Archive for the 'Foreclosure Crisis' Category

The validity of procedures used in bank foreclosed properties, including Wachovia REO homes for sale, is again being questioned as two cases of Pennsylvania foreclosures grab the headlines recently. According to housing industry analysts, the cases have potential far reaching implications on foreclosures all over the state.

Foreclosure rate declined in South Carolina for the month of October 2010 compared with September. Total number of foreclosures, including foreclosures in Freddie Mac, fell by 25% from the previous month, with the state recording the fourth biggest decline in foreclosed property numbers all over the U.S.

Supplies of foreclosed commercial properties and distressed residential properties continue to rise in most parts of North Carolina. For the current year, the number of foreclosures has reportedly risen by around 15% compared with previous periods, giving the impression that the recession is not yet over for the state.

Foreclosure activities, including those related to bank foreclosures such as Suntrust foreclosure homes, declined in Massachusetts for the month of October 2010, based on data released by Warren Group. According to analysts, this is the first month in three years that foreclosure numbers declined to such a level.

The Attorney General's Office of North Carolina has sent Wells Fargo & Co. a letter expressing concern over the process the bank uses in the sale of foreclosure auctions. The letter was sent following the bank's announcement that it will be resubmitting affidavits for foreclosure cases in 23 states that do not include North Carolina.

As of the end of June 2010, over 460,000 cases of foreclosures, including bank, government and foreclosures in Suntrust, are pending in the state of Florida. The pending cases, along with the controversy surrounding documentation and the resulting nationwide investigation, have all made the housing market a very confusing place at the moment.

Jan Miller, Chairman of the Oklahoma Bankers Association, has stated that the problem regarding bank, government and Fannie Mae foreclosure homes is not just about lenders, but also about homeowners. He reportedly asserted that to imply that the problem is brought about by lenders alone will be nonsense.

The housing market of Southwest Florida is taking a beating from the foreclosure moratorium, according to a number of analysts, with realtors unable to continue selling Fort Myers bank foreclosures. Lee County, in particular, is feeling the impact of the nationwide mortgage industry investigation.

An organization known for helping people who ended up homeless after losing their properties to foreclosed homes for sale in Toledo has lost their facility after a fire destroyed the structure. The Maumee Valley-based Habitat for Humanity is currently seeking temporary headquarters as their South Toledo base has been destroyed by the fire.

The impact of the huge supplies of foreclosed homes in Denver is starting to manifest in areas of the metro where prices of houses are previously immune to effects of the housing market crisis. Prices in several areas of the Colorado metro region are starting to decline as short sales and distressed property sales rise.

The Better Business Bureau of Southern Arizona has warned residents facing the possibility of losing their homes to Mesa foreclosure listings and other foreclosed property listings all around the state to be careful of companies that offer help in preventing foreclosures. According to the BBB, some of these firms are involved in fraudulent activities.

The mortgage for several apartment buildings that are Bronx foreclosures for sale would have been transferred to a buyer a few days ago, but news have emerged that the unnamed buyer has withdrawn the offer. The apartment buildings concerned were said to be suffering from multiple violations and the deal had been criticized by tenants, housing advocates and even public officials.

Aside from Chicago foreclosure homes, commercial properties are also exhibiting effects of the housing market crisis. The latest victim is the athletic facility owned by the former trainer of NBA superstar Michael Jordan. A foreclosure lawsuit has been filed against ATTACK Athletics which caters mostly to players of the NBA.

A residential property market study reveals that, for the current year, 80% of Houston foreclosure homes and other residential foreclosures in the state of Texas are valued at $200,000 or less. The study, conducted by the housing tracking firm Foreclosure Listing Service Inc., shows that majority of residents who suffer from foreclosure are low and moderate income earners.

In a U.S. federal government-sponsored forum designed to address the problem of high number of bank and Fannie Mae foreclosures all around the country, Federal Reserve Bank of Cleveland president Sandra Pianalto has seconded the suggestion of Boston Fed bank top official Eric Rosengren that local communities are key to solving the housing market problem.