Short Sales

Most homeowners have taken a hit in the housing market. But imagine taking a $33.5 million hit.

An Atlanta-based entrepreneur recently sold a mansion in Forsyth County in Georgia for a 75% price cut, according to Zillow.

In 2006, Hubert Humphrey, a businessman who got his start as a railroad breakman, finished building a palatial compound that racked up nearly $50 million in construction costs. The Cheatu, Le Rêve, which means "The Dream" in French, was listed in 2009 for $45 million and went into foreclosure in 2010.

As the estate grew grander, costs spiraled out of control. Some of the features included: seven bedrooms, nine full baths, 11 half-baths, 10 fireplaces and two elevators. Jaw-dropping amenities also include a private 18-hole golf course,…

The economy is starting to improve but the housing market has yet to show any significant signs of recovery, which has homeowners nervous.

Home prices are hovering near their recession lows, hit in April 2009, according to the latest Case-Shiller home-price report. It’s a buyer’s market and by many projections, it won’t shift to a seller’s market for a good year or more.

So, how do homeowners, who have most of their equity in depressed real estate, slog through until it becomes a seller’s market?

Here are 10 tips from real-estate moguls who have survived several housing-market downturns.

1. Homeowners should be very encouraged by the fact that home buyer sentiment has improved.

“The mood has definitely changed … Buyers are…

Few things are scarier than the prospect of losing your home to foreclosure. Scam artists know that and will test your vulnerability by offering “phantom help” as part of a foreclosure scam. Knowing the difference between legitimate help and a foreclosure scam can prevent you from losing your home.

How do they hook you?

Phantom helpers may blanket a hard-hit town or neighborhood with a direct mail campaign promising relief for those threatened by foreclosure. When you’re feeling desperate—and when panic sets in—good judgment goes out the door.

What do phantom scammers do to you?

Of course, just because they seek you out when you’re feeling vulnerable doesn’t mean you have to yield. A cool head and education are your best…

To say that these are trying times for U.S. home sellers would be an understatement.

The U.S. economy is growing at a tepid rate. The U.S. unemployment rate is high, at 9.2 percent, and it appears job growth has hit a soft patch. And now the Democrats and Republicans appear to be 'going down to the wire' regarding negotiations to cut the budget deficit and increase the debt ceiling -- brinksmanship that could result in a tragic U.S. Government default on its bonds, and loans.

Against that backdrop, it's no wonder that houses aren't selling at a robust rate. The National Association of Realtors reported that June U.S. existing home sales unexpectedly fell 0.8% to a seasonally-adjusted annual rate of 4.8 million units, down from May's…

One of the important financial choices that today’s homebuyers need to make is whether to apply for a 30-year or 15-year mortgage. In today’s housing market climate, industry experts say that now is one of the best times ever to apply for a 15-year mortgage, because rates are still historically low.

According to a late July analysis by Freddie Mac, there is currently a spread of 0.89 percent between the 15- and 30-year fixed rate mortgage benchmarks, which is the largest spread since Freddie started tracking the 15-year mortgage 20 years ago.

A 15-year mortgage is averaging around 3.66 compared to 4.55 for the 30-year mortgages. Even a 15-year fixed rate jumbo mortgage is much lower, coming in at 4.12 percent with no points, compared to 5.3…