In Centreville, Virginia, home buyers and investors who are in the market for one of these foreclosure homes are getting on foreclosure tour buses in order to check out the many bank foreclosure for sale.
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From the category archives:
Foreclosure Filings
It seems that the effects of the enduring foreclosure crisis have reached the Web. A recent survey showed that many internet users are searching for sites that contain information regarding foreclosure. For the month of June, there were approximately 1.82 billion internet users who searched for ‘foreclosure’. Compared to last year, there was apparently an increase of about 177 percent.
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Last year, the number of foreclosure petitions filed in the Nantucket Superior Court and Massachusetts Land Court was over 23. After one year, the foreclosure petitions have risen to 92, a 421 percent increase.
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With the foreclosure crisis still causing havoc to the housing market, President George Bush promised to push Congress to act quickly on key legislation. Some of the laws will immediately have an impact. These include making refinancing more affordable and easier for distressed homeowners; and stopping predatory lending.
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Foreclosure investing is one of the upcoming business trends in an industry that has seen better days. Experts believe that the returns are much better in foreclosure investing as compared to the stock market and above all the risk is not as high. Experts from the industry have some tips to offer to all those who want to pursue foreclosure investing as a business.
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According to the Federal Reserve, more banks have decided to tighten their lending standards particularly on home loans including traditional prime housing loans, non-traditional mortgages (subprime and “interest only” mortgages). This decision is not remotely surprising as most of the banks have been losing much money over defaulting mortgages. Their large inventory of foreclosure homes are poised to get even bigger as sales activity remains sluggish.
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For the first two months of 2007, Arizona recorded 4,476 foreclosure filings in March compared to February’s 3,116. This brings the total number of Arizona foreclosure listings to 11,757 for the current year. The state is still struggling with the increasing number of homes entering some stage of foreclosure. With 1 out of 186 homes in mortgage default, Arizona foreclosures rate is among the nations’ highest.
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