A home owned by Nicolas Cage that sold at a foreclosure auction last week.

I guess that it’s fitting that actor Nicolas Cage’s upcoming film, Bad Lieutenant: Port of Call New Orleans, which comes out this month, is based in the Big Easy. It’s in New Orleans that Cage lost two homes to foreclosure last week …Full Story

Stranded move-up buyers are watching for the tide to rise. (Photo: iStockphoto)

Anyone who has been looking to buy an entry-level house can likely share stories of losing the battle in a war of multiple bids. Outside of a few hardest hit areas, the entry-level market is nothing if not robust.

A big reason is the pent-up demand that was created by quickly appreciating home prices. Although homeowners cheered when the price of their home increased, there were many others who groaned, knowing that home ownership was that much farther from their grasp …Full Story

Two Los Angeles homeowners may get jail time for their fury over a failed home-loan modification. (Photo: iStockphoto)

It's been awhile since I've hung out in the real estate crime beat, but here we are again. I ran across this story recently about a couple in Los Angeles arrested on charges that they tortured two purported loan modification agents that they suspected of ripping them off. According to Reuters, Daniel Weston and Mary Ann Parmelee owned a house together that was in foreclosure. They had tried to get a loan modification, had been frustrated with the lack of results, and wanted their money back …Full Story

Nicolas Cage's homes in New Orleans are luxurious -- and are hitting the auction block.

You'd think that life would be good for actor Nicolas Cage, 45. He owns multiple homes around the world, has appeared in at least 60 films, and has a spouse, Alice Kim Cage, who's half his age.

But life is looking anything but pretty these days for the middle-aged actor. The Internal Revenue Service has put liens on Cage's two New Orleans properties for $6.6 million in unpaid taxes. Not only that, but a lender has foreclosed upon his French Quarter and Garden District New Orleans homes, which are to go up for auction Nov. 12 at the Orleans Parish Civil District court …Full Story

With so much competition in our local market, we are considering an ugly duckling property as an investment.

When plans aren’t going as expected, the best course is usually to alter your plans. As the saying goes, “Discretion is the better part of valor.” …Full Story

The outlook is cloudy for many home buyers racing to meet the $8,000 tax-credit deadline. (Photo: iStockphoto)

About 1.4 million home buyers have used the $8,000 first-time home buyer credit, according to the Internal Revenue Service. And from the looks from comments to this blog, there are many, many more potential home buyers out there looking to benefit from the credit. But the catch is that the credit is only available to taxpayers who've purchased a home before Dec. 1 of this year, leaving those who haven't qualified yet for the tax credit a very limited time to do so. And while there have been some signs of hope that the credit could be extended into 2010, the jury is still out on whether it actually will be …Full Story

For those looking to rehab a newly purchased home or remodel an old one, 203(k) loans can provide some cash. (Photo: iStockphoto)

With the large number of distressed properties on the market right now, and a prediction that more foreclosures are coming, it makes sense that home buyers are taking a close look at these properties. They're great bargains, but some of them need major work. I highlighted this in a recent blog post about calculating the cost of buying a foreclosure …Full Story

Homeowners with good credit are opting to give away the keys. (Photo: iStockphoto)

A couple of weeks ago, I interviewed Ron Jasgur, a Michigan-based real estate investor, for a piece I was writing about streamlining foreclosures and short sales. One of his comments about the massive number of bank-owned properties stuck with me: "Nobody’s modeling took into account that someone would wake up one morning and decide not to pay their mortgage." …Full Story

We set our sights on this house, which has good-sized lot, recent upgrades and lots of potential.

After passing on a bank-owned property last week because it was located next to a parking area at the back of a neighborhood shopping center, we saw a foreclosed property this week that we decided to make an offer on …Full Story

Some bankers are getting "bubbly" about foreclosures. (Photo: iStockphoto.com)

File this story under "bankers we hate."

If you’re reading this, there’s a good chance you can identify at least one house in your neighborhood that has gone into foreclosure. You know the signs: The weeds, the disrepair, the bright stickers on windows shrieking that the home is now bank-owned …Full Story