Archive for the 'Foreclosure Rates' Category

Many industry experts agree that the market is ripe for homebuyers and investors who want to buy properties on bank foreclosure list. First time homebuyers or investors are taking advantage of the low housing prices, reduced interest rates and tax incentives, according to experts.

The Washington Region should expect another flood of bank foreclosure homes this year until 2011. This is what real estate brokers concluded based on current trends, including rising unemployment rates, declining home market values and resetting of adjustable-rate mortgages.

Data from the Nevada Realtors Association's study showed that majority of Bank Foreclosure Properties are primary residences. According to the study, the over 87 percent primary residences in the foreclosure listings does not coincide to popular opinion that majority of foreclosures are investment properties, which accounted for 3.6 percent, and 8.1 percent rental homes.

A report released by the IHS Global Insight, a forecasting firm, showed that property values in Southern California have sunk to a record low. And ongoing increase in bank foreclosure property and worsening economic situation are expected to pull down further home values in the area.

The Center for Responsible Learning (CRL) has estimated that properties added to bank foreclosure listings reached 1 million so far in 2009. This data do not bode well to the Obama Administration and the real estate industry's efforts to fight foreclosures to stabilize and strengthen the housing market.

As the number of notices of default increased in the Bay Area and in other areas in California, housing analysts are not so sure about how the government foreclosures program can solve the foreclosure crisis in the state.

Last month, about 80,775 homes were added on tax foreclosure property listings in California, a 5 percent increase from January and a 51 percent jump from a year ago. Tax foreclosure property listings auctions rose to almost 179 percent in the state.

Florida foreclosures accounted for around 17 percent of the country's 2,330,483 foreclosure filings in 2008, according to California-based foreclosure tracking firm RealtyTrac. There were around 385,309 Florida foreclosures last year, an increase of 412 percent from 2006 and a 133 percent increase from 2007. In December 2008, there were 50,808 Florida foreclosures, a 3 percent increase from November 2008 and an increase of 63 percent from December 2007.

The administration of President Barack Obama is considering using taxpayers' money to lower monthly mortgage payments of homeowners who are in danger of losing their homes to foreclosures.

As one of the largest states in the United States but with the lowest population, Wyoming registered a low foreclosure rate while surrounding states vary in impact from foreclosures. Nearby states like Montana and South Dakota registered some of the lowest foreclosure rates in the country, while Colorado and Utah absorbed the brunt of the foreclosures crisis and was included in the top ten highest states.

In Michigan, particularly in Washtenaw County, home prices have dropped considerably low to levels not seen since the 1990s. This is due to the number of short sales and Michigan foreclosures flooding the market. Despite an 11 percent increase in homes and condos sales last October with 304 units sold, prices dropped 20 percent compared to last year, averaging at $184,324.

According to reports released by RealtyTrac, there was still a considerable number of foreclosure filings recorded for the month of August compared to the same period last year. Despite this, the growth rate is considerably slower than in the previous months. This is certainly good news especially for states hardest hit by the foreclosure crisis, for it could be a sign that the foreclosure problem has hit rock bottom.

In most cities, you will find the same scene - declining home prices in neighborhoods as a result of the many bank foreclosure properties. For many homeowners, it is only logical for the taxes on their homes to be reduced considering the falling property values. Unfortunately, local assessor's offices do not consider this a valid reason.

Although experts are saying that buyers have the upper hand in the current housing market, you should still try to find ways to make the most of the opportunities being offered by properties such as foreclosure homes.

It is that time of the year again when values of real estate properties are assessed in order to determine the corresponding tax. But with the foreclosure crisis still affecting most cities, it is not surprising that Kansas City property assessments are also reflecting such unfortunate market conditions. For the past year, local governments have become concerned about the effects of the growing inventory of foreclosure homes on their tax collection. As you know, tax imposed on assessment of real properties is based on its current market value.