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Pre-Foreclosure Numbers Unlikely To Stop Soon

Elizabeth Rush — Tue, 26 Apr 2011 14:34:56 +0000

The economy may be in rebound, but the country’s overall economic crisis is far from over. Unfortunately, the housing market still sits in front of the nation’s economic woes, and there may be more houses in pre-foreclosure in the future.

This scenario was laid out by bank officials, who expressed worries that while the economy seems to be picking up, much work still needs to be done to rehabilitate the entire economic situation. It was also noted that labor and inflation rate will take the front row of issues that need to be addressed by the government.

While unemployment rate, in general, have tamed down, the job loss rate is still high and many people are still without a job. Workers morale is expectedly very low and there is little hope remaining in most of them.

Job loss is seen as one of the factors why foreclosure listings in Cleveland continue to increase with new foreclosures coming in every month. On the other hand, a more stable job outlook and growth could result to leaner and more manageable foreclosures inventory.

Apart from labor woes, the economy should also watch out for ballooning inflation. But while commodity and gas prices are steadily climbing for the past few months, these were not due to any monetary policy of the government. Foreign demands largely coming from China and India may be causing the inflation.

But the biggest concern that all sectors must watch out for still remains to be the housing market. The nation could expect more residential units to go into pre-foreclosure as the real estate market struggles to regain its ground.

Ohio home foreclosure listings remain bulky as both home sales and prices stall. The start of this year sees all housing stats in a precarious level. But the same is also true for foreclosure listings nationwide as the housing market remains sluggish.

Analysts note that while other economic indicators are heading towards the positive direction, the same could not be said of the housing market. Activity levels are still at an undesirable rate and pre-foreclosure instances among homeowners remain to be a big concern.

But this condition may vary geographically and depending on what areas the foreclosure crisis had hit the most. Signs of recovery are still unclear and the year could still see more foreclosure suits.

Interest in Pre Foreclosure Listings Wanes, Apartment Market Thrives

Elizabeth Rush — Thu, 10 Mar 2011 14:07:31 +0000

Even with prices of properties in pre foreclosure listings remaining way below normal market levels, a big number of Americans still stay away from homeownership. Some of them just simply do not have the means to buy, while others are still waiting for prices to dip even lower. In Myrtle Beach, South Carolina, the lack of interest in homeownership is benefiting apartment properties.

While listing of foreclosure in Myrtle Beach continues to offer bargain-priced houses, apartment landlords are raising their rents. However, this has not deterred residents from choosing to live in apartment units. Real estate market observers have stated that, for those who have intentions of looking for apartments in the area, they should be ready to face certain difficulties, like limited number of available units, higher rental rates and fewer incentives.

Real estate analysts have explained that these challenges show that the apartment property industry is recovering faster than the residential market, with the latter still feeling the worst of the numerous properties falling under the South Carolina home foreclosure list. In the area of Myrtle Beach, occupancy rates have risen last year, partly because fewer units were added to the area's apartment stock in the past few years.

As pre foreclosure listings and distressed property numbers continue to rise in the area, home building stalled, with apartment construction declining along with it. Data showed that only 76 units have been constructed since 2009. The figure is way below the peak recorded in 2007, when around 380 units were built. As of January 2011, the metro area's apartment occupancy rate stood at 87.3%, rising from the January 2010 rate of 85.3%. In January 2009, the rate stood at 82.5%.

According to local analysts, with nationwide foreclosure listings continuing to hurt the housing market, the strong performance of the apartment industry brings something positive to real estate. In other South Carolina areas, occupancy rates have also risen last year; with Charleston, Greenville and Columbia all having occupancy rates of at least 90%. Occupancy rates in apartment properties are expected to rise further this year, although rental rates are also expected to increase.

In Myrtle Beach, average rental rate last year was around $688. The figure was up from 2009 levels and is expected to be even higher this year, despite the presence of cheap distressed properties and homes in pre foreclosure listings. Real estate observers stated though, that more units should be built to accommodate increased demand.

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Foreclosures and Pre Foreclosure Lists Grew in Wisconsin in 2010

Elizabeth Rush — Fri, 28 Jan 2011 16:21:15 +0000

The number of properties falling under Wisconsin foreclosures and pre foreclosure lists rose in 2010. According to housing market analysts, mortgage refinancing is not exactly working for most troubled homeowners in the state, with majority of applicants still getting their properties seized by lenders after a long, arduous process of applying for modification.

Madison foreclosure listings and distressed property numbers in various markets of the state continued to rise in 2010, with the whole state recording a 4.3% surge in foreclosure-related filings last year compared with 2009. Foreclosure cases reached a total of over 1,760 in 2010 and although the pace of foreclosure was somewhat slower last year according to housing market analysts, the year-end total was still higher than the previous period.

According to economists, the number of Wisconsin home foreclosures rose considerably in the last three years or so, mainly because of unemployment problems and the nationwide recession which made the housing market crisis even worse than it initially was. Analysts also stated that the increase in the past three years happened without most homeowners becoming aware of the problem until it was almost too late.

Housing industry analysts stated that majority of homeowners in the state are not aware of the procedures involved in getting residential properties included in pre foreclosure lists and until they reach the point of getting repossessed. They stated that, unlike other areas of the U.S., a foreclosure procedure in Wisconsin can take as long as over a year before it reaches its end stage, particularly if a borrower is quick to seek a stay on foreclosure.

The main problem, analysts have explained, is that most homeowners do not seek help when they get behind in their payments, thinking that they can work something out before their properties get included in a list of foreclosed homes. However, the shaky condition of the job market often aggravates situations and escalates foreclosure risk into actual repossession.

Housing experts have advised homeowners in the area not to wait until their homes are in pre foreclosure lists before approaching a local housing agency or before getting in touch with their lenders. They stated that the earlier the problem is addressed, the higher the chances of a homeowner to save his property.

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Owners of Pre Foreclosure Homes Aided by Local Credit Union

William Dover — Mon, 13 Dec 2010 14:52:28 +0000

People facing potential foreclosures or those living in pre foreclosure homes in North Carolina are being given some hope by the program launched by the State Employees Credit Union (SECU). The credit union has introduced its Mortgage Assistance Program almost two years ago and has since helped thousands of troubled homeowners in the state.

Although Durham foreclosure listings and distressed property totals in the rest of the state continue to rise, the rate of SECU members falling into foreclosure barely increased within the period of five years even when the recession hammered the state's housing market. According to officials from SECU, part of the reason is the early intervention of the union at the slightest sign of trouble.

According to SECU officials, they do not wait until members' properties have already become North Carolina home foreclosures for sale. Once a member is over a month delayed in his mortgage payment, loan officers are required to get in touch with the member and tell him that the credit union has alternative payment schemes in place that can help troubled mortgage borrowers.

SECU officials have stated that the primary aim of the program is to aid owners of pre foreclosure homes and prevent them from losing their properties. In most ways, the program of the credit union is similar to mortgage modification initiatives launched by mortgage servicers and banks all around the country. The difference, the credit union stated, is that SECU has enough staff to conduct the work.

The credit union also revealed that the great advantage of the program is that it gets ahead of the trouble. This means not waiting until the property is already under foreclosure listings. When signs of trouble start appearing, counselors and loan officers in the union get in touch immediately with members and offer them assistance.

So far, the SECU program has assisted over 7,000 borrowers across North Carolina. The credit union is expecting increased demand for assistance by 2011 since most of the members of the credit union are employees. The huge number of workers laid off is expected to cause the number of pre foreclosure homes to increase and demand for SECU services to escalate.

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Pre-Foreclosure Listings and Foreclosed Properties Benefit Buyers

William Dover — Thu, 18 Nov 2010 12:24:49 +0000

The number of properties under foreclosure and pre-foreclosure listings continues to rise in Michigan with real estate investors and home buyers getting the most out of the situation. Recently, a number of these foreclosed properties were auctioned off by Federal Deposit Insurance Corp. (FDIC) for bargain prices.

Foreclosure listings in Dearborn and in other areas of the state offer some of the most affordable properties, but property auctioneers stated that suburban properties are the ones that sell the fastest. This claim was proven true during the FDIC auction which showed homes in the suburbs getting snatched quickly by bidders.

The properties under Michigan foreclosure lists auctioned off by the FDIC included a Hazel Park lot that was sold for a mere $225. Another bargain property sold during the auction was a house in a Bloomfield Township gated community which was listed for $7.9 million two years ago and ended up getting sold at a heavily discounted price of $1.7 million.

Auctioneers have encouraged buyers to take advantage of the cheap properties under foreclosure and pre-foreclosure listings being offered in various auction events in the state. They remind buyers and investors that prices of properties will not remain cheap forever and they should take advantage of current prices if they have the cash to pay for them.

People who wish to buy home foreclosures at very affordable prices were given the chance to get the properties they want during the FDIC auction held in Dearborn which generated over $8.5 million from 153 properties sold during the two-day event. The properties offered during the auction were part of the thousands of foreclosed real estate in Michigan that were seized or taken over by lenders since the housing market crisis started four years ago.

According to housing market observers, given the fact that Michigan is among the top 10 states with the highest number of foreclosures and its economy being no better than other hard-hit areas, the turnout for the auction can be considered a success.

The homes auctioned off by the FDIC were properties taken from failed banks' foreclosure and pre-foreclosure listings. The government agency sells the properties to minimize its losses and recoup some of the revenue lost from bank deposit insurance.

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Foreclosed and Pre Foreclosure Home Listings Expand in St. Tammany

Paul McCain — Tue, 26 Oct 2010 12:31:10 +0000

Housing statistics for the period January-September 2010 showed that St. Tammany Parish has the highest number of properties under foreclosure listings and pre foreclosure home listings in the whole state of Louisiana. The parish, which in the past has had the highest average household earning in the state, is now being hit by the housing market crisis.

According to nine-month housing market statistics, one household per 405 properties are in some phase of foreclosure in the area. This is higher than New Orleans home foreclosures which have previously recorded some of the highest distressed property totals. Analysts have reported that St. Tammany started having foreclosure problems in 2007, but it was not until 2010 that it made it to the top of the foreclosure rankings.

Despite the parish's climb to the top of Louisiana's ranking, overall housing situation in the state is still relatively good. Home foreclosures in Louisiana are still lower than most states, with the region ranking 35th nationwide in terms of foreclosure rates for the 2010 third quarter.

The growth of foreclosed property listings and pre foreclosure home listings in St. Tammany has been attributed by most economists to the huge number of Katrina victims who moved to the area after their homes were destroyed by the hurricane. After the disaster, south state residents moved in droves to the north, with St. Tammany being one of their favored destinations.

Along with the growing supplies of distressed homes, the parish also experienced rapid declines in home values, making the area a haven for people looking for cheap home foreclosure listings. Average prices of residential properties in the eastern ares of St. Tammany have declined to as low as a little over $150,000, while the western side of the parish recorded an average home price of over $220,000.

These price ranges are definitely lower than the prices of three years ago, when Katrina victims started moving to the parish. Eastern St. Tammany home prices during the early 2007 averaged $200,000, while western area homes were sold for over $300,000. The increase in the number of properties under foreclosure and pre foreclosure home listings has been attributed by analysts to home buyers who transferred to the area after Katrina and who are now unable to meet their monthly mortgage obligations.

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Listings of Pre Foreclosures in El Paso County Not As Bad As Other Areas

Elizabeth Rush — Tue, 28 Sep 2010 13:39:49 +0000

The level of problem faced by El Paso County, Colorado in terms of foreclosures and listings of pre foreclosures is much better than other counties in the state; but at the same time, is worse than some local areas. To put it in simpler terms, the county is in the middle level if foreclosure problems within the whole state are to be considered.

Foreclosure filings data for August 2010, including foreclosure listings in Colorado Springs, showed the county recording a 3.8% decline compared with August 2009. When compared with the 12 metro areas of the state, seven have bigger percentage decreases than El Paso, with Adams recording the highest decline for August at over 24%.

When it comes to statewide data, Colorado foreclosure lists and filings recorded a drop of 10.1% in August compared with the same month in 2009. Looking at the January-August 2010 period, filings in El Paso County recorded an 11.8% drop compared with January-August 2009. The figure is exactly the same when statewide decline for the eight-month period is considered.

Five counties in Colorado have bigger declines than El Paso when year-to-date period is considered. Foreclosure rates and listings of pre foreclosures declined considerably in Denver during the January-August 2010 period, with the metro area recording a 22.1% drop in filings for that period, the biggest among all counties.

Despite the decline in the foreclosure filings and house foreclosure listings numbers of El Paso, local realtors are predicting that the county's total is on course to reach 4,800 by the end of 2010. The total would be the second worst for the county, with 2009 being its worst annual filing year when 5,470 foreclosure notices were issued.

August 2010 figures showed the county having one foreclosure completed during the month out of 833 properties. Among all local areas in the state, Boulder has the best foreclosure ratio for August, with one foreclosure completed in the city for every 2,029 residential properties.

Adams, on the other hand, had the worst ratio at one household out of 616 receiving a filing in August. When data for all 12 Colorado metro areas are added up, the ratio for foreclosure filings and listings of pre foreclosures is one household out of every 904.

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Pre Foreclosure List, Bank Repossessions Up in Most U.S. Areas

Paul McCain — Fri, 24 Sep 2010 13:56:20 +0000

Foreclosure activities and properties under pre foreclosure list increased in August 2010 for most U.S. states. Meanwhile, bank and lender repossessions hit record highs. According to the latest housing market data, the number of properties repossessed by lenders rose by 3% to 95,364 compared with July 2010.

Most metro areas recorded higher foreclosure activities for the month, with rising numbers of home foreclosures in Miami being just one example. Despite the rise in repossessed property totals, the number of households that received notices of default declined by 1% in August compared with July. When compared with year-ago levels, notices of default totals dropped by 30%.

Foreclosure activities in Florida, including households receiving notices of default and actual Florida home foreclosures, recorded the second highest totals for August among all U.S. states. One household out of 155 received a filing for August, making the state second overall, better only than Nevada. Florida is followed by Arizona, California and Idaho.

Overall, total number of properties under foreclosure list or total number of households receiving filings increased by 4.18% in August 2010 compared with July 2010. However, when compared with the same period of 2009, the total actually represents a decline of 5.48%. A total of 338,836 homes are in foreclosure for August.

This means that one household out of 381 in the whole U.S. is under pre foreclosure list, about to be sold at an auction sale or has been repossessed by a lender or a bank. According to some market analysts, the figures for August still do not include delinquent loans or properties that are already in foreclosure but are being held back by lenders from the market.

They stated that banks are doing this mostly to prevent further decline in residential property prices. Economists have stated that the data for August showed that underlying factors have not made any improvement, with unemployment and property prices remaining below desired levels.

Meanwhile, the Mortgage Bankers Association has reported that home mortgage loan demand has declined despite the low rates of mortgages. Another housing market-related data showed that home sellers have slashed over $29 billion from the asking prices of existing and foreclosed homes and even for properties under pre foreclosure list that are currently for sale.

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Foreclosure and Pre Foreclosure Listings Aggravate Ohio Problems

Elizabeth Rush — Mon, 13 Sep 2010 14:32:46 +0000

The economic problem of Ohio, believed by economists to have been present even before the housing market crisis, has been made worse by the increasing number of homes falling under foreclosure and pre foreclosure listings. U.S. President Barack Obama recently visited the state to assure the public that he is aware of their frustration over the slow economic recovery in the area.

According to real estate market analysts, the efforts being promised by Obama to control the rising number of Cleveland home foreclosures might be too late as the problems of the city, as well as the state, are believed to be deeply entrenched and have been present even before foreclosure rates started escalating in various areas of the country.

Economists have stated that Ohio home foreclosures are just aggravating factors as the main economic trouble of the state has long been heralded by the decline in the population of some of the state's major counties. Private employment has also declined in the area and vacant properties remain empty for long periods of time, causing neighborhoods to suffer from blight and deterioration.

State economic experts have claimed that the area's problems go beyond having thousands of properties under foreclosure and pre foreclosure listings. They asserted that Ohio's economic troubles are largely associated with structural weaknesses and not merely with economic cyclical weaknesses.

The economic problem that has been there prior to the recession was made even worse by escalating unemployment rates and increasing number of foreclosures, with very few buyers willing to take advantage of the sale of foreclosure listings for very low prices. As an example, experts have cited Cuyahoga County's move to let go of 10% of its government workforce within a period of one year.

State residents, most of whom are Democrat-supporters, are reportedly losing patience with the Democrat-controlled Congress and Senate. This, according to market analysts, does not bode well for the Democrats running for legislative seats in the state.

According to some local reports, some voters who supported Democrats in previous elections are allegedly considering changing their allegiance. Some of the residents have stated that members of the Congress and the Senate are too busy fighting each other to address the deepening economic troubles of Ohio, which include rising unemployment rates and increasing number of properties under foreclosure and pre foreclosure listings.

Homeowners of Properties in Pre Foreclosure Lists Get a Reprieve

Paul McCain — Thu, 19 Aug 2010 14:47:36 +0000

Some homeowners in North Carolina who are on the brink of foreclosure or have their homes under pre foreclosure lists have received some good news recently when they got mail telling them that they will soon be receiving some money. The financial windfall is courtesy of several mortgage firms that had been accused of committing fraudulent actions.

One of the accused companies, WR Starkey Mortgage, handled mortgages for households in different areas of the state, including those properties that are currently under Winston Salem foreclosure listings. The firm is reportedly writing checks for a total of 171 households all around the state.

One family whose home is on the verge of getting sold off and is one of the many properties under foreclosure listings in North Carolina was greatly relieved upon receiving a notice in the mail telling them that they will be getting $26,000 from WR Starkey. The company allegedly used inaccurate credit data to acquire loans for customers. The firm was also accused of collaborating with a house dealer in inflating manufactured dwellings' prices.

In response, the firm has released a statement saying that they are not shirking from their responsibilities to families whose properties are in pre foreclosure lists or on the verge of getting foreclosed as evident in the speed with which they settled with the North Carolina authorities.

Officials from the company have also stated that most of the accusations leveled against WR Starkey were the result of actions made by a few ex-WR employees and a handful of Phoenix Housing Group Inc. representatives. Phoenix was the seller of manufactured houses. WR is licensed to operate in various areas in the state covered by regular real estate listing, including Charlotte, Hickory, Raleigh, Winston Salem and Salisbury among others.

The mortgage company has agreed to pay $4.7 million as a form of settlement. This brings the amount of mortgage fraud-related money collected by the state to a total of $21 million so far. Other firms from which the state of North Carolina was able to collect money were Beazer Mortgage, Countrywide Homes and Vanderbilt Mortgage.

The money collected from these firms were then given back to households whose mortgage transactions were handled by these companies and whose properties are mostly in pre foreclosure lists or facing potential foreclosures.