Foreclosure News and Information
From the daily archives:
Elmira foreclosure rates increase, data collection group says – Elmira Star-Gazette
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Elmira foreclosure rates increase, data collection group says
Elmira Star-Gazette Foreclosure rates in Elmira have increased for the month of September over the same period last year, according to First American corelogic. … |
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Brick Smith, a Real Estate Broker, with Joyner Fine Properties in central Virginia offers his 2 best buys currently available for Bank Owned Properties in the greater Richmond VA area. A new episode is posted every Friday.
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Qualify for Home Loan Modification to Stop Foreclosure – Live-PR.com (Pressemitteilung)
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Qualify for Home Loan Modification to Stop Foreclosure
Live-PR.com (Pressemitteilung) 07.11.2009 18:30:23 Home Loan Modification is a good plan when you can no longer make your monthly payments and you are only burdened with the interest rate … Loan Modification Scams On The Rise Government Mortgage Refinance Plan Obama Helping You Pay Your Mortgage? Home Loan Modification Mortgage Payments Getting You Down? |
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Recent economic conditions have had an impact on foreclosures as well. Even though it has been noticed that the number of foreclosures decreased with a small percent, the trend is still maintained at a high level. Each day, more and more homeowners default on their payments and their properties are being repossessed. Banks and other lending institutions are obliged to file for foreclosures, desiring to recuperate the debt as soon as possible. Compared to the year of 2007, the number of foreclosures has increased by a worrying number. Homeowners are having a hard time paying their mortgage and they find themselves in the situation of facing pre-foreclosure. Some have lost their jobs and have no way to pay. Others have been in default for some time and they have absolutely no possibilities to pay for their loans. Experts appreciate that even more properties are going to be foreclosed the following year. There are three states that sit at the top of the list when it comes to foreclosures. We are talking about California, Florida and Michigan. Searching statistics for foreclosures by state, one will quickly notice that California occupies number one. The state has an increasing number of properties under foreclosure, the number having doubled since 2007. The situation is probably just as serious in Florida, the number of foreclosures surpassing the one registered in Michigan. As for the state of Michigan, the recently noticed decrease in foreclosed properties has not managed to erase it from the top three states where foreclosure rate is still as high as ever. Following closely the three states mentioned above, we find an impressive number of territories affected by foreclosures. States like Texas, Ohio, Colorado and Nevada are deeply affected, ranking among the top list. Should we be worried about the number reported when it comes to foreclosures by state? The answer is obvious. Foreclosures happen in all parts of the country, often surpassing the national average. Some states have seen a decrease in foreclosure activity but the registered percent is still worrying. California, one of the states where foreclosure rates have hit sky-limit, has seen an increase in the past few weeks. Analyzing foreclosures by state, we notice that the same thing has happened in Michigan where the number of foreclosures has increased with over 20%. As for the cities where foreclosure activity is intense, California and Florida cities occupy most of the places on the top 10 list. More recent data shows that one in ten properties is in default, with an even bigger number when it comes to properties that are already in foreclosure. We could analyze foreclosure activity and trends by city, state or top ten lists. Searching foreclosures by state, there are numerous states where homeowners default on their payments and are unable to prevent repossession. Some cities have a higher rate, others have managed to keep it at a steady level. One thing is certain: the situation was not as concerning in 2007. As we approach a new year, it becomes clear that we need to take a closer look at foreclosures by state and identify possible solutions!
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Public auction for historic Redwood City landmark postponed again – San Jose Mercury News
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Public auction for historic Redwood City landmark postponed again
San Jose Mercury News For the second time in as many weeks, a lending firm Friday postponed a foreclosure auction for downtown Redwood City's historic Fox Theatre … Fox auction on hold for second time |
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Many people are worried given the aftermaths that the economic crisis could produce. They have every reason to be worried about their jobs and also about the possibility to pay their mortgages. Specialists have started to analyze foreclosure trends on a monthly basis, making lists of top cities and states. Pennsylvania represents just one of the numerous examples that could be given. The truth is that the number of foreclosures is high in all of the United States. The worse was the month of November. Foreclosures have increased by a distressful percent and more homeowners are about to receive a notice in the following weeks. As for 2009, one can only hope that foreclosure trends will turn to a more positive road. In Pennsylvania, November foreclosures reports failed to meet the expectations of specialists. The number of foreclosure filings remained the same as in October and September, while in many other states foreclosures seem to have decreased by a small percent. In November, the situation was different, as foreclosure trends followed the up-road in the state of Pennsylvania. Compared to 2007, the number of foreclosures has almost doubled. And it’s not just Pennsylvania where over 4000 properties are about to become foreclosures. Such filings have been encountered in California, Florida, Michigan, Colorado and Arizona. Negative foreclosure trends affected all of the United States, with Louisiana included. Here, like in many other states, homeowners were unable to pay their mortgages and they end up receiving a filing for foreclosure. Many of these loans have been taken by people who already had bad credit but needed the money for various reasons (e. g. : health expenses, building a home or settling an impending debt). United States, like many other countries on the planet, is undergoing recession. The economic crisis could not have avoided the housing sector, the intensity of the financial stress being clearly reflected by current foreclosure trends. Homeowners are suffering from foreclosures filings and they are seeking desperate solutions to solve their financial problems. There are certain cities which are more affected by foreclosures, with Detroit, Phoenix, Las Vegas and Indianapolis among the top. California cities occupy several places on the list, just like Florida and Michigan. When it comes to foreclosure trends, no one can be certain what 2009 is about to bring. Nationally, the number of foreclosures seems to have decreased during November. Taken state by state, foreclosures still remain high in certain states and homeowners still receive filings, such states exceeding the national average by far. On the other hand, there are some states where the situation seems to be improving and the number of foreclosures being brought down by a few percents. Time will tell whether such foreclosure trends are permanent or not.
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When I first began as a “newbie” real estate investor back in 2002, I was confused by all of the websites that claimed to provide a listing of Houston foreclosures. I wasn’t sure which ones provided the most leads, which ones provided higher quality leads, which one provided more bang for my buck, and so on. It was a maze out there, and I was lost. After spending several years in the business, it’s all much clearer. Here’s what I now know. In short, there are three categories of Houston foreclosures websites: 1) Those that offer actual foreclosures, 2) those that offer pre-foreclosures, and 3) those that offer “pre pre” foreclosures. Each category of foreclosures has pros and cons, and the category that works for one person may not work for another. It all depends on what your goals are. Let me explain the three categories in greater detail. Category 1 – Actual Foreclosures: Foreclosures are properties that have already been foreclosed on. They’re usually owned by a bank or the government. They’re best for people who are looking for a home to live in, NOT investors. You’ll get less of a discount – maybe 10-15% off retail – but the whole process is easy. Look through the list, find what you like, and ask your Realtor to go show it to you. And then have that Realtor make the offer and handle the negotiations. Very simple. There are probably fifty websites that contain actual foreclosures, but three of the most popular ones are currentforeclosures. com, foreclosure. com, and realtytrac. com. These are national websites, but they are full of Houston foreclosures. Category 2 – Pre-Foreclosures: Pre-foreclosures are properties that will head to the auction in one to three months. A notice has been filed at the courthouse. They’re best for real estate investors who are willing to do some work or spend some money in an effort to get a bigger discount. After you meet with a few sellers and make a few offers, you’re likely to find a property that you can buy at about a 30% discount. At least that’s what you should be shooting for. If you choose to mail to these lists, you’ll likely spend hundreds of dollars in postage. If you choose to knock on the sellers’ doors, you’ll likely spend dozens of your own man-hours. If you want the discount bad enough, these issues are tolerable. When I was first starting out and desperately needed the money, I pursued pre-foreclosures, but they’re too much trouble for me nowadays. I’ll let the new batch of “newbies” chase them! Quality pre-foreclosure websites in Houston are foreclosehouston. com and realdata. net. They’re both local. Category 3 – “Pre Pre” Foreclosures: “Pre pre” foreclosure websites contain listings of properties that haven’t hit the official pre-foreclosure lists or the actual foreclosure lists yet. They are best for investors who want a 30% discount or so but don’t want to spend all of the money on postage or the man-hours knocking on doors. The advantage is less money and less time spent. The disadvantage is that there are generally fewer properties to choose from, so you’ll probably have to drive outside of your immediate zip code to find the one that gives you the profits you desire. Popular “pre pre” foreclosure websites are myhousedeals. com and propertyleadsnow. com. The category of Houston foreclosures that you choose to pursue is up to you. It just depends on whether you’re an investor or an owner-occupant, and it depends on how much time or money you’re willing to spend. I’ve bought 41 houses, and 60% to 70% of those were “pre pre” foreclosures. Those are my preference, and that lead source inspired me to create www. myhousedeals. com , which I mentioned above. I encourage you to visit my site, but even if you don’t, you’ll be more than happy with the other sites I mentioned. They all provide great leads. I hope I moved you a step closer to your goal of real estate riches. Until next time, happy (and profitable) investing!
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Take action on foreclosure crisis – Tampa Tribune
 Tampabay.com |
Take action on foreclosure crisis
Tampa Tribune Hillsborough County needs a focused response to the foreclosure crisis to avert further harmful impacts to individuals, families and … Foreclosure crisis caused by investors. And lenders. And politicians. And buyers. |
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IAR President Pat Callan addresses foreclosure, including federal and state programs and resources for consumers facing foreclosure.
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