Several federal and state programs meant to provide assistance in foreclosure have been launched in the past couple of years. However, these programs were unable to stop the flood of distressed properties all over the U.S. which are now causing housing prices to tumble. In New Jersey, a number of local markets are experiencing plummeting prices as foreclosures continue to increase.

Foreclosure listings in Newark and in the areas of Bergen and Passaic Counties have remained elevated. This has caused housing prices to decrease to levels that have not seen in these areas before in decades. In the counties of Passaic and Bergen, the residential properties posting the biggest value declines are those that are in the lowest rung of the pricing ladder.

The impact of cheap properties under New Jersey home foreclosure list was mostly felt by homeowners in Passaic County where values of residences declined by a massive 9.1% last year. Bergen also recorded a decline, but only by 1.9%, although most of its cheapest properties also lost a lot of values last year. In 2010, the median value of houses in Bergen was $412,000, while Passaic's median residential value was pegged at $294,000. According to local realtors, Bergen is holding up much better because it is closer to Manhattan.

In the case of Passaic County, analysts stated that the huge amount of distressed properties in the county's urban markets is the biggest factor behind the area's price decline. Even with assistance in foreclosure programs, the region continued to record increasing foreclosure numbers over the past three or four years. In the areas of Prospect Park, Paterson, Passaic and Haledon, housing prices have gone down by 35% to 52% between last year and the mid-2000s when the real estate market was still booming.

Analysts also stated that the continuous increase in nationwide foreclosed homes numbers and the persistent weakness in the national economy are also contributing to the decline in local housing prices. Home sellers in the region are forced to take these factors into consideration when pricing their properties, analysts have stated.

In Paterson, for example, about 50% of housing sales were accounted for by foreclosures or short sales, forcing non-foreclosed sellers to lower their asking prices in an effort to compete with these cheap residences. Even with continuing efforts to provide assistance in foreclosure hit areas, analysts are expecting distressed property numbers to still surge in the coming months, which could mean further decreases in housing prices all over the U.S.

Residential property sales in Birmingham, Alabama declined in March 2011 compared with one year ago, while distressed listings continue to account for a considerable part of total housing sales. Nearly 40% of houses sold in the metro area during the month were foreclosed or distressed. Meanwhile, average prices were up, but median selling rates have declined.

Despite the drop in sales, listing of foreclosure in Birmingham and non-foreclosed inventory were able to unload over 10% of their for-sale properties, which somewhat eased the burden of unsold homes in the metro area. A report from the Birmingham Association of Realtors revealed that a total of 824 residential units were sold in the metro region in March 2011, representing a decline of 16% compared with sales figures recorded in March 2010.

The good news though, is that the number of unsold properties under Alabama home foreclosure listings and non-foreclosed property listings also dropped. In Birmingham, a total of 9,753 residential units were in active listings during the month of March, representing a housing inventory drop of 11% compared with the same period last year. In terms of prices, the average selling rate climbed in the metropolitan area, but median selling rates declined. The average price of houses sold in Birmingham in March was $163,876, representing a surge of 4% compared with year-ago levels.

However, the median price posted a decrease as distressed listings continue to account for a considerable percentage of housing sales in the region. Homes sold during the month had a median rate of $139,900, representing a decrease of 4% compared with March of last year. Among the residential properties sold in the metro in March 2011, 324 were foreclosed.

This means that 39% of total housing sales in Birmingham were accounted for by distressed sales. With foreclosures nationwide remaining high, analysts reported that what is happening in Birmingham is also happening in majority of U.S. metropolitan areas. Locally, the average price of a foreclosed home in March was pegged at over $82,000. For the first quarter of the year, average prices of houses in the region posted an increase of 4% compared with the first quarter of 2010. However, median selling price was down by 1% over the same period.

Birmingham sales for January-March 2011 covering both non-distressed and distressed listings were down by 12% compared with the same three-month period of 2010. Housing analysts are hoping that sales will pick up in the coming months, but they admit that prices are likely to continue their decline.

Realtors in Sacramento County, California reported that home prices continue to decline in the area as investors took advantage of the low prices of distressed properties and snatch them in huge numbers from the market. Housing sales though, showed some improvements in February 2011 compared with one year ago.

Sales of non-foreclosed homes and houses in foreclosed property listings in Sacramento increased by 6.3% in February of this year compared with February 2010. The increase marks the second month in a row that housing sales have jumped in the area when compared with 2010 levels. In addition, sales numbers are reportedly lower by only 5% when compared with monthly averages recorded during the past 20 years. However, the median selling rates of residences sold during the month went down from a year ago.

The median price of regular dwellings and houses from foreclosure list in California that were sold during February was $157,000 which represents the lowest median price recorded in Sacramento County since September of 2000 when median selling rate was pegged at $154,000. Meanwhile, the median selling rate for resale detached houses was pegged at $160,000 which was the same price level recorded during the 2009 spring season, a time when the foreclosure crisis was still at its peak.

Housing market analysts explain that the higher sales and the decline in median selling prices can be attributed to the fact that investors favored distressed properties and short sales in their transactions during the month. According to them, the high percentage of bargain homes sold in February easily pushed the median selling rates down. Most of them predict that the trend will continue for most of the year as traditional homebuyers stay on the sidelines and investors dominate purchase transactions.

Meanwhile, the high number of investors purchasing foreclosures listing properties was also evident in the percentage of all-cash deals closed in February. Data showed that 39% of total housing sales for the month were accounted for by all-cash deals. The percentage was considerably high given that the average monthly percentage of cash transactions since 1988 had been 13.3%. February figures also showed that 34.7% of housing sales went to non-residential or absentee buyers.

Real estate analysts in Sacramento stated that distressed properties will continue to dominate housing sales in the coming months as difficulties in securing financing continue. They also expect investors to continue to pluck bargain-priced homes from the market as traditional homebuyers continue to stay away from the market.

According to housing market analysts, the rise in the number of properties falling into foreclosed and distressed listings has escalated demand for apartments and other forms of rental housing in the U.S. The trend is highly evident in metro areas like Seattle, Washington.

The rising number of Seattle foreclosure listings has reportedly scared off most people from homeownership, with most of them thinking that chances for property appreciation will be next to nothing as values of homes continue to tumble. Analysts also stated that most Americans are finding it more prudent to rent apartments than buy a home in a market where most mortgages are underwater.

Taking advantage of expanding foreclosure listings in Washington, several apartment developers have come to metro Seattle to build apartment complexes, including Bentall Kennedy, which is set to build a luxury apartment building that will be comprised of 654 units. Apartment builders have stated that rental rates will increase in the next couple of years, a development that will provide more returns to the apartment market. Other developers, such as Parker's and AvalonBay Communities Inc., are also taking advantage of the higher demand and have started projects in various areas of the U.S.

The U.S. Commerce Department has reported that multifamily home construction activities have increased by 78% last month compared with December 2010. As distressed listings and foreclosures continue to rise, apartment building activities soar to a yearly pace of around 183,000, which is the highest figure recorded for the segment since the second month of 2009. Meanwhile, construction activities in the single family dwelling market declined by 1% over the same period.

Housing industry experts stated that the continuous rise in foreclosed homes listings has forced a lot of owners to rent and has discouraged homeownership in most areas of the U.S. Homeownership in the country has declined to 66.5% as of the end of last year from the 69.2% peak recorded in 2004.

Distressed listings posted higher numbers in the 2010 fourth quarter, resulting in the nationwide foreclosure rate to reach 4.63% in the last quarter of 2010. With so many foreclosed properties around, industry analysts expect renters to increase by around one to 1.5 million in the coming few years.

Search foreclosure listings in Washington cities:

• Spokane Foreclosure Listings
• Everett Foreclosure Listings
• Puyallup Foreclosure Listings
• Renton Foreclosure Listings
• Auburn Foreclosure Listings

Distressed properties are quite big among investors in real property because these homes are easy to repair and resell for a huge price mark up translating to handsome profits.

What exactly are Distressed Homes?

Distressed properties are homes that have been repossessed by mortgage lenders after the original owners fall into mortgage default. These homes are usually in less than ideal states that require some fixing. Being in this condition, they are sold lower than their actual value. Buyers usually purchase these homes to realize savings.

Where Are These Properties?

These homes are everywhere and they are in high numbers so searching for the one you like may take some looking. The task gets easier though if you have the right resources to support your search.

One such resource is an online foreclosures listing site. There are several of these sites online and they basically offer the same set of services. These sites all maintain a database of foreclosed homes across the country which can be searched by location, price or home type. The good sites will be offered by subscription but you can try them out for a limited time first before committing to a full-month subscription. Make use of this trial offer to determine whether the site offers timely and accurate data.

Apart from the online resource, one may also pay their bank a visit to inquire about distressed homes. Being the leading provider of home mortgage loans, it is but natural to assume that banks will also have the most number of foreclosed properties.

Real estate companies are another resource if you can look through the marketing and advertising ploys they are up to in order to push the homes they are selling. In order to stay ahead of the pack you need to be among the first to check foreclosed homes as sure as they hit the market.

Distressed homes may appear dilapidated and run-down at first blush. But if the damages are all superficial then the outward appearance of the home is the least of your worries. You will get a huge chunk of discount from buying them anyway and use the savings you make on repairs.

Savvy investors and real estate experts swear there is profit to be made in distressed properties. One just has to find the right one based on the knowledge and information they have. Do some research and gather as much information as you can.

One can find distressed listings and foreclosed houses by the thousands in California. Some people think that only the unemployed and low-income households fall victim to foreclosures, but this is not the case anymore, particularly in California. Recently, a famous baseball player felt the impact of the housing market crisis.

California is the home of celebrities and famous athletes and even they can fall prey to the housing industry problem. Thousands of properties owned by both the rich and the poor have fallen under Manhattan Beach foreclosure home listing and under other local area listings in the state. The claim that foreclosure does not discriminate has been proven true once again as the home of famous baseball star Lenny Dykstra got sold off in a foreclosure auction.

The Sherwood Country Club mansion of the former Philadelphia Phillies and New York Mets player was one of the California home foreclosures for sale offered at the Ventura County Courthouse recently. The property got a $760,712 top bid during the auction. According to reports, the house was purchased by Dykstra in 2007 for the price of $18.5 million.

A lot of people trying to find distressed listings and foreclosure properties in the state have reportedly shown interest in Dykstra's six-acre mansion. Prior to Dykstra's purchase in 2007, the property served as the home of hockey player Wayne Gretzky. The property is now in the hands of equity firm Index Investors.

Despite outbidding everyone at the foreclosure listings sales auction, Index Investors' Jeff Smith still faces some difficulties before he can completely takeover the property. Dykstra has reportedly filed for a Chapter 11 protection which eventually turned into a Chapter 7. Appliances and fixtures were reportedly removed from the property and the former baseball great has been said to have submitted a water damage insurance claim.

The mansion was first listed by Dykstra in 2008 with the selling price of $25 million. This has gone down recently to $10 million, but Smith believes that he can get over $14 million for the property after landscaping and renovations are completed. Despite the repairs, most market observers are of the opinion that the former Dykstra property is one of the best on offer to people trying to find distressed listings and foreclosure deals.

Search home foreclosures in California cities:

• Los Angeles Foreclosure Home Listing
• Bakersfield Foreclosure Home Listing
• San Diego Foreclosure Home Listing
• Riverside Foreclosure Home Listing
• Corona Foreclosure Home Listing

Beazer Homes, a housing developer in Charlotte, North Carolina, has agreed to pay a settlement fund worth $50 million after it was accused of using sales tactics that contributed to the high number of foreclosed properties and distressed homes for sale in its starter housing developments.

According to local reports, home foreclosures in Charlotte located in Beazer's development sites were partly caused by the sales techniques used by the developer to lure consumers. The reports reveal that the firm arranged loans that most consumers cannot afford, thereby violating lending rules established by the federal government.

With its alleged role in contributing to the number of properties under North Carolina foreclosure lists, Beazer was charged by the U.S. Attorney's Office of accounting and mortgage fraud. According to court reports, some employees of the company allegedly offered down payments to home buyers then inflated the prices of residential properties to cover the costs.

Another accusation leveled against the firm was charging buyers with discount points that are paid to lenders in an effort to get a lower rate of interest. The money earned from these points was reportedly kept by the firm. In certain cases, the prices of houses were allegedly increased to cover the amount. These actions, court reports reveal, have led to more distressed homes for sale in the areas being developed by the company.

Beazer has accepted responsibility and agreed to provide immediate restitution worth $10 million to victims who have lost their homes to foreclosed properties listings. A total of $50 million have been offered by the company as a settlement fund. Homeowners who are eligible to receive money from the settlement are being helped by the Charlotte School of Law as part of its pro bono programs.

Since April 2010, students and faculty members from the law school have assisted homeowners in filling up restitution claims worth over $2.57 million. A total of 416 households have so far claimed monetary restitution from the settlement fund with the help of the law school.

According to participating students and teachers from the school, the funds will greatly help households in the city, particularly those who have been affected by the high number of foreclosures and distressed homes for sale in the area.

Search home foreclosures in North Carolina cities:

• Home Foreclosures in Raleigh
• Home Foreclosures in Durham
• Home Foreclosures in Matthews
• Home Foreclosures in Fayetteville
• Home Foreclosures in Wilmington

It is likely that no properties will be added to distressed house listing for at least a few weeks in some areas of Pennsylvania as some local banks join Bank of America and other major lenders in the U.S. in putting foreclosures on hold while they review documents.

The rate by which Pennsylvania home foreclosures are being sold will likely slowdown, according to local housing market analysts, as one of the biggest banks in the state, PNC, announced that it will review its mortgage procedures to make sure that they are not in violation of any existing law.

The state has had its share of foreclosure problems, with Wells Fargo & Co. processing over 900 Philadelphia home foreclosures during the 12-month period ending June 30, 2010. This is second only to Bank of America which has over 1,000 foreclosure sales in the city during the same time.

Although the temporary hold on processing and selling properties under home foreclosures list will provide some relief to troubled homeowners, some analysts have stated that the move signifies a deeper problem in the mortgage industry. They stated that state authorities need to take tougher stands by going to courts to resolve issues related to potential fraudulent activities in mortgage processing.

Meanwhile, Delaware Attorney General Beau Biden has requested Bank of America, GMAC and Chase to also put on hold foreclosures on properties under distressed house listing in Delaware. On the other hand, state Attorney General Tom Corbett has stated that there seemed to be no need to push banks into making such moves since majority of them have already volunteered to take action.

The decision of major lenders to hold off foreclosures for now has opened a debate on how these actions will affect the housing market. Some have stated that this will be good for troubled homeowners and might even push prices of homes higher as fewer distressed properties are being released on the market.

However, most analysts believe that the reprieve will be temporary and the fallback will be worse for the market once the banks have sorted out the problem and they go back to working through the properties under distressed house listing. The move is also believed to be hindering housing industry recovery.

Search home foreclosures in Pennsylvania cities:

• Home Foreclosures in Allentown
• Home Foreclosures in Harrisburg
• Home Foreclosures in Erie
• Home Foreclosures in Bethlehem
• Home Foreclosures in Wilkes Barre

The housing market of Chicago, Illinois is on the verge of recovery, with problems related to distressed properties listings and foreclosures expected to ease soon, according to Mack Industries Inc. founder Jim McClelland. Mack is a residential development firm that specializes in bank owned homes.

McClelland based his forecast on several housing market developments, including the fact that most properties falling under Chicago foreclosure listings during the first six months of 2010 came from higher income and middle income communities. This, McClelland states, shows that foreclosure has run its course in the area.

He also stated that despite a wide array of choices in terms of properties under foreclosure listings in Illinois, the volume of existing house sales in the city of Chicago has risen for the current year. He predicts that these types of dwellings will post rising sales prices by the start of 2011.

Sales of single family dwellings, condos, foreclosure listings houses and regular residences in the city have increased steadily for the past 12-month period as shown by data provided by the Illinois Association of Realtors. Sales of these homes for June 2010 have risen by more than 27% when compared with the same period a year ago, McClelland has added.

Other reasons for the predicted recovery cited by the Mack Industries founder are declining vacancy rates among apartments, increasing rental rates, fewer properties under distressed properties listings and a decline in the number of underwater loans.

He also noted that although underwater mortgage loans in the city during the 2010 second quarter is still at a high of 29%, this is at least lower than the 31.8% recorded during the first quarter of the current year. The fact that mortgage rates are at record lows also helped, according to McClelland. He stated that current rates prevented further lowering of housing prices.

However, he also stated that higher rates would not be bad either, since they would mean improved confidence in the housing market and better chances for price appreciation among residential properties, including newly built homes and even dwellings under distressed properties listings. He also noted that year-over-year housing price declines as of May 2010 represent a vast improvement when compared with pricing declines recorded a year ago.

With the number of properties under distressed property listings continuing to increase in Pennsylvania, the state is facing further problems when it comes to housing. A report by the Housing Alliance of Pennsylvania reveals that the state has a shortage of affordable for rent homes and this is affecting low income families in the state.

Most cities and counties in the state are suffering from the foreclosure crisis. According to latest housing reports, Pittsburgh foreclosure listings are just some of the property listings in the whole state that have thousands of properties on it. This problem contributes greatly to the residential crisis facing residents of the state.

For low income families who lost their properties to foreclosure listings in Pennsylvania, finding another dwelling is a challenging task. Most of them opt to rent homes since their abilities to purchase another after foreclosure are sadly affected by the crisis. However, the lack of affordable rental housing in the state makes it even harder for them to find a new residence.

The Housing Alliance report showed that even homes under a listing of foreclosure hardly offer an affordable alternative to families who have lost their properties. The report has estimated the shortage of rental homes to be as much as over 200,000 units.

Distressed property listings also do not have a lot of houses that buyers can convert into rental units; and even if there are enough choices, buyers usually cannot afford to offer such units in rental rates that poor families in the state can afford.

The recent study revealed that Allegheny County is in need of at least 21,000 affordable rental units, while Butler is facing a shortage of more than 1,600. Westmoreland County, on the other hand, has over 2,700 potential renters seeking affordable homes. Residential real estate observers have stated that it is not so much as the number of for-rent homes that is in shortage as the number of "affordable" rental homes.

According to the alliance, the average hourly pay needed by a resident to afford a two-bedroom rental unit is $14.04. This means that even nurses, dental clinic assistants and other medical personnel can be categorized as low-income and might not be able to rent a decent apartment. Market analysts have revealed that the high number of properties under distressed property listings and the high rates of unemployment both contribute to this shortage problem.