The cities with the three highest foreclosure rates are:
- Detroit
- Las Vegas
- Stockton, California
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From the monthly archives:
April 2008
The U.S. Senate has put together the Foreclosure Prevention Act and Senate Majority Leader Harry Reid (D-NV) states he is seeking the 60 votes needed to make the much needed changes to foreclosure rules law.
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It certainly is a buyer’s heaven in the City of Angels. With market conditions favoring buyers, it is probably the best time to buy. The current fears of recession, which is fueled by rising gas prices and the weakening dollar, has actually made people want to live closer to their place of work in order to save both time and money.
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For the week ending April 11, the volume of mortgage applications increased by 2.5 percent. This is according to the survey conducted by the Mortgage Bankers Association each week. During the previous week, the mortgage application index was pegged at 725.6.
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Last year, there was a 42 percent increase in mortgage frauds reported by banks. The said frauds were discovered when banks decided to become cautious in approving mortgage applications. In 2006, there was a recorded 37,313 mortgage fraud reports.
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For the week ending on March 28, the volume of mortgage applications dropped by 28.7 percent. This significant tumble was observed in a weekly survey conducted by the Mortgage Bankers Association. The previous week saw a jump in mortgage application volume by 41.1 percent.
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Following the trend expected by experts for California foreclosures in 2008, the city of Barstow recently saw foreclosures rise to triple what they were only a year ago. In the past 3 months, over 50 home sin the area have been foreclosed, and many more are expected as the year continues.
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While most of the attention on the Texas foreclosure market is focused on the larger cities like Dallas, San Antonio and Houston, the market for central Texas foreclosure is also picking up at quite a rapid speed. Bell County, one of the most prominent central Texas counties, recently recorded an 18% rise in its rate of foreclosure from March to April, and a 33% rise from April of 2007. This is the biggest increase in the area, and has led the way to lots of foreclosures going up for sale and many being bought for low prices.
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The Federal Reserve announced Tuesday that they will now be offering maps of foreclosure hotspots where sub prime mortgages have contributed to widespread foreclosure and defaults. The maps, which are available online at www.newyorkfed.org/mortgagemaps/, will display foreclosure trends by region, with the ultimate intention of helping community groups identify where they can focus their energies toward foreclosure prevention.
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