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Bank of America Stops All Foreclosures

Bank of America is stopping foreclosures in all 50 U.S. states. Last week the bank, the country's biggest by assets, announced it was halting foreclosures in the 23 states where foreclosures are processed in court, saying it needed to review foreclosure documents for potential errors. Now, the bank has extended that moratorium to all 50 states as it has decided to stop sales of foreclosed properties,...

Buffalo Niagara Region Ranks 5th In Affordable Housing

Based on median sale price and median income, the Buffalo Niagara region ranked 5th among large metro areas on the quarterly "Housing Opportunity Index" created by the National Association of Home Builders and Wells Fargo. The region earned an "affordability" score of 93.3 percent, meaning that percentage of new and previously occupied homes sold from April through June were considered affordable...

Buffalo Foreclosure Filings Decline

A mid-year report released by RealtyTrac Inc. shows foreclosure filings in Buffalo rank at the low end of the 206 markets measured nationwide. According to the report, there were 915 foreclosure filings in the Buffalo area from January through June, or one for every 570 households, a decline of 45 percent over the first six months of 2009. That placed Buffalo 197th on the list. Read more: U.S....

57,256 Homeowners Receive Pre-Foreclosure Notice

In the last three months, more than 57,000 pre-foreclosure notices have been sent to homeowners across the state — including 2,917 in Erie County — who are behind on their mortgage payments, reports Buffalo News. A state law enacted last year requires servicers to notify delinquent borrowers at least 90 days before initiating foreclosure proceedings and tell them how they can avoid foreclosure....

FT: Heritage and culture

Buffalo in New York State has long been a poster-child for the decaying rust belt, yet Lura Hess Bechtel and her husband, Mitch, have no regrets about moving to Buffalo from New York City five years ago. Read the full article in Financial Times...

Decision Time for HSBC

HSBC Bank USA NA, the largest bank in Buffalo, expects to decide “in the next few months” whether it will renew its lease at the city’s tallest office building or move elsewhere. HSBC spokesperson Neil Brazil said Friday that the bank, which employs 2,227 workers at the downtown One HSBC Center, initiated a review of its future real estate requirements in Buffalo earlier this year. The bank has...

One Bid Received For Buffalo’s Olympic Towers

At least one bid has been received for downtown Buffalo’s Olympic Towers, reports Buffalo Business First. By 3 p.m. on Wednesday, just one bid for $1.25 million was submitted for the Pearl Street landmark, in an online auction. Bids are due by 3 p.m., Thursday, May 20. Read more: $1.25M offered for Olympic Towers - Business First of Buffalo

Housing Market Busy in April

Many rushed to sign on the dotted line last month, as homebuyers in the Buffalo Niagara region scrambled to take advantage of federal tax credits on home purchases before they expired, reports Buffalo News Business Today. Pending home sales jumped to their highest level in at least 11 years as buyers rushed to sign contracts before the April 30 deadline for federal tax credits of as much as $8,000. The...

Sale of Excellus Building Falls Through

A Houston company’s plan to buy the former downtown Syracuse home of Excellus Blue Cross Blue Shield has fallen through, a city official said today. Davico Realty Group, of Houston, apparently backed away from the acquisition after determining that its intended anchor tenant for the 200,000-square-foot building “was not a viable tenant,” said Ben Walsh, deputy commissioner of the Syracuse Office...

US Foreclosures Fell in April

Foreclosures in the US fell by more than 2 percent in April from a year earlier, the first year-over-year decline in the five years RealtyTrac has been reporting the data. The number of Americans receiving foreclosure notices was down 2.4 percent in April from a year before and 9 percent lower than March 2010. Experts say the foreclosure situation is slowing, and may have hit a plateau. Read...
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