Archive for the 'States' Category

Marriott-branded real properties located in Fort Collins, Colorado are facing bank owned property listings. Last August, notice of demand for sale and election were filed in Larimar County on the properties which are part of the portfolio of Los Angeles, California-based Integrated Capital LLC.

The filing of notice is actually the first stage in the arduous and long process of repossession. It also means that the homeowner has defaulted on his mortgage payments. According to records, Integrated Capital bought three Marriott properties, The Residence Inn, The Courtyard and Marriott Hotel in September of 2006 from a group of investors, led by Everitt Cos. And Sitzman-Mitchell and Co.

At the time the properties were sold, Everitt President David Everitt said that the Marriott performed well as an investment. He said that they supported the cap rates imposed on hotels, adding that it was the ideal time to sell according to the business cycle.

The Marriott properties were acquired by Integrated Capital, which was established in 2004. Its goal is mainly to buy and manage hotels across the country.

When Integrated Capital bought the Marriott properties in Fort Collins, it already acquired Residence Inn based in Maryland and Doubletree Hotels based in California. According to court filings, the Marriott properties are at risk of going into bank owned property listings because of the $32 million due on notes that has the original balance amounting to about $32.5 million.

According to industry experts, the Marriott notice of demand for sale is the largest filing so far in the nation. Integrated Capital has until December 15 to file its intention to cure and December 29 for a cure deadline. Sale date for the Marriott-branded properties is currently set on December 30.

Meanwhile, the original note holder pinpointed in the filing is Barclays Capital Real Estate Inc. In 2007, the notes were assigned to Lasalle Bank NA, which in 2008, became a part of the Bank of America and Comm 2006-C8 Commercial Mortgage Pass-Through.

According to industry experts, the number of commercial properties on foreclosures does not reflect actual defaults. They added that many commercial loans that are facing bank owned property listings have been performing poorly for some time now.

Industry experts have been seeing home foreclosures for sale spread from Massachusetts’ urban areas of Dorchester and Lowell to the suburban of Hinghams, Westons and Sudbury. They said that foreclosures have invaded places where in the past were spared from them.

The reason for the increase in foreclosure auctions is the recession. Nowadays, many homeowners are losing or have lost their jobs, forcing them to miss payments on their mortgages.

Industry experts said that historically, when people lost their jobs, it follows that they would soon lose their homes if they have not found another employment. They said unemployment is the main culprit behind the current flood of home foreclosures for sale. So far, the number of repossession proceedings in the state has increased by almost 150 percent.

And many homeowners who are at risk of foreclosures do not want to talk about losing their jobs, running out of money or defaulting on their mortgage payments. This is one reason why foreclosure filings are increasing because distressed homeowners would decide to seek help at the last minute, when it is already too late to save their homes from foreclosures.

Industry experts said that the current housing market in Sudbury is a typical example of what the coming flood of foreclosures could do to an area. For example, a 1,770-square-foot single-family colonial home that was built in 1995 was purchased in November 2003 for $410,000. It was foreclosed last October 1 with an assessed value of $420,800. The opening bid price for the property was $365,000.

Experts said that only seven houses above the 1 million mark have been sold in Sudbury this year, compared with 43 in 2008. The listed prices showed that property prices are holding up. However, industry experts do not expect it to last long as another flood of foreclosures is working its way to the market.

Industry analysts said that foreclosure properties tend to pull down housing prices and values, resulting to homeowners owning properties that have less value compared with their mortgage. But analysts said that Massachusetts is still better off than other states as the number of home foreclosures for sale is not that high.

They pointed out that the state’s population is still growing, with people needing affordable places to live. Massachusetts residents need to do some more belt tightening because it is still a long way to recovery, according to analysts.

Sales from bank foreclosed homes listings in the urban areas of Colorado climbed up in September compared to August, based on data from the Colorado Division of Housing.

Sales of foreclosure properties in urban areas increased by 21.4 percent compared to sales in August. In the city of Denver, foreclosure sales climbed up by 16.7 percent.

However, compared to foreclosure sales in September last year, foreclosure sales this September were lower. Sales of foreclosed properties in urban counties dropped by 5.4 percent to 1,650 units, compared to 1,745 units in September last year.

In Denver, foreclosure sales dropped to 294 units, a decrease of more than 29 percent compared to September last year.

Out of every 966 houses in urban areas in Colorado, one foreclosure was completed in September. In Denver, out of every 876 homes, one foreclosure was carried out.

Meanwhile, foreclosure filings, which consist of default notices and trustee sale notices, increased in Colorado cities in September by nearly 72 percent compared to filings in September last year.

According to state officials, the significant increase was caused in part by revision of laws in the state aimed at reducing the number of housing units in bank foreclosed homes listings last year.

In Denver, foreclosure filings in September this year increased to 453 filings, an increase of 25.5 percent compared to September last year.

Among Colorado urban counties, Douglas County had the highest increase rate. Its foreclosure filings increased to 233 filings, marking a jump of nearly 340 percent. The only urban Colorado county to experience a decrease in filings was Broomfield, which posted a decrease of almost 21 percent to 19 filings.

Overall, foreclosure filings in the urban areas of Colorado fell by 0.5 percent in September compared to August when nearly 3,500 foreclosure cases were filed.

The foreclosure data included all foreclosure filings and completed foreclosures in the counties of El Paso, Mesa, Pueblo, Larimer and Weld and in the 7 counties located in the metro Denver area.

Because of perceived errors in the foreclosure reports released regularly by other real estate research firms, the state of Colorado early this year passed a law requiring the state housing division to release foreclosure reports regularly.

According to state officials, some privately-owned research firms count the same housing unit for a number of times in their foreclosure estimates, inflating foreclosure filings and properties entering bank foreclosed homes listings in Colorado.

The number of bank foreclosed properties for sale in the commercial real estate sector of Boulder Valley is rising, based on public records of commercial foreclosures in the area.

One can buy a bank foreclosed home in South Florida and turn it into a rental home or fix it and then resell it later. This is what flippers have been doing and many flippers now are more responsible because they have learned lessons from the past housing boom and the current downturn.

Some companies have organized a fund raising event to help homeowners avoid Fort Worth bank foreclosures. Proceeds from the fund raising event went to the Foreclosure Angel Foundation which has been helping distressed homeowners save their properties from foreclosures.

Bank homes for sale in the city of Quincy, Illinois will soon receive a facelift. The city has received federal and state money for a combined amount of 2.1 million to rehabilitate 22 foreclosed houses.

There is hope for better days ahead soon despite the continuing increase in the number of bank foreclosure homes and unemployment in Idaho, according to industry experts.

Shaun Donovan, secretary of the U.S Housing and Urban Development (HUD), has announced that his agency will speed up the release of federal disaster assistance to people in Georgia who lost their properties to bank house foreclosures.

The Wellington gated community in South Florida is now home to million-dollar bank property foreclosures. Many of these Versailles mansions that are now in foreclosure were acquired by a group of homebuyers from Opa-Locka. The million-dollar Versailles mansions are a far cry from the cinder-block houses where buyers lived in Opa-Locka.