Archive for the 'Foreclosure Crisis' Category

A legislative bill in California which would have helped address problems of foreclosures and distressed properties for sale has been rejected by the state Assembly. The bill, which was designed to provide foreclosure protection to homeowners while they are in the process of seeking mortgage modification, was defeated 36-30 at the Assembly.

The state of Florida has suffered greatly from the housing market crisis, with huge supplies of bank owned foreclosure homes dragging down the values of properties in the area. Despite these problems, officials from Broward and Miami-Dade counties have warned property owners that they are soon to receive notices in the mail regarding tax rate increases.

High numbers of Bakersfield foreclosures and foreclosure activities in other cities of California were offset by the double tax credit, resulting in increased value of houses during the second quarter of 2010. This is in contrast to national trends, where most states suffered from declining values of homes despite a similar decline in negative equity.

Finding family homes for rent in Phoenix, Arizona has become more difficult, with available houses declining in numbers and more families are looking to rent properties. According to local market observers, this is one of the ripple effects of the rising number of properties going under foreclosure home auctions.

A lawsuit has been filed against J.P. Morgan Chase Bank N.A. by three owners of bank foreclosed homes from Queens. According to the homeowners, the bank illegally denied and delayed their attempts to qualify for the Home Affordable Modification Program.

Real estate analysts in the U.S. expect bank foreclosure listings to continue to expand in 2010 and for the foreclosure crisis to remain much like 2009 conditions. According to yearly figures, 2009 produced a record period in terms of foreclosure activities.

With the number of bank house foreclosures continuing to rise, several U.S. legislators have turned their attention to government-sponsored enterprises (GSEs) Freddie Mac and Fannie Mae in an effort to unveil the role of the mortgage giants in the ongoing foreclosure crisis.

Job losses are still among the major drivers of the continued surge in Florida foreclosures. In March, the unemployment rate in Florida hit12.3 percent, the highest level reached by the state since 1970 when the state began monitoring jobless rates.

The year-over-year slowdown in California foreclosures drove up home prices throughout the state in March and in the first quarter this year.

Arizona foreclosures have been contributing significantly to slow economic recovery for the state, according to state legislators, officials and economists.

The continued entry of hotels into listings of Los Angeles foreclosures is another indication that the claws of foreclosure continue to reach out into all areas of the real estate sector.

Santa Ana-based housing data company First American Core Logic released a report sounding the alarm bells on the state of Bakersfield foreclosures at the start of 2010. The numbers are staggering, 16.38 percent in 3-month delinquency, 1.9 percent in real estate owned homes and 5.25 percent rate of foreclosures. People moving to Bakersfield have endless options as foreclosures for sale in California are in high number in this city.

Foreclosures in Orlando contributed to the downgrading of the city's tax revenue bonds for tourism development by Fitch Ratings.

More investors now purchase foreclosed houses for sale in cash, as competition for bargain-priced foreclosures become fierce. More people now are getting interested in investing in distressed properties, prompting cash-rich buyers to fight the competition with cash.

Austin foreclosure homes listed for the March public auctions surged, based on figures released by an Addison-based firm. But according to economists, Austin is on its way to recovery because of significant improvements in employment. Additionally, Austin has been enjoying strong economic fundamentals before the downturn.