Archive for the 'Foreclosure Crisis' Category

Bank foreclosure sales are threatening to dampen all the progress that has been made towards the recovery of the housing market. A recently released report showed that the scheduled resetting of adjustable-rate mortgages (ARM) in 2011 is threatening the housing market to face another round of foreclosure.

Bank foreclosure for sale has both positive and negative effects on neighborhoods in Marion County, Indiana. According to a study of over 8,400 home sales in the county from January last year to June 2009, 47 percent of properties sold during the period are considered repossessed homes. They include properties foreclosed on by banks and lenders, auctioned at sheriff's sale or by federal agencies such as Veterans Affairs and Federal Housing Administration.

The Southern Nevada economy is still reeling from the devastating effects of the housing market collapse. The state still leads the nation in terms of foreclosure rates and industry analysts are not sure if the worst of the housing collapse is finally over.

Since January of this year, over 2,000 commercial buildings in Maricopa County, Arizona received 3-month notices of foreclosure. The total number of commercial properties facing the bank foreclosure list represented $6.3 billion of delinquent real estate loans.

The office market in Southern Nevada took a beating from the rising commercial bankruptcies and bank foreclosed properties. In the second quarter, the office market in Las Vegas posted a negative net absorption, for the sixth succeeding quarters.

A city in Arizona is using federal stimulus funds to help renters and first-time buyers purchase their bank foreclosed homes for sale. The city received about $39.5 million in federal funds under the Housing and Economic Recovery Act.

More and more homeowners in East Bay area in California are seeing their home equities drop daily as the economy keeps getting worse and the foreclosure crisis remains unabated.

Moonlight Basin, a five-year-old ski and golf resort located near Big Sky in Montana, is facing a bleak future as it continues to struggle financially, burdened with massive debts. The real estate market collapse has severely affected the resort which is now facing the danger of being placed on bank foreclosure list by its major lender, Lehman Bros.

The Obama Administration's $75 billion loan modification was able to help only 9 percent of qualified borrower as of July, according to a report released by the U.S. Treasury Department as part of its strategy to force lenders to modify more troubled mortgage loans to trim the growing number of bank foreclosure homes in the country.

Investors should not rush into investing in U.S. home-loan bonds because the recent increases in home prices do not fully reflect the true level of foreclosures for sale inventories in the country, according to New York-based Barclays Capital analysts Glenn Boyd and Ajay Rajadhyaksha.

The foreclosure crisis has reached the trendiest and wealthiest neighborhoods in New York City. In Manhattan, one out five home sellers has experienced a loss on home sales.

The housing market in Quad cities located in the Mid-Mississippi Valley region in Iowa and Illinois are experiencing a sharp increase in the number of foreclosure properties in the first six months of this year, compared with the last half of the previous year.

Foreclosure has started to ease in some cities across the country where the large volume of bank foreclosed houses caused devastation on their housing markets and economies. However, industry experts are quick to point out that the current development could be just a lull before the next wave of foreclosure which they expected to hit some unlikely cities.

Renters are the latest unsuspecting victims of the foreclosure crisis that have been sweeping across the country for several years now. Most often, renters of foreclosed condos would just find themselves being evicted in a moment's notice despite paying their rents diligently.

The number of government repo homes is expected to increase further following the significant rise in the percentage of loans insured by the Federal Housing Administration in June, based on data released by the Mortgage Bankers Association.