A compromise has already been reached on evicting renters from foreclosed properties in Chicago.  As of now, renters will have 120 days or to the end of their lease, whichever is shorter, to vacate a rental property in foreclosure.

Finally some positive numbers on the home sales front.  September home sales in Southern California were up 65% year over year in September.  The big news within those numbers though is that over half of the sales were on foreclosure properties. 

In places like Southern California, where job growth is still stable, people are starting to recognize the current slump as a major bargain buying opportunity.  Now the real test is to see if these sales numbers hold up and start to put a bottom in place on prices.  October could be challenging as it will be the first month to fully factor in the recent credit market woes. 

More reading:

Bloomberg's take on Southern California's September home sales numbers

Hudson and Marshall will be auctioning 400 homes in Atlanta on October 24th, 25th and 26th.

The Atlanta foreclosure auction schedule is as follows:

October 24th - 75 Atlanta homes
October 25th - 189 Atlanta homes
October 26th - 114 Atlanta homes

Open House from 1-3pm Saturday and Sunday October 18th and 19th.

Auction Terms:
Title insurance provided by the sellers
$2,500 deposit required for all winning bids
All homes sold as is
Reserve Auction

To view a full list of properties and/or start bidding visit Hudson and Marshall's Website

Cook County Sheriff Tom Dart is taking a stand with Chicago renters by refusing to evict them from properties facing foreclosure.

A fascinating take on the foreclosure crisis from a man right on the front lines.

Why Chicago's sheriff refuses to evict renters

The Wall Street Journal has a post today that supports anecdotal reports coming in that many foreclosure auctions are now experiencing low participation from investors.  A large part of the problem is that while real estate prices are declining in many markets, the banks' price expectations are not.

Post includes a video of a New Jersey foreclosure auction with interviews with foreclosure investors.

WSJ: Foreclosure Auctions Facing Problems

Bank of America has announced an $8.5B plan to help Countrywide borrowers avoid foreclosure.

Options available under the plan include locking in subprime teaser rates for 5 to 10 years, switching to interest only loans, or switching to a fixed APR as low as 3.5%.

Full Story:
Countrywide Foreclosure Avoidance Plan

Maricopa County, Arizona foreclosure listings set a new record with 2,210 new notices in one week in mid-September. 

One scary thing about the figures is that the number of new foreclosure notices out-paced the total home sales in the county during the same period.

The house passed the bailout package and President Bush signed it into law.  Now the hard part begins - how to put the new legislation into action.

Absolutely tragic, 90 year old woman shoots herself twice as sheriff's deputies tried to evict her from her home.

90 Year Old Woman Shoots Self in Her Foreclosed Home

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