Archive for the 'cities' Category

Las Vegas foreclosures still dominated home resales in December last year despite a drop in the percentage of foreclosure sales in the area, based on sales data from a San Diego-based real estate information provider.

The pace of Roanoke foreclosures shot up by a staggering 353 percent in 2009 over a one-year period, surpassing the rates of increase in metro areas that have been dominating foreclosure charts since the start of the downturn, such as Las Vegas and other cities in the Sand States.

Houma foreclosures shot up by 379 percent in 2009 largely because of mortgage payment deferrals that were encouraged by the mortgage banks themselves.

The prices of foreclosure homes in metro Phoenix may have bottomed out, according to a report written by Karl Guntermann, real estate professor at the Arizona State University W.P. Carey School of Business, and his associate Adam Nowak.

Foreclosures homes for sale shot up in number by 95 percent in the city of Chandler, a large suburb of Phoenix, Arizona, over the last two quarters of 2009, as unemployment and poverty levels continued to climb up in the area.

Banks foreclosed homes in the city of Henderson continue to grow in number because of its proximity to Las Vegas, according to local analysts and members of the Greater Las Vegas Realtors Association.

Over 1,200 Miami foreclosures will be purchased, rehabilitated and rented out or sold to lower-income families by Miami-Dade-based nonprofits that comprise the consortium Neighborhood Housing Services of South Florida Inc., which received a total of $89.375 million from the U.S. Department Housing and Urban Development under the second allocation round of its second Neighborhood Stabilization Program.

One can find a bank foreclosed home in Las Vegas priced at around $116,000 this year, according to real estate analyst Larry Murphy who heads Las Vegas-based firm SalesTraq.

A big number of Los Angeles foreclosures will be fixed with the $100 million received by the city from the second Neighborhood Stabilization Program funding round of the U.S. Department of Housing and Urban Development.

Bank foreclosed hotels in the cities of Las Vegas, Dallas and Springfield in Ohio have various troubles, but all these problems result from difficulties with their finances.

Las Vegas foreclosures are expected to rise further this year with the planned release into the Nevada market of about 6,000 foreclosure homes by Bank of America over the next several months. According to a BofA executive, the foreclosures could be released at about 500 units a month.

Properties listed for bank foreclosure homes sale are still surging in Orlando as unemployment in the area continues to worsen, based on data from the Florida Agency for Workforce Innovation and real estate information providers.

Jacksonville foreclosures continue to rise in the residential sector, particularly in the multifamily subsector. Last December, a number of apartment and condominium buildings were taken back by their lenders.

Indianapolis foreclosures have been slowing down, making the city one of the top real property investment markets in the county, based on data from the Metropolitan Indianapolis Board of Realtors, FinestExpert.com and other real estate firms.

Despite San Diego foreclosures in 2008 and 2009, the median home price in the area rose by 48.4 percent over a ten-year period from the year 2000, according to San Diego-based real estate analyst Andrew LePage.