Archive for the 'States' Category

We’ve discussed previously the massive backlog of foreclosure cases in the country today, with virtually every region in the country having to deal with thousands of foreclosures pending in the system. This backlog depresses prices and just eats up time and money – prolonging the inevitable for some and also making banks less likely to lend to other

The high number of land foreclosures for sale and distressed residential properties continued to hammer the whole country's new home market. Housing starts declined in February of this year to the lowest level recorded in almost two years. Meanwhile, building permits fell to their lowest totals in nearly 50 years.

Housing analysts in Virginia have stated that backlog in foreclosed tax deed sales and bank foreclosed properties and fewer home sales can pull the state back from a recovery. Although there have been fewer defaulting homeowners in the region, analysts stated that low sales and high distressed property numbers can reverse improvements in the housing market.

The volume of foreclosure homes at sheriff auctions and households that received filings increased in Missouri and Kansas in February 2011 compared with year-ago levels. The regions posted increases while the whole country's foreclosure numbers dipped during the same period. However, local analysts are optimistic that the rest of the year will be much better for both regions.

The number of bank foreclosures and HUD foreclosures for sale is still rising in Kentucky. Although the state is ranked near the bottom of the nationwide list of areas with the highest foreclosure rates, analysts are expecting distressed property numbers to continue to climb in the coming months.

A legislative bill expected to affect all issues related to foreclosures, even the processing of foreclosures for sale by owner, is currently being considered at the Georgia House of Representatives. The measure is aimed primarily at protecting homeowners from possible fraudulent activities in foreclosure processes.

Empty residential properties, including unoccupied fixer upper homes for sale, have increased in various suburban areas of Illinois in the past decade. According to local officials, these vacant homes are causing local municipalities to lose revenue from real estate taxes and can also mean fewer customers for businesses in the region.

The number of foreclosed commercial property for sale and distressed residential properties remained at high levels in Arizona in the 2010 fourth quarter. The state had the second highest number of foreclosure starts during the period, although it did record a decline in the number of delinquent homeowners.

According to the California Association of Realtors, the percentage of Orange County households which can afford to buy a starter home has increased 300 times since 2003, the last year when home affordability levels were at its highest. It leaves one to wonder if the inventory of homes and condo foreclosures has an impact on home affordability.

A registry for empty foreclosed properties, including FHA homes for sale, has been proposed in Georgia. However, the issue of fees and penalties is still under deliberation. The rates have been deemed too low by some of the members of the committee tasked with ironing out the proposal.

Several areas of Pennsylvania are recording a surge in home buying and selling activities, including those related to multi family foreclosures for sale. The increase in activities has led to rising housing unit prices and a stabilizing residential property market.

Before, majority of homeowners in Ohio affected by the rise in the number of government, bank and Fannie Mae foreclosures walk away from their properties or just wait until they get evicted. Now, however, more of them are taking a stand against lenders or taking steps to keep their homes from getting foreclosed.

Buyers looking for residential properties, including FSBO homes, might be better off heading to Pennsylvania. A couple of local areas in the state have been chosen by analysts as a great place to purchase houses from this 2011. Both Lancaster County and Pittsburgh were among the U.S. areas considered ideal for home-buying.

The number of foreclosed property cases, including those related to bank foreclosed houses and HUD homes, has declined in most areas of Florida during the October-December 2010 period when compared with the third quarter of last year. Both the total of introduced and cleared cases declined during the fourth quarter.

The number of foreclosed properties offered at Sheriff auctions continued to increase in Utah in 2010. The number of properties that received a foreclosure-related filing in the region rose again last year, making Utah the fifth state in the U.S. with the highest rate of foreclosure in 2010. Last year also marked the third consecutive year that Utah was included in the list of states with the highest foreclosure rates.