Within the Chicago area, tons of homes are about to be demolished and approximately 100 will be given away to a local agency. It is great to see Bank of America not completely demolishing all of the properties, but with so many homeless people in the country and several others losing their homes every day, should the bank really be demolishing these homes?

Unfortunately, this is a double-edged sword in which if the bank is unable to rid themselves of the properties, they are left abandoned. The abandoned homes are causing serious issues across the country as many have set fire, threatening the lives of surrounding families. On the other hand, the demolition is not cheap and not only is the bank losing money on the defaulted mortgages, but they are also putting out money to rid themselves of the properties. What, then, is the solution?

Investors, it is time to act! If you are aiming to invest in foreclosure properties, this is an exceptional opportunity to be able to obtain a home for dirt-cheap. The banks are literally spending money to get rid of these homes; therefore, why would they not accept your offer that is significantly below list value? In short, they will.

It is time for investors, non-profit organizations, and families to take advantage of the current situation that Bank of America put itself in and get properties at ridiculously low prices. As a result, you get a very low or nonexistent mortgage payment and a new home or investment property. Use Bank of America’s situation as leverage for your bank owned property offers and walk away with a great purchase.

In conclusion, Bank of America has itself in a horrible situation in which they are losing money due to defaulted mortgages while also having to pay for demolition of these homes. You, as investors and potential homeowners, can utilize this situation to get a great property at an incredible price.

This means that thousands of Santa Rosa bank foreclosures for sale and other foreclosed properties all over the state will soon enter the market in the coming months. California was one of the 27 non-judicial states where the BofA moratorium was lifted later than the other 23 judicial states, or those regions where foreclosure requires the approval of a judge.

According to BofA, the processing of bank foreclosures for sale in California and in other parts of the country will continue as the bank has already completed the review of its documents and is now confident of resuming the sales and repossession of foreclosed properties. The bank added that the review showed that Bank of America had been spot on in terms of its basis for foreclosing on properties included in its portfolio.

Some analysts were skeptical during the three weeks following the initial announcement of the freeze on the sales of Bank of America homes in October. According to them, the bank was able to resubmit documents for foreclosures in the 23 judicial states only 21 days after the moratorium was put in place; something that they, at that time, found surprising.

However, BofA has stated that they were able to identify the areas of bank foreclosures processing where improvements are needed and they believe that it is important to move ahead with the procedures in an effort to reduce empty and abandoned properties all over the U.S. Officials from the bank have added that such properties cause the values of homes to decline which in turn holds back the recovery of the nation's housing industry.

Data from housing market tracking companies showed that the number of foreclosed Bank of America homes has risen by almost 10 times within a few days after the national moratorium was lifted compared with the previous week. The number is expected to rise further in the coming weeks.

According to housing market analysts, most residential properties in the region, including Warren bank foreclosures, recorded declining prices following the end of the tax incentive offered by the federal government to home buyers. They reveal that the government initiative temporarily boosted home buying from last year to the early part of the current year.

However, once the deadline for the incentive arrived, prices of regular homes and Michigan foreclosures for sale started dropping as shown in area housing reports. For October 2010, median prices of houses dropped by 7% to $65,000 in the Detroit metro area. The number of residential properties sold during the month in Detroit is also fewer than the previous year.

A total of 3,983 residential properties, including BofA foreclosure homes and condominium units, were sold in the metro in October 2010 which is far less than the 5,194 sold during the same 2009 month. All areas of Detroit, including the counties of Macomb, Livingston, Wayne and Oakland recorded declining home sales and house prices for October.

The number of people buying foreclosure homes and other types of residential properties dropped by 24% in Oakland and Macomb, while Wayne County recorded a drop of 23% when compared with previous year's records. In Livingston, housing sales declined by 15%, while the city of Detroit recorded a decline of 34%.

Supply of houses for sale also dropped in October 2010, posting a total of 36,351 compared with 42,784 in October 2009. When prices of houses for October are compared with the previous month, Detroit counties showed mixed results. Average selling prices of homes in Wayne climbed by 8.6% between September-October 2010.

In Oakland County, prices of BofA foreclosure homes and other types of residences declined by 5.5%, while Macomb recorded a drop of 9.7% between September and October 2010. Livingston, on the other hand, recorded a monthly price decline of 4.5%. For the city of Detroit, home prices jumped by 25% between September and October 2010.

However, critics of the state's policies for Covington foreclosures and distressed properties in all parts of the state have asserted that just because only a few had been reported does not mean that such problems are not prevalent in Georgia just like in other U.S. states.

Consumer advocates and critics have argued that the way by which Georgia foreclosure homes are processed should be modified. The state is among the 27 U.S. regions where lenders are not required to appear in court to pursue a foreclosure. According to those who proposed a rule modification, the deficiency of the current regulation is in the absence of impartial oversight that courts provide.

In response, lenders have argued that problems related to the processing of properties under Bank of America listings several other states have been found in court proceedings. They added that the non-judicial system of Georgia works for both borrowers and lenders and that problems with documentation found in the region have been isolated cases.

Lenders also added that the reason one can find bank foreclosures in Georgia is because borrowers were unable to meet their monthly mortgage obligations, not because the policies governing foreclosures are not working. They argued that the current rule for foreclosed properties in the state actually encourages negotiation between homeowners and lenders.

Georgia's foreclosure numbers jumped by 23.5% in the third quarter of 2010 compared with the same 2009 quarter. One household out of every 98 is under foreclosure in the state during the third quarter, representing an 8.3% increase compared with the second quarter of the current year. The state is seventh nationwide for the July-September 2010 period in terms of foreclosure rates.

Following the controversy surrounding the processing of distressed properties under Bank of America listings, state consumer advocates have called for a change in foreclosure laws, asserting that there should be tighter requirements before lenders are allowed to foreclose on a property.

Like the rest of the U.S., New Mexico suffers from huge supplies of foreclosed properties, including Fannie Mae foreclosures for sale. When BoA made the announcement that it is temporarily putting foreclosures on hold due to questionable paperwork processing, homeowners from the state reacted in varying degrees of relief and worry.

Some of the families that own New Mexico foreclosure homes for sale, with mortgages handled by the bank, were left wondering what would happen next. According to one homeowner who has a Bank of America mortgage, despite the fact that she is current in her mortgage payments, she is worried about the announcement.

Meanwhile, other foreclosed homes in Albuquerque owners have stated that the bank's decision to review foreclosure documents is a good one, but they are left worried by the fact that lenders like of Bank of America are confused as to which homeowners are in foreclosure and which ones are not.

For those who have a foreclosure house for sale, the news provides a temporary relief and gives residents a chance to stay in their homes for a bit more time. Some see the freeze as a potential factor that can influence banks to work harder in preventing foreclosures, while others think that the review will cost lenders a lot of money, leading them to race through the act of foreclosing.

Officials from Bank of America have stated that the review will take only two weeks to complete and will not create too much of an impact on the housing market. This claim has been contradicted by some housing market analysts who argued that the delay will hinder the housing industry's growth.

The decision of the bank and other lenders in the country will mean that processing of delinquent loans will continue, but the sales processing of foreclosed homes in Albuquerque and in other places of the U.S. will not be finalized until documents are cleared.

According to some real estate market observers, this happens to residential properties in hardest hit areas, like San Jose foreclosed homes. Recent news have revealed such occurrences involving JPMorgan Chase and GMAC, with employees from both banks reportedly admitting signing foreclosure documents without reading them first.

Not all homes under California foreclosure listings and under major city listings are supposed to be foreclosure types. In a recent Florida case, a property was allegedly foreclosed on by Bank of America despite the home not even owning a mortgage. The foreclosure process was reportedly started by Countrywide in 2008.

The owner of the property reportedly paid for the home in cash in December, but the house was still included in the area's listings of foreclosures. The good news is that Bank of America has taken action to fix the problem and has shouldered all expenses related to the process of resolving the issue.

However, the Florida case was reportedly not the first property to be erroneously included in Bank of America foreclosure listings. In 2009, a Texas homeowner was reportedly locked out of his house and the electric power for the dwelling was shut down while a foreclosure proceeding was started. The issue was eventually addressed and the bank had admitted that the residence belongs to the current owner.

Another such case, which also happened last year, involved a homeowner in Pittsburgh, Pennsylvania. The owner was allegedly locked out of the premises despite paying her mortgage regularly. The utilities were shut off and the owner's pet parrot was reportedly taken by the foreclosing lender.

In both cases, the bank issued an apology and a statement revealing that it is trying to stop such incidents from getting repeated by investing more on employee training and improving communication among departments. However, homeowners who have had their houses included in Bank of America foreclosure listings even when there are no legal reasons for their properties to be so had asked for tougher sanctions on banks that commit similar mistakes.

When Michigan foreclosures are excluded from the statistics and only existing and newly built houses are taken into consideration, prices of residences actually dropped and total sales actually increased. Majority of local analysts believe that this is a very good sign indeed for the area's housing market.

Sale of Detroit foreclosures dropped by almost 33% for the month of August 2010 when compared with August 2009, with foreclosed dwellings sold having a total of 1,809 for August of the current year compared with August 2009's 2,697. Sale of non-foreclosed houses, on the other hand, jumped by 15.5% for the same period, with a total of 2,412 compared with 2,088 recorded in August 2009.

Total sale of homes, including foreclosures and non-foreclosed houses, reached 4,221 in August. This represents an 11.8% decrease when compared with the total number of sales in 2009 which was pegged at 4,785. Prices of sold homes also differ between the two types of residential properties.

Price of homes in Detroit, including non-foreclosed houses and foreclosed properties like Bank of America foreclosures, rose by 16.7%. Average price for August is at $70,000 which is a considerable rise when compared with the average price of $60,000 recorded in August of last year.

Regular homes, or those that are not under any distressed situation, had an average price of $111,850 in August 2010. It represents a decrease of almost 9% when compared with the average value recorded in August 2009 which was $122,750. When it comes to foreclosed residences, the average price for the current period is $36,650 which represents a 12.8% rise when compared with August 2009 when the average price of a distressed home was $32,500.

According to RealComp II Ltd., the firm from Farmington Hills that provided the August data, the continuous decrease in the sale of foreclosed houses, including Bank of America foreclosures, is a good sign for the Detroit housing market, particularly when sales of regular homes or non-foreclosed dwellings are increasing at the same time.

Most neighborhoods in the city have been affected by the thousands of Columbia foreclosures for sale and local authorities are looking at the project, to be called Village at River's Edge, as a way to offer residents a chance to have their own homes at affordable rates.

The development was proposed four years ago and was estimated to be worth at least $30 million. However, it was put on hold for years as the area deals with the recession, financing problems and the impact of the high rates of South Carolina bank foreclosures.

Authorities are now confident though, that the development will push through and will be able to help the neighborhood recover from the effect of the huge numbers of bank foreclosed homes in the city. The development is being financed by the Columbia Housing Authority and the HUD and will focus on the construction of energy efficient dwellings.

Officials behind the project have stated that the project is meant to provide much needed affordable homes to the city which has suffered from huge numbers of foreclosures, including government and BoA home foreclosures. The program entails the construction of energy efficient single family dwellings and townhouse apartments.

Latest reports reveal that the HUD is in the process to getting approval for a grant worth $10 million for the Columbia Housing Authority. The city agency is required under federal rules to have the full grant amount by September 23 which will finance acquisition of property, fees for architectural jobs, construction and landscaping expenses.

Meanwhile, local residents and authorities have welcomed the news that the project will likely start within the year, with most of them stating that the community is in need of such affordable housing initiatives, particularly with several projects being put on hold following the economic downturn and the housing market crisis that produced thousands of bank foreclosures, including BoA home foreclosures.

According to case documents, Cox was one of the thousands of homeowners who are facing Utah foreclosures. Documents revealed that she purchased her town house in 2007 and stopped her mortgage payments on January 2009. From then on, foreclosure rates surged in the state and prices of dwellings rose in most areas of the U.S.

Cox, along with her lawyer Barlow, was able to stop her home from becoming one of the bank owned home foreclosures in the area. Bank of America purchased the mortgage when it took over the portfolio of Countrywide Home Loan which originally held Cox's mortgage.

Following the takeover, Cox and her lawyer asserted that BoA and ReconTrust, its affiliate, should not be allowed to pursue foreclosure proceedings in the state and do not have the right to offer Bank of America homes for sale because they were not registered with the state's Division of Corporations.

Barlow argued that his client was denied her rights when lenders opted to go to courts to resolve the problem instead of collaborating with the homeowner to find a better alternative to avoid getting the property in a list of foreclosed homes for sale. Barlow further alleged that lenders are indiscriminately evicting homeowners out of their properties without following due process and regulations that are in place in Utah.

BoA and ReconTrust argued that they do not need to register since federally chartered lenders and banks are not required to do so. The bank further argued that the defendants cited in the lawsuit were not notified about the injunction aimed at stopping foreclosure proceedings against Cox. The bank has asked the courts to dissolve or modify the injunction.

While deliberation is still ongoing, almost one thousand Bank of America homes for sale are put on hold in Utah, with 700 of them under the management of ReconTrust. In total, BoA has 943 foreclosed properties waiting to be sold in Utah.

For the period from January to June, a total of 30,177 Colorado homes entered foreclosure, marking a nine-percent drop from the previous quarter, but a 13.6 percent increase from the same period in 2009. Of this six-month total, more than 15,200 homes were notified of default or foreclosure in the second quarter, indicating a five-percent fall compared to the preceding period, but an increase of 4.7 percent from the second quarter in 2009.

Out of the over 15,200 units in default or in foreclosure, more than 5,200 units entered foreclosure house listings while a total of 10,055 units entered preforeclosure, with a large number entering list of foreclosure short sales. Short selling as a strategy to avoid foreclosure has been growing in popularity as several foreclosure prevention programs such as the federal Home Affordable Modification Program has not been able to cut down Colorado foreclosures as substantially as expected.

For instance, charts on Suntrust foreclosures by state still include Colorado as among the states where a number of distressed homes are located. In the HAMP report issued by the Treasury Department on the performance of mortgage lenders through May, only 11,383 troubled mortgage loans were modified, with 6,423 mortgages put into trial modification and 4,960 put into permanent modification. Total trial and permanent modifications in Colorado accounted for only 1.4 percent of the overall total of loan modifications in the country through May despite being among the top ten states hit by the housing crisis during several months over the past 12-month period.

Despite the top-ten ranking of Colorado in the first half, the month-over-month decline in Colorado foreclosures in May and in June indicates that the housing sector has started to recover in Colorado.