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The latest high profile celebrity to fall victim to the foreclosure crisis - Ed McMahon.  Guess he wishes he had won the American Family Publisher's Sweepstakes.

Ed McMahon Receives Foreclosure Notice

Interesting step-by-step coverage of a California family executing a short sale to narrowly avoid foreclosure.

California Family Avoids Foreclosure with a Short Sale

I always like to hear how the foreign press covers the U.S., and its especially interesting now that our domestic housing crisis has started hitting the foreign presses on a daily basis.  All the major news outlets have picked up the release of the  S&P/Case-Shiller index, which shows housing prices have fallen 14.1% year over year, but I particularly enjoyed The Guardian's coverage. 

For the fellow foreclosure investors and/or just regular homeowners out there, the following will make you shudder:

Full Story:
Falling Home Prices - The UK's Take

L.A times leads with the headline Obama assails McCain's foreclosure stance.  Obama calls out McCain for not mentioning the foreclosure crisis in his economic address last week, McCain calls Obama inexperienced.  Homeowners?  Oh, they're still screwed, but this is an election year, so they'll just have to hang in there.

Sub-Prime Crisis as Political Fodder

Feds have made arrests in California connected to a so called foreclosure rescue scheme that preyed on Hispanics in San Diego, Riverside, San Bernardino and Los Angeles counties.  Under the scheme, homeowners were told they could avoid foreclosure by establishing their property as a federal land grant.

Arrests Made in Foreclosure Land Grant Scheme

U.S. Senate Banking Committee democratic chairman Chris Dodd and the committee's top Republican Richard Shelby have reached a deal to use Fannie Mae and Freddie Mac funds to finance a $300B insurance program for refinanced subprime mortgages.  Unlike the House's bill, the Senate's version of the foreclosure relief bill is not expected to use taxpayer funds as financing. 

More details on the Senate's version of the foreclosure relief bill:

Senate Moving Closer to Passing Foreclosure Relief Bill

Foreclosure auction firm Hudson & Marshall is giving two free seminars on buying foreclosures at auction.  The free foreclosure auction seminars will be held on May 28th in Anaheim, California and May 29th in Riverside California.  They run their own auctions and will of course be selling you on attending - but for the unexperienced foreclosure auction goers the basic skills presented should be transferable to other foreclosure auction formats.

For more details on Hudson & Marshall's Foreclosure Auction Seminars:

Free Foreclosure Auction Seminars

Here are the states with the highest foreclosure rates:
Here are the top 10 foreclosure states by foreclosure rate in April 2008 as reported by RealtyTrac.

  STATE                       FORECLOSURE RATE

   1. Nevada                  1 foreclosure filing per 146 households
   2. California              1 foreclosure filing per 204 households
   3. Arizona                  1 foreclosure filing per 224 households
   4. Florida                   1 foreclosure filing per 242 households
   5. Colorado                1 foreclosure filing per 349 households
   6. Maryland              1 foreclosure filing per 380 households
   7. Georgia                  1 foreclosure filing per 422 households
   8. Ohio                        1 foreclosure filing per 432 households
   9. Michigan                1 foreclosure filing per 440 households
  10. Massachusetts     1 foreclosure filing per 539 households

In California in April, daily foreclosure auctions at California courthouses topped 1000/day in the month of April.  Mind you these aren't just foreclosure auctions but foreclosure bought at auction.  These figures mark a 44% increase in foreclosures bought at auction over March figures.

California Foreclosure Auctions Top 1000 per Day in April