedrooms, 2 Bathrooms, 1180 SqFt
Bermuda Way, $295,000, 5 Bedrooms, 3 Bathrooms, 1810 SqFt
Palm St., $269,900, 4 Bedrooms, 2 Bathrooms, 1296 SqFt
Brushcreek way, $264,900, 3 Bedrooms, 2.5 Bathrooms, 1508 SqFt
S 12th St., $247,000, 2 Bedrooms, 1 Bathroom, 1230 SqFt
Excalibur Dr., $229,900, 3 Bedrooms, 2 Bathrooms, 1242 SqFt
Bikini Ave, $227,900, 3 Bedrooms, 2 Bathrooms, 1061 SqFt
Primm Ave., $211,000, 3 Bedrooms, 2 Bathrooms, 1236 SqFt
Candler Ave., $204,900, 4 Bedrooms, 2 Bathrooms, 1154 SqFt

Featured Bank Owned Properties 032509

N 13th St., $199,900, 2 Bedrooms, 1.5 Bathrooms, 910 SqFt
Stewart Ave., $199,500, 2 Bedrooms, 1 Bathroom, 504 SqFt
Biscayne Way, $189,900, 3 Bedrooms 1 Bathroom, 960 SqFt
S White Rd., $189,000, 2 Bedrooms, 1 Bathroom, 800 SqFt
S 24th St., $182,700, 2 Bedrooms, 1 Bathroom, 864 SqFt
Beeman Dr., $179,900, 3 Bedrooms, 2 Bathrooms, 982 SqFt
Damsen, $133,000, 2 Bedrooms, 2 Bathrooms, 974 SqFt
Luz Ave., $134,000, 3 Bedrooms, 2 Bathrooms, 1165 SqFt
Adler Ct., $124,000, 3 Bedrooms, 1.5 Bathrooms, 1157 SqFt
Libra Ln., $113,000, 2 Bedrooms, 1 Bathroom, 921 SqFt

Bank Owned: 542 Yermo Court, San Jose CA

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Light And Bright Townhouse Style Home On A Tree Lined Street, Great For Investment Or Lived In, Title Shows As 1.5 Bathrooms, Home Now Has 2.5 Bathrooms (Permits Unknown), Breakfast Nook, Composition Roof, 2 Car Garage, Shower Over Tub, Sunny Patio, Easy Accessible To Shopping, Employment, Entertainment, Freeways, Schools, Better Act Now, Not A Short Sale, Asking $129,900

Featured Bank Owned Properties 032209

Alta Mira Pl., $498,888, 3 Bedrooms, 2 Bathrooms, 1512 SqFt
Heritage View, $490,000, 2 Bedrooms, 2.5 Bathrooms, 1690 SqFt
Mabury Sq., $479,900, 3 Bedrooms, 3 Bathrooms, 1746 SqFt
Suisse Dr., $450,000, 4 Bedrooms, 2 Bathrooms, 1826 SqFt
Beegum Way, $444,900, 3 Bedrooms, 2.5 Bathrooms, 1546 SqFt
Quiet Meadow, $439,900, 5 Bedrooms, 3 Bathrooms, 1936 SqFt
Cuesta Dr., $425,995, 4 Bedrooms, 2 Bathrooms, 1800 SqFt
Hobart Ave., $416,900, 4 Bedrooms, 2 Bathrooms, 1840 SqFt
Mulcaster Ct., $409,900, 3 Bedrooms, 2 Bathrooms, 1232 SqFt
Conti Ct., $400,000, 3 Bedrooms, 1 Bathroom, 1053 SqFt

Featured Bank Owned Properties 032109

Nisich Dr., $399,900, 4 Bedrooms, 2 Bathrooms, 1661 SqFt
Aetna Way, $389,900, 4 Bedrooms, 2 Bathrooms, 1703 SqFt
Calero Ave., $378,000, 3 Bedrooms, 2 Bathrooms, 1228 SqFt
NickeI Ave., $374,100, 4 Bedrooms, 2 1/2 Bathrooms, 1547 SqFt
Lewis Rd., $369,900, 4 Bedrooms, 2 1/2 Bathrooms, 1507 SqFt
Flory Dr., $364,900, 3 Bedrooms, 2 Bathrooms, 1444 SqFt
Nerdy Ave., $324,900, 3 Bedrooms, 2 Bathrooms, 1113 SqFt
Home Gate Dr., $315,000, 3 Bedrooms, 2 1/2 Bathrooms, 1376 SqFt
Macredes Ave., $309,900, 4 Bedrooms, 2 Bathrooms, 1354 SqFt
Carnegie Dr., $304,900, 4 Bedrooms, 2 Bathrooms, 1154 SqFt