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Burt Reynolds faces foreclosure in Florida and Best places for affordable homes
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NEW YORK (CNNMoney) -- Burt Reynolds could lose his waterfront mansion in Florida after failing to make mortgage payments for almost a year.According to a lawsuit filed on Aug. 9 in Martin County, Fla., Merrill Lynch Credit Corporation issued a foreclosure summons to the "Smokey and the Bandit" star after he stopped making mortgage payments on his Hobe Sound, Fla. estate.The lawsuit claims Reynolds has not made a mortgage payment since August 2010 and owes the bank nearly $1.2 million.The 75-year-old star originally put the 12,538-square foot estate on the market in 2005 for $15 million and has slashed the price significantly a number of times, according to the TCPalm, a local newspaper. It was most recently listed at $8.995 million.The waterfront home has five bedrooms, seven bathrooms and luxury features, including a screening room, billiard room, gym and wine cellar. [Read the full article]
These terrific small towns -- even now -- boast great job opportunities, top-notch schools, safe streets, economic strength, and more.These terrific small towns -- even now -- boast great job opportunities, top-notch schools, safe streets, economic strength, and more. [Read the full article]
NEW YORK (CNNMoney) -- Mortgage rates have hit a record low, making homes even more affordable for prospective buyers.According to mortgage backer Freddie Mac's Primary Mortgage Market Survey, the average 30-year fixed rate loan fell to 4.15% this week -- its lowest level in more than 50 years. Previously, the record low was 4.17%, which was set the week of Nov. 11, 2010. Last week, the 30-year rate was 4.32%."The Federal Reserve's policy statement last week and ongoing market concerns over the European debt market carried momentum into this week allowing all mortgage products in our survey to reach all-time record lows," said Frank Nothaft, vice president and chief economist at Freddie Mac.The rock-bottom rates have made it even more enticing for those who are looking to buy a home to act now. [Read the full article]
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