From the monthly archives:
The Lee County and the Florida cities of Fort Myers and Cape Coral are expected to purchase properties on bank foreclosed home listings for rehabilitation. Already, a number of contractors are competing for a chance to renovate foreclosed homes in these counties. The initiative also means more job opportunities in the area.
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California, which is one of the states that took a hard beating from the foreclosure crisis, has awarded about $92.7 million grants to counties and cities to help them prevent abandoned and vacant foreclosed houses from becoming neighborhood blight and haven to criminals.
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California homeowners who saw their properties turned into foreclosed houses this year may soon be hit by an income tax. A California law that provides temporary exemption on homeowners who lost their properties in a short-sale, foreclosure or deed in lieu of foreclosure is scheduled to expire at the end of 2009.
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The Sunset Cay commercial and residential development project in Moneta, Virginia has been placed on the foreclosed home list. The property will be auctioned off on September 17.
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Las Vegas, Nevada is still the lead city in commercial and foreclosed home list. For the first six months of this year, Las Vegas’ foreclosure filings grew by almost 56 percent compared with the same period a year ago.
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Sales and prices of single-family homes in Lee County, Florida declined slightly in July compared with the previous month. But the sales pace continued to improve last month.
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Approximately 40 percent of homeowners who obtained loan modifications under the Obama administration’s foreclosed home prevention program have been redefaulting, according to Sheila C. Bair, chairman of the Federal Deposit Insurance Corporation.
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CitiMortgage, the mortgage unit of Citigroup Inc., has significantly increased its loan modification offers responding to Obama Administration’s call to intensify and speed up the process to help more troubled homeowners avoid foreclosures.
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A New Jersey-run foreclosure mediation program has helped a great number of distressed homeowners avoid foreclosure listing. The Mortgage Foreclosure Mediation Program started in Middlesex County in 2008 and was adopted statewide early this year.
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Some people would look at the current economic downturn with a grain of salt. It is true that the current recession is a far cry from the economic depression that occurred in the 1930s, with the level of poverty then unequaled even now.
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