Archive for the 'cities' Category

Various local communities in Illinois will be receiving their share of the U.S. federal government aid that totals $30 million. The funds will be distributed among local neighborhoods suffering from the impact of foreclosures, including foreclosed homes for sale in Chicago.

A residential community and golf course has joined foreclosed homes for sale in Austin and other foreclosed properties in Texas, demonstrating that the real estate crisis is not exclusive to residential properties and commercial buildings. Spanish Oaks has recently been taken back by lender Comerica Bank after the bank acquired the property at a foreclosure auction.

Communities that have suffered greatly from the impact of thousands of foreclosed homes for sale in Los Angeles are set to receive some help from the U.S. federal government. The Department of Housing and Urban Development (HUD) has announced that a total of $9.88 million will be given to the City of Los Angeles Housing Department under the Neighborhood Stabilization Program (NSP).

Almost 50% of the total number of owners of foreclosed homes for sale in Miami has not taken part in the state-sponsored mediation program. Data for the Miami-Dade metro in Florida showed that almost half of the more than 24,000 foreclosure cases in the city for the current year had no participation in the program.

The growing number of foreclosures and properties under bank owned property listing is just one of the factors believed to have contributed to the city budget problem of Newark, New Jersey. As the city faces an over $80 million budget deficit, officials are considering selling some of the pieces of real estate owned by the municipality.

The increasing number of distressed homes for sale in Seattle, Washington has created a series of problems for real estate agents and for the banks that owned these properties. Several foreclosed mansions were reportedly being occupied by squatters who, on top of living in the houses illegally, are staking claims on the said properties.

The number of foreclosure homes by state has increased in some areas, including Texas. The northern part of the state, particularly Dallas-Fort Worth, recorded higher foreclosure filings with almost 6,000 households facing possible foreclosure sales for the coming auction month of September.

The number of residents in Illinois facing possible home and apartment foreclosures during the month of July 2010 has increased by 33% compared with the previous month's figures. According to home industry statistics from the state, one household out of 270 was in some form of foreclosure or another in July.

Habitat for Humanity, a nonprofit organization better known for constructing new dwellings, has been rehabilitating foreclosed houses and pre foreclosures in Detroit, Michigan with the help of Neighborhood Stabilization Program (NSP) federal funds. The federal initiative launched in 2008 has been providing funds for the redevelopment of residences all around the U.S.

A study conducted by the Austin-based University of Texas reveals that foreclosure, be it bank foreclosures like Citibank foreclosure homes or government or any other type of foreclosure, does not directly cause crime rates to rise as commonly believed by most people.

Almost all types of foreclosures, including JP Morgan Chase homes and other bank foreclosures, were up during the month of July in the U.S. according to the latest housing market statistics. Foreclosure filings rose by 4% during July 2010 when compared with May 2010. These include properties that have received notices of default, houses to be auctioned and bank repossessed dwellings.

Residences in bank owned property listing and new dwellings are in the same boat - both segments are experiencing declining prices in most areas of Arizona. Most housing markets in the state reached their lowest point in April 2009 when prices of dwellings achieved an average of $119,000.

The impact of Charlotte foreclosures is showing in the city's commercial property market as stressed loans comprise almost a third of all commercial structures in the area. Majority of the commercial properties in the city do not have late payments, but there had been worries about their owners' ability to continue regular payments due to a handful of factors.

Homeowners and tenants facing Boston foreclosures will be happy to know that changes to the state's foreclosure rules have been made into law following Massachusetts Governor Deval Patrick's signing of a bill that carries these changes. Patrick reportedly signed the bill at a foreclosed single family dwelling which has been rehabilitated by a home agency in Brockton.

Housing market statistics for June 2010 showed Austin foreclosures recording a 98% increase compared with June 2009. One household out of every 655 was under some stage of foreclosure during the month, translating to a significant increase compared with figures of a year ago.