Archive for the 'Foreclosure Crisis' Category

People across the country continue to attribute the number of current foreclosures to the banks allowing individuals to purchase homes on sub-par income as was common before the heightened government regulations and mass number of foreclosures. Although this may have been part of the reason the foreclosure inventory drastically increased over the last few years, the current foreclosures are more than likely due to high

Local and state governments across the country are doing their part to create legislation to assist homeowners facing foreclosure in an effort to help the housing market make progress toward recovery. The federal government has even sponsored some programs to keep families in their homes and out of foreclosure. The Idaho Housing and Finance Association is one example of the numerous organizations accepting applications for emergency loans to [...]

We’ve been covering the foreclosure market and the impact it has had on cities all over the country. Despite the seriousness of the situation, and the widespread effects we’ve noticed, a few cities have seemed to defy the trend and remain relatively

The number of foreclosures across the country amidst the economic crisis and housing market crash has all but subsided. There have been numerous complaints and outcries by those facing foreclosures in regards to the actions of banks during these foreclosures. Finally, regulators are taking a stand and are taking steps to hold these banks accountable for these mishandlings.

In Oakland County, home property values have been falling consistently. Factors being blamed are the loss of jobs and the large inventory of bank and Freddie Mac foreclosures for sale in the market. All homeowners are worried about the loss of equity on their homes and this is evident in the many appeals made every February, when notices of assessment changes usually arrive.

Sales for tax deeds and foreclosed houses are not conducted right after the homeowner falls behind on his mortgage payment. In some areas of the U.S., it could take a few months before a foreclosure proceeding is even started, while in others, it could take almost two years before foreclosed owners are evicted from their properties.

Residents and real estate observers have criticized the city of Gilbert, Arizona, asserting that it did not buy cheap land as it should in relation to its farmland purchase in February 2009. A recent independent appraisal confirms experts' claims that the city overpaid when it acquired undeveloped land two years ago.

Most home brokers share homebuilders' belief that the housing market in New Jersey will continue to be down in 2011. Confidence over a market recovery remained low among homebuilders during the month of December which mirrors the perception derived in November, according to the National Association of Home Builders/Wells Fargo Housing Market Index.

The issue of foreclosure Lis Pendens real estate got worse in Georgia during the month of November 2010 as the state's foreclosure rate rose by almost 50% compared with year-ago levels. However, when compared with the previous month, foreclosure rate declined by over 2%.

Housing sales have declined in most areas of South Carolina during the last quarter of 2010. Homeowners who wish to sell their properties are faced with challenges brought about by potential buyers' wariness of the current condition of the market and the competition posed by low priced foreclosed properties, including federal home foreclosures.

Six mortgage lenders in New Jersey were issued court orders by the state's Supreme Court in relation to alleged irregularities in their processing of foreclosed bank owned homes. According to local reports, the lenders are facing potential suspension of operations due to the court order, which came after depositions emerged that the lenders used robo-signers or employees who sign foreclosure documents without checking facts first.

Not a lot of people willing to buy bank owned homes and other residences came to California in November, leading to a drop in housing unit sales. Sales of homes in the state declined by 2.3% during the month compared with November 2009. The average price of houses declined from last year's $261,000 to $255,000 in November of this year.

Foreclosure filings, including those related to Citibank foreclosed homes and other bank foreclosures, fell in Cincinnati, Ohio for the month of November 2010. The decline came after a poor-performing October when filing totals rose by 50%. November 2010 foreclosure notices numbers recorded declines for both monthly and yearly data.

The prices of bank and government foreclosures for sale and non-foreclosed residences declined in several areas of Tennessee in November 2010. One of these areas was Memphis, with the metro city falling lower in the nationwide rankings of best performing housing markets for November.

There were fewer buyers of bank and FHA foreclosure home properties in Charleston, South Carolina during November 2010 when compared with last year. Non-foreclosure property sales also declined, resulting in a 25% drop in overall housing sales for the month. However, realtors believe that last year's sales figures were artificially inflated by the federal government's tax credit program.