Archive for the 'Foreclosure Crisis' Category

Boston foreclosure homes are surging in affluent neighborhoods as more businesses fail and more residents lose their jobs, based on reports released by New England research firm Warren Group.

The number of Fresno foreclosure homes and the rate of delinquency stepped up in January this year, based on reports from real estate firms.

Bank foreclosures have been occurring at higher rates in the suburbs as compared to cities, according to William Lucy, a professor of planning at the University of Virginia.

The number of government foreclosed houses has been rising because the percentage of home loans guaranteed by government agencies has been increasing.

The growth of bank owned property listings is replicated by the growth of several law firms specializing in helping banks pursue foreclosures on delinquent homeowners and other property owners.

California foreclosures for sale rose in October compared to foreclosures in October last year as the statewide unemployment rate also climbed up.

Large numbers of houses bank foreclosures have pushed four more banks in Florida and in California to failure, driving the total of failed banks in the U.S. to 124 banks so far this year.

Foreclosures for sale are contributing significantly to the economic challenges faced by 10 U.S. states, according to a report from the Pew Center.

It would not come as a surprise to industry experts if the number of bank foreclosure properties in Philadelphia, Pennsylvania would increase in the coming months. This is because banks are heavily burdened with bad loans for home

A report on the federal government's Home Affordable Loan Modification Program (HAMP) showed that the initiative is not enough to contain the growth of bank foreclosure list. On its report, the Federal Reserve Board warns that more foreclosures are in the offing, adding that the flood of distressed properties would likely occur in the next two years.

The number of bank homes for sale continued to clog the housing market pipeline, pulling down home prices and values. In the third quarter of this year, foreclosure filings increased by 5 percent from the second quarter and 23 percent from the third quarter in 2008. The figures indicated that 937,840 houses were in some sort of foreclosure proceedings.

In 20 metropolitan areas across the country, it is cost effective to buy bank foreclosures instead of renting. This is the conclusion of a recent study of housing markets in various metropolitan areas. Industry experts said that in the long run, it is cheaper to buy homes than rent them.

Many homeowners in Pioneer Valley, Massachusetts are on the brink of foreclosures, causing another flood of foreclosed homes in the area. The number of foreclosure filings in the area rose in August. And many lenders are holding off taking over distressed properties for fear that they will be stuck with them.

Fort Lauderdale bank foreclosures are still growing despite the decline of foreclosure filings in other places largely because of the high number of delinquent Fort Lauderdale unable to obtain favorable modification agreements with their lenders.

The number of Pittsburgh bank foreclosures and unemployment continue to rise for the first half of this year. The city of Pittsburgh ranked 134th among metropolitan areas in the country in terms of foreclosure rate.