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 homebuyers.

Florida, one of the hardest hit states in the nation by the housing crisis, has devised a solution to the foreclosure surplus that exists in the Sunshine State. Using retired judges to work on a temporary basis, Florida has created foreclosure courts that are designed to hear only foreclosure cases – and at an average rate of one case every 15 minutes.

A panel of civil judges used by the 4^th Circuit in Florida will hear foreclosure cases in an effort to eliminate the 300,000 pending cases as quickly as possible. Each case will also be given no more than 15 minutes, with all complicated cases requiring more time being sent to regular civil court.

Defense attorneys are up in arms for the most part, claiming that the ‘rocket docket’ does little to protect homeowners who need to use the courts to fight for their properties – something very difficult to do in 15 minutes.

Others, though, state that the court is mainly for those cases in which the borrower does not wish to defend the foreclosure. In those cases, the proceedings can move forward quickly, clearing up time and space for other cases.

We think getting rid of the foreclosure surplus is a must for most states, since unpurchased foreclosures do not generate any income or revenue for banks – and that just means banks are more reluctant to lend to homebuyers and investors who can jumpstart the housing market and the economy. The shortage of time, however, is something that should be looked at in order to avoid harming homeowners’ chances to defend their properties.

The drop in house construction activities was felt in almost all markets of the U.S. Locally, the impact of Salt Lake City foreclosures for sale and distressed property numbers in the rest of the state on the new home market mirrored what was happening nationwide. The housing industry of the region, along with the rest of the country, remained weak as distressed and foreclosed real estate dominate the residential property market.

With more foreclosure homes for sale in Utah and distressed properties all over the U.S. to compete with, home builders only managed to record a total of 479,000 housing starts for the whole country in February 2011. The total represented a decline of 22.5% from January 2011. According to the U.S. Commerce Department, the figure was the lowest recorded since April of 2009 and was also the second lowest total recorded in nearly 50 years. The February decline followed a January surge in building activities, buoyed mainly by apartment projects.

Despite a lot of cheap land foreclosures for sale available to home developers, most of them did not consider it wise to enter the home building market last month. Construction activities for single family houses, which usually account for as much as 80% of total housing starts, recorded a drop of 11.8% in February of this year. The condominium and apartment construction market, which spearheaded construction gains in January, posted a 47% decline in February.

Meanwhile, real estate analysts are predicting that bank foreclosed homes will continue to edge out new home building activities as building permits issued in February also plummeted. Building permit numbers are used by analysts to predict future construction activities, and the 8.1% decline in February led them to declare that the coming months will not be any better for the home building industry. The February decline marks the lowest point for this particular indicator since 1960.

Real estate experts stated that the huge decline in housing starts and the continuous rise in the number of residential and land foreclosures for sale showed that the U.S. real estate market is far from a recovery. They stated that it will likely take a few more years before the real estate market reverts back to normal.

According to housing industry analysts, there have been very few buyers of Richmond foreclosures for sale and other residential property types in various markets of the state. They stated that this could precipitate another downturn that can stall the region's housing recovery. Local realtors have reported that sales have been declining since the federal government's tax credit incentive expired. If the weakness in the home buying segment continues, analysts stated that the region could be looking at a longer recovery period.

Despite the recent slowdown in purchase activities involving non-foreclosed and foreclosed homes for sale in Virginia, most analysts believe that 2012 will bring in better numbers for the region's housing, particularly in the sales department. According to them, housing will likely return to normal before 2012 ends. Recent worries over the status of the housing industry emerged following reported increases in foreclosure figures in the state starting in the 2010 third quarter, analysts have reported.

Industry data showed that bank foreclosed homes and foreclosure tax deed sales have jumped in Virginia during July-October 2010. Numbers for that quarter showed that foreclosure totals were up by more than 4,000 when compared with the same 2008 quarter, the year when distressed property numbers started to hit near peak levels. Since then, the local government has established a number of programs and agencies that are meant to look in on the problem of foreclosed properties.

The Virginia Foreclosure Task Force was one of these efforts, with the group reportedly established to come up with proposals that will help alleviate the problem of foreclosures in the region. The group has been keeping a close eye on developments in the residential property industry and has reportedly taken note of rising foreclosed property numbers and declining housing unit sales.

Virginia has not had the same level of foreclosure tax deed sales and distressed properties seen in hard-hit areas like Nevada and California. However, local officials are still wary lest the state reverts back to two or three years ago, when unprecedented increases in distressed home numbers hit the state. For now though, realtors are hoping that spring will bring in more buyers to the Virginia market.

Filings for foreclosures in Kansas City metro region increased by 21% in February 2011 compared with February 2010, which also went against the national trend. The whole state of Kansas recorded a total of 1,039 filings for the month, accounting for 0.08% of total housing units in the state. The figure also represented an increase of 30% compared with year-ago levels. The total included first-time filings, properties up for an auction sale and repossessed homes. The same upward trend was seen in Missouri over the same period.

Foreclosed homes in Missouri totaled 3,337 in February 2011, which means that 0.12% of total housing units in the region were under some form of foreclosure during the month. The total also meant that foreclosure numbers in Missouri jumped by 10% when compared with February 2010. Despite increases in both states' foreclosed property numbers, local analysts believe that the latter part of 2011 will be a better time for the areas. They also stated that the expected improvement in the second half will be more lasting than previous changes.

The increase in the number of foreclosure filings and sheriff auctions in Kansas and Missouri was notable because it contradicted the nationwide foreclosure trend. Foreclosures in the whole U.S. dipped by a huge 27% in February compared with one year ago. The total number of filings posted nationwide was the lowest recorded in the past three years.

Housing market analysts, however, warned that the decrease in bank foreclosures does not mean that the worst is over for the housing industry. They explained that the decline has a lot to do with the robo-signing controversy in the last quarter of 2010, which put into question the validity of lenders' foreclosure procedures. Allegations of using faulty paperwork have forced lenders to re-file actions and review their processes, which hindered their abilities to process foreclosure cases at a quicker pace.

Analysts also stated that foreclosed properties at sheriff auctions will rise again, most likely after a couple of months, once lenders have addressed documentation problems. Most of them also stated that 2011 will be the period when foreclosure numbers will hit their highest levels; a sign that the foreclosure issue has peaked and hopefully will start winding down soon after.

Louisville foreclosures and statewide distressed property numbers have been climbing steadily in the past five years, although the number has never gotten to the same catastrophic level as states like Nevada, California and Florida have found themselves in. However, some local areas have posted huge jumps in foreclosure rates from the start of the housing market crisis up to last year.

The number of foreclosed homes in Kentucky averaged between 11,000 and 12,000 during the February-August 2010 period. By December of last year, one household per 1,934 housing units in the state was under some form of foreclosure. The region was ranked 42nd among U.S. states in terms of foreclosure rates in 2010. It also had a lower ranking than all of its neighbor states, except for West Virginia, which was ranked 49th last year.

Meanwhile, Shelby County, one of the state's key local markets, has been recording rising bank foreclosed properties and HUD foreclosures for sale numbers in the past five years. Foreclosure rate in the county has jumped by 117%, starting from a total of 105 to reach 228 within that period. Last year, there were 228 foreclosed properties in Shelby, a 2.3% increase from the total posted in 2009.

Local housing industry analysts have stated that the number of foreclosed properties for sale will likely increase again this year or, at best, will remain flat from 2010 figures. They stated that an increasing number of delinquency and distressed property cases are being recorded in the county and most will likely end up as foreclosures. They also stated that foreclosure mitigation efforts from the federal government have not been as effective as initially hoped.

Just like in majority of other U.S. areas, Shelby County analysts stated that employment levels will play a big role in cutting down the number of bank and HUD foreclosures for sale in Shelby. They stated that the more jobs there are, the more home buyers there will be.

The bill is reportedly part of Attorney General Sam Olens' agenda for addressing problems associated with processing foreclosures in Atlanta and in the rest of the state. Under the measure, falsification of documents will be considered a criminal offense. It was also designed to provide district lawyers the power to investigate fraud claims.

There have been considerable cases of inappropriate conduct associated with handling cases of foreclosures in Georgia, which eroded the confidence of homeowners not only in Georgia, but also in the rest of the country. Analysts stated that the main problem is that the existing law on mortgage fraud, originally passed in 1995, did not provide clear guidelines for foreclosures and did not set parameters as to what can be considered fraud under the state's law.

This, analysts explained, prevented the attorney general and other authorities from demanding documents and investigating complaints filed by homeowners. One of the main issues is said to be lenders who backdate documents and falsify paperwork to speed up the process of foreclosure, particularly in cases where multiple ownership transfers have been done. The recently proposed measure is designed to address such issues and to make sure that the processing of foreclosures for sale by owner and other distressed properties is done correctly.

The latest bill will regard backdating foreclosure properties for sale documents as an act of forgery, according to sources. The AG has reportedly sought the cooperation of the banking industry prior to the introduction of the bill. The industry is said to be highly supportive of the measure.

There was one key suggestion made by banks though, that of adding provisions that will distinguish intent from errors. Analysts claimed that if the bill is passed, it will create significant changes in the processing of distressed properties and foreclosures for sale by owner in the state.

Statewide data showed that property vacancy rate almost doubled since the start of the decade up to 2010. Majority of Chicago foreclosures are vacant, with the metro area having a vacancy rate of 12.5%, which is much higher than the statewide vacancy level of 8.7%. In addition to the empty premises, the region also has a huge inventory of unfinished homes that were abandoned by home builders who have gone bankrupt.

Most of the empty foreclosures in Illinois can be found in the suburbs, with Fox Lake having the highest vacancy rate; around 15.2 of every 100 residential units are vacant in Fox Lake, according to 2010 data issued by the U.S. Census. North Chicago has a rate of 14.5 for every 100 units, while Oakbrook Terrace and Wonder Lake have 12.7. Mettawa's rate is 11.8, while Zion has 11.3. Barrington Hills has a vacancy rate of 10.4 for every 100 residential units.

Green Oaks has the lowest vacancy rate, with only 2.8 vacant units for every 100 residential properties which include fixer upper homes for sale and other unsold distressed properties. Other areas with low vacancy ratios are Bartlett, at 3, and Sugar Grove, Spring Grove and Kaneville all having a rate of 3.1.

According to local housing market analysts, there are various reasons why houses remain vacant for months or years, but the biggest percentage of these empty dwellings are accounted for by bank foreclosures for sale and distressed properties. They stated that foreclosures have forced a lot of residents to abandon their properties, with these homes set to remain vacant for long periods of time.

They also revealed that foreclosed properties, including fixer upper homes for sale, and short sale transactions have caused property values to decline in the region, causing further deterioration in the real estate market. Analysts stated that it would take at least three years for the area's housing market to recover.

Phoenix foreclosures for sale and distressed homes in various markets of the state were some of the highest in the whole U.S. last quarter. In terms of foreclosure starts, Arizona was second nationwide, behind only Nevada. However, the number of mortgage loans in the state for which a foreclosure process has been started declined from 2.44% in last year's third quarter to 2.29% in the fourth quarter.

Analysts reported that foreclosed homes for sale in Arizona will continue to be high this year despite the state recording a decline in mortgage delinquency rate. For October-December 2010, the state's delinquency level declined to 9.53%, representing a 1.01% difference compared with the July-September 2010 quarter, based on data released by the Mortgage Bankers Association. The delinquency rate did not include mortgages that have already entered the foreclosure process.

Although Arizona was second in terms of number of residential foreclosures and foreclosed commercial property for sale, it was ranked outside the top ten in terms of delinquency rate for the 2010 fourth quarter. Arizona was ranked 12th, with Mississippi ranked top among the 50 U.S. states in terms of delinquency rate. Nationwide, mortgage delinquency rate declined to 8.93% last quarter from the third quarter rate of 9.39%.

In terms of percentage of mortgages under foreclosure, the national rate was at 4.63% in the 2010 fourth quarter, rising from the third quarter figure of 4.39%. Bank foreclosure listings are expected to hit their highest mark this year, mainly because of the five million troubled mortgages that will be moving through the system in 2011.

According to economists, the decline in delinquency rate was partly due to an improvement in the nation's job market. However, they did remind market followers that the number of residential foreclosures and foreclosed commercial property for sale have recorded another year-over-year increase during the fourth quarter. This trend, economists stated, will likely continue this year.

For the last quarter of last year, 60 percent of households in the said county can actually afford to purchase a typical home. In 2006, it was just 21 percent, the lowest level in terms of housing affordability. Of course, one of the main reasons can be attributed to the lower interest rates as well as falling home prices due to the large volume of foreclosed homes for sale in California, including Irvine foreclosures for sale.

Based on the report, a household simply needs to earn $63, 000 per year to afford an entry-level home priced at $409, 000. Monthly payments can amount to just $2,100. For buyers looking for an even cheaper home, condo foreclosures can always be considered.

CAR’s affordability index simply measures how many households can afford a starter unit that is usually worth 85 percent of the median home price. It then assumes the buyer can pay at least 10 percent in down payment and approved for an adjustable mortgage loan. The index is considered to be the most essential measure in terms of housing well being specific for first time home buyers.

Meanwhile, Moody’s analytics showed that the ration of housing prices to annual income per household reached its peak in 2005 at 2.3. But in September, the said ratio dropped to 1.6, probably the lowest level in about 35 years.

The CAR index was designed to estimate roughly the number of residents who can afford to buy a starter home. It also tracks trends resulting from declining home prices and lower interest rates. At present, home prices are being adversely affected by cheap houses and condo foreclosures usually sold at foreclosure sales.

Interest rates, on the other hand, have been rising in the past weeks, which could have dragged the number of households that can afford a home down. Average 30-year home loan interest rate climbed to 5 percent in recent weeks, based on a survey conducted by Freddie Mac.

Foreclosures for sale in Atlanta and in the rest of Georgia that have remained vacant are expected to be put in order by the creation of a registry proposed under House Bill 110. The suggested fee of $25, however, has resulted in some protests from community officials and homeowners in the state. They stated that the fee and the proposed penalty of $100 each month will not force the owners of the vacant properties to maintain their houses in the state.

Other officials have agreed that the fees will not be enough to force owners of Georgia foreclosures to look after their properties, much less finance the needs of fire, courts and police departments that are all needed to make enforcement of the registry rule successful. The recommendation to create a uniform registry fit for the whole state came a year after DeKalb County launched its own vacant real estate registry.

The county introduced the registry when the number of foreclosures, such as FHA homes for sale, started increasing the area. DeKalb recorded the third highest total of foreclosures in 2010 in the whole state at around 14,000. The area's registry program entails a filing fee of $175, while property owners who violate the code regulations are fined $1,000 for each day that they failed to comply.

The DeKalb registry issue also opened a debate between parties involved, with some arguing that the fee for registering empty foreclosed homes for sale is way too high, while others argued that the cap on charges is way too low. The current proposal for a statewide registry is being debated for the same issue, that of establishing fees that satisfy officials, residents and property owners.

The state has scheduled another meeting within the month with banks, owners of the empty properties, including FHA homes for sale, and local officials to try to reach a compromise with regards to charges and penalties.