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Residential Foreclosure Listings Benefitting from Older Residents

Elizabeth Rush — Wed, 13 Apr 2011 13:26:57 +0000

Sellers of residential properties, including those with properties in residential foreclosure listings, have welcomed the increase in the number of senior residents moving into Minnesota. Although most of the areas of the state have lost population between 2000 and 2010, the latest U.S. Census report showed that some have experienced gains, particularly when it comes to older residents.

When foreclosures list in Minneapolis and in other key cities of the region started rising, a lot of people reportedly moved out, with the younger demographic recording the biggest decline. Demographers reported that younger people mostly moved to another place in search of a job. However, in towns like Bemidji and Baxter, the population has risen, mainly because of the rise in the number of seniors relocating to the region.

A number of these older residents have revealed that they moved to these areas because of their housing which they consider senior-friendly and safe. This trend has benefitted the housing market of the region, with house sellers and brokers of properties under a Minnesota home foreclosure list all welcoming the arrival of the retirees. In Bemidji, population rose by almost 13% during the 2000-2010 period, while Baxter recorded a 37% population surge over the same period, with a big percentage of these increases accounted for by retirees.

Home sellers and developers in these communities have mostly taken advantage of the surge in senior population by offering townhomes and other residential accommodations suitable to older people. In residential foreclosure listings and regular home listings, a lot of properties can be found that have been built to accommodate their needs. In addition, forests and lakes can be found in these areas which provide retirees a relaxing environment.

With these attractions, more seniors are expected to move into these communities in the coming few years, with Baxter projected to double its population by 2030. The problem of foreclosure nationwide has resulted in big numbers of communities becoming almost empty as abandoned foreclosed homes increase in numbers. In the Minnesota region along Brainerd Lakes however, the opposite is happening as more people move in and houses get occupied. Demographers are predicting that the trend will continue as more Baby Boomers retire.

Local officials are hoping that this projection will come to pass and that more of these retirees will decide to settle down in the area and purchase homes. Realtors stated that the population increase in the past 10 years has definitely helped them sell more townhouses and properties from residential foreclosure listings.

Fannie Mae Foreclosure Listings Continue to Weigh Down Home Prices

Elizabeth Rush — Tue, 05 Apr 2011 13:52:24 +0000

Prices of houses in New Mexico have remained low, with market analysts attributing the price depression to bank foreclosures and Fannie Mae foreclosure listings. Meanwhile, mortgage rates in the region have also gone up in the last week of March 2011, which could possibly hinder residential sales in the state.

According to local realtors, the low prices of homes under listing of foreclosure in Albuquerque and in several other markets of New Mexico prevented residential prices from rising. With mortgage rates also rising for the second week in a row, some real property agents stated that sales are likely to decline in the coming months. Both long term and short term rates jumped in the region for the week ended March 31, 2011.

For buyers of new homes or properties in New Mexico home foreclosure list, the rise in rates might prove to be a deterrent. Reports showed that rates for 30-year fixed mortgages jumped to 4.88% in New Mexico during the last week of March, while rates for 15-year fixed loans jumped to 4.25%. Nationwide, rates for 30-year loans rose to 4.86% from 4.81% in the previous week, while 15-year mortgage rates increased to 4.04%. One-year adjustable rates, on the other hand, jumped to 3.26%.

In terms of housing prices, Fannie Mae foreclosure listings and distressed properties are still dragging residential prices down, not only in New Mexico, but in almost all U.S. markets. February housing data showed that nationwide housing prices have remained way below the pre-crisis level, while distressed property sales still accounted for a huge percentage of total residential unit sales. Analysts are expecting these trends to continue for most of the current year.

With tough competition from cheap properties in foreclosure home listings, home prices in 19 of the 20 largest city markets in the U.S. continue to decline, according to a report from the S&P Case Shiller. February residential market data also showed that distressed and foreclosed property sales are still taking a huge chunk out of non-foreclosed and newly-built home sales. For the month, 37% of total housing sales in the whole U.S. were accounted for by foreclosures and distressed residential properties.

Fannie Mae foreclosure listings and bank foreclosures are projected to continue rising for the rest of 2011, leading housing market analysts to declare that the current year will remain much the same as 2010. According to them, majority of U.S. housing markets will continue to be depressed, with prices expected to remain low in most regions.

Potential Buyers of Homes in Federal Foreclosure Listings Increase

Elizabeth Rush — Thu, 24 Mar 2011 16:41:19 +0000

More potential buyers of residential properties, like homes in federal foreclosure listings, have come to Kentucky in the past decade as the 2010 U.S. Census Bureau report showed the state growing by more than 6% over the ten-year period. The Golden Triangle region of the state recorded the biggest population growth during the decade.

Sellers of properties in foreclosures list in Louisville and in areas within or near Lexington and Northern Kentucky have welcomed the results of the latest census report as it showed that these areas, also known as the Golden Triangle, posted the biggest population growth between 2000 and 2010. However, while counties in this region added more people, the western and eastern regions, primarily made up of farm and coalfield counties, lost some of their residents to relocation.

As a whole, foreclosure listings for Kentucky and the non-foreclosed home market are set to benefit as the region posted an overall population gain of 6.1% during the ten-year period. The state's population totaled nearly 4.34 million as of 2010, according to the census report. It also revealed that the Hispanic population of the state grew by 112% since the start of the decade. The highest jump in population numbers was recorded in Spencer County, with the area posting a growth of 43.6%.

Scott County is also set for more potential buyers of residential properties, with non-foreclosed and federal foreclosure listings both expected to see higher activities in the coming months. Scott County's population increased by over 40% during the period covered by the report. Majority of areas in the Golden Triangle outpaced outlying areas in terms of population growth, census experts have reported.

According to local officials, growth in these counties is somewhat expected, given that they offer the most number of opportunities to people looking for employment. They also have more residential properties being offered for sale, with both regular dwellings and residences under foreclosed homes listings easily available to those who are looking for places to live in. Meanwhile, those areas located outside of the Golden Triangle that posted over 10% of population growth are mostly places where interstate highways and universities can be found.

Warren County, for example, has Western Kentucky University, which helped it record a 21% population growth. Meanwhile, federal foreclosure listings and residential markets in the areas of Trigg County and Elliott are also set to gain more customers as the former posted a 12.6% growth, while the latter grew by over 10%.

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Foreclosure Assistance Needed Despite Improved Sales in PA

Elizabeth Rush — Wed, 23 Mar 2011 14:54:59 +0000

There are still plenty of homeowners in danger of losing their properties to foreclosure and seeking foreclosure assistance. Despite this, most real estate analysts believe that home markets in Pennsylvania are starting to improve as sales of both new houses and existing dwellings posted increases in February 2011 compared with year-ago levels in certain areas.

Sales of homes in foreclosure listings in Philadelphia and in most areas of the Pennsylvania have been showing improvements in the past few months, according to local realtors. One of the markets that demonstrated improvement recently is the Pittsburgh Metro Area. Sales of new dwellings and existing homes in the metro area jumped by 5.1% in February 2011 compared with February 2010. A total of 1,160 housing units were sold during the period, higher than the February 2010 total of 1,104.

Despite tight competition from properties in Pennsylvania home foreclosure list, prices of dwellings in Pittsburgh posted increases in February of this year, accompanying the rise in sales numbers. Allegheny County posted the highest sales increase, totaling 699 in February, up from 649 a year ago. Butler County had a total of 97 for the month, up from the 87 units sold in February 2010. The rise in February home sales followed a January increase, when houses sold jumped by 8.2% compared with January 2010.

The two months in a row of rising sales have given housing market observers some hope that the market is starting to stabilize, particularly when two months of strong sales came at the heel of a six-year long continuous drop in sales. Although there are still a number of homeowners seeking foreclosure assistance and distressed properties are still entering the market, majority of real estate experts are optimistic about Pittsburgh's outlook for the rest of 2011.

For one, Pittsburgh's numbers are relatively better than nationwide foreclosed homes totals. For another, home prices, one of the most significant factors in gauging market conditions, have increased in the metro area in February. Average prices of all types of residential properties sold in February jumped by more than 10% from year-ago levels to reach $145,782, much higher than the $132,431 recorded in February of last year.

Median prices also rose, with February 2011 rate at $107,000, up by 3.9% from the $103,000 median rate recorded in the same 2010 month. Analysts stated that homeowners will continue to seek foreclosure assistance in the area in the coming months as more borrowers get into mortgage trouble. However, they also believe that sales will increase, which will help balance the home market.

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Homes in Illinois Distressed Property Listings Drop

Elizabeth Rush — Mon, 21 Mar 2011 14:50:25 +0000

Last February, the volume of homes which entered the Illinois distressed property listings slowed down compared to last year’s figures. But despite this, experts still believe that the foreclosure crisis is not yet over and recovery is still far.

Foreclosure listings in Chicago as well as in other cities of Illinois include homes which received default, foreclosure auction and even repossession notices. In the entire state, there were 5,568 homeowners which were notified of their default, while 2,553 homes were about to be foreclosed and 1,471 houses were scheduled for auction.

In total, there were 9,592 foreclosure-related filings and notices released for the said month. This figure is 27.13 percent lower compared to the number of homes in January’s distressed property listings and 44.59 percent fewer compared to the same month a year ago.

Nationwide, total number of foreclosure-related filings affected 225,101 homes, 14 percent and 27 percent less than January and February 2010 figures respectively. This is the biggest decline ever recorded since 2005, when the foreclosure crisis started.

The fewer homes entering Illinois foreclosure listings is actually not a result of distressed homeowners being able to pay off their mortgage dues. The situation is still the same for most, but what changed is the way lenders are processing these foreclosures. Instead of rushing the entire process, lenders are now more careful with their paperwork and are serious about avoiding any claims that they are not following legal procedures.

Last year, a controversy involving lenders and their alleged robo-signing methods were investigated by regulators to see if they have been violating any of the borrowers’ rights. Most of the lenders decided to halt their foreclosure proceedings to go over their internal procedure and see if the claims are justified. Many are still reviewing their process and have decided to slow down, resulting to a decline in foreclosure nationwide.

Based on this, experts and analysts are expecting more homes entering distressed property listings in the coming months as lenders sort out their paperwork. Although many are hoping the decline is a sign of a housing recovery, it is still early to tell. What most experts are sure of is that the number will be bouncing back in a couple of month’s time.

On the bright side, distressed homes are attracting much investor interest because of their cheaper-than-average prices. Most are paying cash, so this is good news for the entire industry.

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Multi Family Foreclosure Listings Affect Prices Differently

Elizabeth Rush — Wed, 16 Mar 2011 17:44:22 +0000

Prices of regular houses and residential properties under single and multi family foreclosure listings in Massachusetts differ from one corner of the state to another. Analysts stated that the best example of this price variation within one state can be seen in the suburban beltways of Interstate 495 and Route 128.

Both areas' housing markets were affected by the industry crisis, which saw listing of foreclosure in Boston and in the rest of the state expand to levels that have never been seen before. Comparing the two areas, market analysts reported that home prices in markets along Route 128 fell only by a small margin during the past few years compared with the pre-crisis period. They stated that in most local communities, prices are near recovery levels as of 2010.

Data presented by Warren Group showed that the impact of Massachusetts home foreclosure listings was not as heavy in the Route 128 area as only two of the eight towns and cities along this route that covers Burlington to Dedham posted a price decline of over 10% during 2005-2010. Lexington reportedly posted the lowest drop, with single family housing prices dipping by only 1.5% over the period. Meanwhile, home markets along Interstate 495 tell another story.

At I-495, which covers communities between Littleton and Plainville, 11 out of 12 home markets recorded a decline in prices of over 10%. The impact of single family and multi family foreclosure listings was felt the most in the Milford market, which recorded a price drop of 27.4% between 2005 and last year. Realtors have reported that houses in Route 128 are receiving a lot of offers from buyers, while home selling in I-495 has been slow during the past year.

Housing experts have identified various factors as to why the two regions were affected by the nationwide foreclosure crisis at different levels. One was being near the metro area of Boston. According to them, the nearer the towns are to Boston, the more attractive they are to homebuyers. They also reported that towns in Route 128 are better known to out of state residents than the places in I-495.

Although single and multi family foreclosure listings can be found in both areas, Route 128 median selling prices last year range from nearly $350,000 from one town to over $1 million in Weston. In I-495, on the other hand, median selling rates were around $248,000 at Bellingham last year to almost $520,000 in Hopkinton. Houses in Route 128 also sell faster than those in I-495, realtors have reported.

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Foreclosure Investing Expected to Be Affected by Population Decline

Elizabeth Rush — Fri, 11 Mar 2011 14:15:41 +0000

There might not be enough people to engage in foreclosure investing in some local areas of New Jersey as census reports showed massive population declines in certain areas. According to analysts, part of the reason for the diminished number of residents was the real estate boom that started at the early part of the decade and ended by the middle of the 2000s.

Foreclosures list in Newark and in the rest of the state have remained relatively manageable, but realtors and local officials are worried about the potential impact of the decline in population on the housing market. In Jersey Shore, population dipped by nearly 40% over the past decade, according to statistics released by the U.S. Census. Local officials have stated that they did expect the number of residents to decline, but they did not expect the drop to be so high.

According to market analysts, the decline in population can be traced back to the early part of the decade when the real estate industry was at its most profitable and New Jersey home foreclosure listings were not as huge a problem as they are today. They revealed that majority of property owners, particularly those who own properties along the coast and in beach towns; took advantage of the high values of homes and sold off their properties.

Most of those who purchased these properties, officials reported, only use the beach-side homes as vacation dwellings, declaring other houses as their primary homes. According to housing market analysts, this will likely put foreclosure investing at an almost standstill as the market seemed to have already exhausted its buying and selling opportunities. They also asserted that declining property values will not help convince buyers to purchase real estate right now.

Many housing market observers are not expecting much activity in relation to buying properties from a foreclosure listing this year. They stated that, much like during the real estate boom, a lot of people do not exactly favor Jersey Shore as their primary residence because of the stupendous cost of living. Analysts reported that residents in the state use more than 12% of their income on taxes, the highest percentage appropriated for taxes in the whole U.S.

Those who are considering foreclosure investing are also unlikely to prioritize the region, analysts further said, since other expenses like automobile insurance and utilities are also high in the state. They also stated that schools and public services are currently experiencing reduced funding since the level of government appropriation is often associated with an area's population.

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Sales of Residential and Commercial Foreclosures Decline in Texas

Elizabeth Rush — Thu, 03 Mar 2011 17:59:44 +0000

In terms of property sales, residential and commercial foreclosures were not much of a factor in Texas in 2010 compared with other states and with the national level. The number of foreclosed houses that were sold in the region last year went down by almost a quarter when compared with year-ago levels.

For the full 2010 period, 37,316 properties from foreclosures listings in Dallas and from the rest of the state were purchased by buyers, representing a decrease of almost 25% compared with 2009 figures. Compared with 2008 figures, the number of foreclosures sold in 2010 was down by 23%. Last year, 13% of total housing units that were sold in the region were accounted for by foreclosed properties.

In terms of prices, properties under home foreclosure listings in Texas sold for an average of $142,049 in 2010. This average selling rate is 27% lower than the average selling price for non-foreclosed residential properties. Foreclosed homes figures included bank repossessed properties and dwellings that were under some stage of foreclosure last year. Data showed that compared with other U.S. states, Texas foreclosure sales for 2010 were actually quite low.

According to housing experts, the high percentage of property sales accounted for by residential and commercial foreclosures in the whole U.S. last year was good news for homebuyers and real estate investors as they were able to secure deals for much lower prices. They stated that the immediate impact on the housing industry is positive since high number of foreclosed property sales will clear out the inventory backlog of distressed properties.

However, they also stated that a high percentage of home foreclosure listings sales will further depress home values in the country, which could prove to be detrimental. Analysts stated that as long as home prices are down, the housing industry will not be able to sustain its recovery.

With the percentage of commercial foreclosures and foreclosed residential property sales remaining relatively low in Texas, local analysts are optimistic that housing prices in the state will be able to recover faster than most U.S. markets. They also stated that, in general, Texas' housing sector is doing a lot better than other regions.

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Lists of Federal Homes and Bank Foreclosures Highest in Florida

Elizabeth Rush — Fri, 25 Feb 2011 17:23:49 +0000

The number of foreclosed properties, including those under lists of federal homes, increased in Florida during the October-December quarter of 2010. The foreclosure rate of the state jumped higher and inventory of distressed houses rose, according to a report from the Mortgage Bankers Association.

Foreclosure listings in Jacksonville and in the rest of the state grew in the fourth quarter, bringing the foreclosure rate to over 14% and making Florida the state with the highest rate of foreclosure for the period. According to the association report, Florida accounts for almost one household for every four houses in distress in the whole U.S. during the quarter.

Aside from the high number of homes under foreclosure list in Florida, there were also 5.2% of mortgages that were at least three months behind in payments in the state in the fourth quarter. This is on top of the over 14% of mortgages already in the foreclosure process. The figures mean that over 20% of all outstanding mortgages in Florida are either delinquent or are already in foreclosure. The percentage is the highest in the whole country for the 2010 last quarter.

The foreclosure inventory of the state for the fourth quarter, including foreclosed lists of federal homes, posted a 0.5% increase compared with the third quarter of the same year. However, some positive news appeared in the report, particularly in the foreclosure starts category. The number of properties entering foreclosure for the first time went down last quarter, along with the number of mortgage loans that can be categorized as seriously delinquent.

The number of mortgage loans considered as seriously delinquent dropped by 0.7% in the fourth quarter compared with the previous three-month period. According to analysts, the increase in distressed housing inventory can be attributed to the robo-signing controversy that held back sales of homes under foreclosed properties listings.

Analysts also reported that the controversy has caused delays in processing foreclosures, holding them back from entering the system and getting listed at lists of federal homes and other distressed property listings. In Miami-Dade, processing now takes 742 days, while in Broward County, the average is 689 days. The figures are almost double the average length of time it took to process a foreclosure three years ago.

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Low Income Housing Gets Support Amid Long List of Cheap Houses

Elizabeth Rush — Thu, 24 Feb 2011 19:35:24 +0000

As the number of foreclosures rises in Missouri, the list of cheap houses also expands. Despite the presence of these low-priced dwellings, a big number of state residents are still unable or unwilling to make a purchase, and the number of residents in need of a place to live is still rising. To help address the shortage of affordable housing in the state, the Missouri Housing Development Commission has approved tax credits meant to support housing projects.

Saint Louis foreclosure listings and distressed property listings in various areas of the state offer very low-priced residential properties. However, massive job losses and the nationwide recession resulted in reduced incomes all around the state, and most families in need of homes cannot afford to purchase one. For those who can, majority are reluctant to do so for fear of future job loss and further recession.

To accommodate residents who are in need of homes, including former homeowners who lost their properties to Missouri foreclosure listings, the commission approved tax credits that will finance various affordable housing initiatives. A total of $7.8 million will be provided as tax credits that will be distributed among 28 projects, which include a veterans housing program in St. Louis and a Pagedale senior residential project.

According to state officials, the projects selected to receive tax credits have lower average costs and will require less than residential development projects in the past. The projects are meant to provide housing to low-income families and residents who cannot afford to buy their own homes, even those included in the list of cheap houses.

Residential property developers who receive financing through tax credits usually sell the properties for fewer returns, making them even more affordable than houses under foreclosed lists. Although this will provide low-income households with a better chance of having a home, some state officials have criticized the continuous escalation of tax credit programs in the state, arguing that they take money away from other state initiatives.

For now though, more housing projects are scheduled to be started to benefit low-income state residents. With distressed properties and list of cheap houses expected to rise again in 2011, more people are likely to lose their homes to foreclosures, and most of them will be seeking help from the state government.

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