Among these foreclosed properties are four apartment buildings in Broward, namely Royal Sheridan, Palm East Apartments, Normandy Apartments and Heritage Green Apartments. All these apartment complexes were formerly owned and managed by the family of Constantin Ardelean, based on court records.

Of the four foreclosure judgments, the highest was the $6.9 million assessed against the Royal Sheridan, followed by the $5.6 million assessed against the Heritage Greens. Both the Normandy Apartments and the Palm East Apartments were each assessed for $1.7 million.

Sovereign Bank continues to struggle from its bad loans despite help from Spanish bank Banco Santander which acquired it early this year. According to Banco Santander, Sovereign’s nonperforming loans have been rising, accounting for nearly 4 percent of all its loans in the April-June quarter and marking a jump from 3 percent during the first 3 months of the year. For the first 6 months of this year, the bank allocated $742 million for mortgages expected to default and go into its bank foreclosure list.

Another bank hit by multifamily foreclosures in South Florida is Wachovia Bank, the mortgage lender acquired by Wells Fargo in December last year. Wachovia foreclosed on three residential projects called Homestar in the southern part of Miami-Dade, with one at Sunset Cove, the other at Miller Cove and the third at South Dade for failing to pay a total debt of $4.7 million. The original mortgage was last modified in 2006 at $12.8 million.

The Sunset Cove building has 22 units, with seven homes sold by developer Jose Hernandez and his firm. The remaining 15 units and two unsold units at Miller Cove were the ones foreclosed. Construction on the South Dade project was never started.

Wachovia Bank also filed foreclosure actions against Philadelphia-based developer Palm Club Apartments LLC, which acquired the 160-unit Palm Club apartment complex near the Palm Beach Community College campus in Lake Worth in 2004.

The developer also purchased an adjacent lot from the community college and borrowed $8.7 million from Wachovia. The next year, it increased its loan by borrowing another $3.5 million from the bank using the properties as collateral. The properties are expected to go into Wachovia’s bank foreclosure list if the developer fails to come up quickly with the millions to rescue the properties.

The town of Benson applied for the CDBG funding in the fall of last year and received approval in the spring. A local match of $85,000 will be added to the CDBG funds, bringing the total amount of funds to $855,000 which will be used by the town to revitalize the Hall and East Branch streets area.

The CDBG program was launched by the HUD in 1974 to provide funds to communities to help them improve neighborhoods blighted by the growing number of bank foreclosure homes. According to town officials, the CDBG funds will be spent to rehabilitate 12 houses, demolish three houses, pave streets and upgrade sewer lines in selected areas. They said that the grant will benefit mostly property owners with low and moderate income.

The community revitalization project is slated to start in about a month’s time and expected to be completed in eight months. Officials explained that they wanted to address neighborhoods that have been identified to have sewer problems, to initiate redevelopment and stabilize neighborhoods.

The grant will greatly help owners of single-family homes. Town officials intend to expand the program and are planning to request members of the town planning board to provide recommendations for areas to be helped by the program.

The Wooten Co. of Raleigh has helped the town government identify the first 12 houses that will receive assistance. Representatives of the company said that they identified areas that have in great need of housing rehabilitation, adding that many of these properties belong to low-income and moderate-income owners.

Landlords or homeowners of the properties identified in the program are not expected to repay the CDBG funds provided that they do not sell the rehabilitated homes. If they sell the renovated houses, owners are required to repay the money spent on the house to the town of Benson which will then turn over the payment to the HUD.

Industry experts agree that federal programs providing grants to neighborhoods blighted by bank foreclosure homes are a great way to reduce the number of foreclosure properties that have glutted the housing market for some time now.

In October, banks have started foreclosure proceedings on 2,152 residential properties in Orange, down by more than 3 percent from proceedings in September but up by an overwhelming 133 percent from filings in October 2008.

The number of delinquencies also dropped, marking the third consecutive month that defaults fell in the county. The decrease could have been the result of the intensified efforts of federal agencies to pressure mortgage lenders and servicers to modify loans. According to the latest report from the Making Home Affordable Program, it has modified about one-fifth of all qualified home loans nationwide that were in default by at least 2 months.

In October, the total number of Orange County homes and condo units foreclosed and repossessed by banks climbed up to 763 units, an increase of nearly 8 percent from September and by 3.5 percent from October 2008.

Over the past three months, foreclosure activity slowed in Orange County, so analysts are still uncertain about how to interpret the rise in foreclosures in October in the county. But investors planning to buy bank homes have an additional 763 units to choose from.

Besides, many housing analysts still expect another uptick in foreclosures in the coming months because of the high unemployment rate in California, the resetting of adjustable mortgage loans and the redefault of modified loans.

The unemployment rate in Orange County in September was still high at 9.4 percent, despite its drop from 9.8 percent in August. Statewide, the jobless rate was 12 percent, based on data from the California Employment Development Department.

Meanwhile, both home sales and prices climbed up in October in 25 zip codes in Orange County while home prices increased in 40 zip codes by nearly 4 percent compared to October 2008.

Throughout the county, a total of 3,082 residential units were sold in October, marking an increase of more than 9 percent compared to sales in October last year. The October median sales price of $435,000 was 18 percent above the lowest median in 2009, which was the January median of $370,000.

But sales prices for single-family homes were still selling for 33 percent below their 2007 peak while condo units were still selling for 34 percent below their 2006 peak.

Investors planning to buy bank homes in Orange County have great profit prospects because of the positive trend of home prices in the county.

According to a report released by the Treasury Department, New York was among the states with the highest number of loan modifications as of October 31. New York had 27,773 of its home loans modified. California topped the report with 134,609 mortgages modified. Second was Florida, which posted 82,614 modifications and Illinois was third with 33,514.

New York was fourth in loan modifications despite its lower ranking in total number of foreclosures. This indicated that more distressed homeowners in New York were qualified under the Home Affordable Modification Program.

Across the country, over 650,000 mortgages have been successfully modified out of the over 900,000 offered with trial modification plans. More than 2,777,000 financially troubled households but eligible under the HAMP program were sent out financial information and instructions on how to participate in the program.

Based on a report released by a real estate company that tracks foreclosures nationwide, the number of New York foreclosures for sale dropped compared to the previous month. A total of 493 housing units in the state of New York were repossessed by banks out of 4,797 units that went into default or foreclosure. With a foreclosure rate of one out of every 1,655 households in New York, the state was low in the chart based on pace of foreclosure.

Foreclosure activity across the state dropped by nearly 16 percent from September, but increased by almost 28 percent when compared to activity in October last year. More than 3,600 households were hit with lis pendens and more than 700 were given notices of trustee sale.

Because of New York’s relatively low foreclosure activity compared to other states, New York was not in the top ten states with the most serious budget problems as compiled by the Pew Center in its most recent report. California topped this list, with a budget deficit of more than $7.5 billion for this fiscal year.

However, according to Susan Urahn, managing director of the Pew Center on the States, New York must still watch out because it was near the top ten. It shared the 14th position with 4 other states because of its high level of spending.

Sales of all types of homes, meanwhile, increased in the Chicago area by 2.4 percent, compared to third quarter sales in 2008. Total sales rose from 20,802 units in 2008 to 21,298 this year. The sales data included sales of condo units and single-family houses.

The home sales price median was $205,000, a drop of more than 16 percent from last year’s third quarter median sales price of $244,900.

The Chicago area includes the counties of Cook, DuPage, DeKalb, Kendall, Lake, Grundy, Will and McHenry.

While overall home sales increased in the Chicago metro area, total house sales in the main area of Chicago dropped by almost 5 percent to 5,821 units, compared to 6,117 units in the July to September quarter last year. The sales price median was $230,000, a drop of nearly 21 percent compared to $290,000 in the same three-month period last year.

According to Mike Onorato, head of the Illinois realtor group, the increase in foreclosure properties sales and all other types of home sales in Illinois showed the important role of the federal tax credit in increasing home sales. He added that the expansion and extension of the program will continue to push up home sales.

Onorato also explained that the tax credit does not only help first time buyers, sellers and real estate agents, but also provides a big boost to other trades such as storage, moving, home inspection, home improvement, title and legal services.

Statewide, overall home sales increased by 0.3 percent to 32,460 units, compared to 32,358 units in the July to September quarter in 2008. The sales price median was $165,000, a drop of nearly 13 percent from the third quarter price median of $189,500 in 2008.

Local housing analysts said that the increase in home sales and the decline in sales prices indicate that homebuyers were enticed by the attractive prices. With these lower prices combined with the first time home buyer tax credit and lower mortgage rates, a lot of prospective home buyers took advantage of great buying opportunities.

According to Genie Birch, head of the Chicago Association of Realtors, the increase in foreclosure properties sales and other types of house sales in the Chicago area will continue because of investors’ interest in the city and because of the expansion and extension of the federal tax credit.

In Jackson County, total home sales rose for the ninth consecutive month, but sales prices dropped compared to price levels last year.

According to data from the Southern Oregon Multiple Listing Service, sales of previously-owned houses increased by more than 27 percent during the three-month period ended October 31 compared to sales last year.

The median home sales price in the area dropped to $185,000, down by 2.5 percent from the median of $189,700 during the same period last year. Because of the drop in prices, buyers were encouraged to buy, shortening the length of time properties stayed in the market. In October, homes stayed in the market for an average of only 80 days, down from the average of 104 days in October last year.

Despite the decline in the percentage of sales of foreclosure homes in October, many housing analysts said that the percentage will rise again because of the increase in foreclosure filings in Oregon, as shown in a recent foreclosure report for the July to September quarter.

The pace of foreclosures throughout Oregon rose by almost 80 percent from the same quarter in 2008 and by more than 7 percent from the previous three-month period, putting the state 11th in the state foreclosure rate rankings.

More than 10,000 residential units received default or foreclosure notices during the period, representing one unit out of every 156 residential units in the state.

Meanwhile, while the median home sales price in the Shady Cove area of the Upper Rogue fell to $221,250 over the past year, the median price level is still higher than the median level in 2004.

At Eagle Point, the median price level also held up better than most other areas in Southern Oregon, based on data from the major Multiple Listing Service in the area. The median sales price of $195,000 in the area is almost 4 percent above the median price level of $187,750 in 2004.

Additionally, the nationwide foreclosure report also showed that more than 3,000 housing units across Oregon were repossessed by lenders during the July to September quarter, increasing sales of foreclosure homes in October.

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.

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 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.

As owners of residential properties struggle to pay their loans, owners of commercial properties are also facing difficulties in getting tenants and in finding lenders willing to refinance their loans.

One major Boulder Valley property that has been foreclosed by its lender is the multi-use office building on Centennial Parkway, which was formerly occupied by failed home builder McStain Enterprises Inc.

Based on foreclosure filings and public records, the 42,600-square-foot building was purchased in 2004 by Boulder-based investment firm Crestone Capital Advisors LLC for $3.5 million. In February 2007, Crestone mortgaged the property to Nomura Credit and Capital for $5.37 million at a ten-year term and a 5.85-percent interest rate.

This September, Nomura sued for foreclosure of the property, claiming that Crestone Capital failed to make monthly payments that were already due.

According to some reports, Crestone Capital failed to make the loan payments because its main tenant McStain failed to pay its rent that has reportedly reached $2 million. McStain however filed for bankruptcy protection in May and it is still reeling in bankruptcy up to now.

Another commercial property that could enter lists of bank foreclosed properties for sale in Colorado is the nearly 40,000-square-foot auto dealership building on 28th Street in Boulder.

Bank of Choice foreclosed on the property and bought it back from an auction held in September. The property was originally purchased by former Ford dealer Champion Ford LLC in 2005 for $6.2 million. It borrowed $4.6 million from Bank of Choice to complete the purchase, signing an adjustable rate commercial loan.

In 2007 and 2008, as the sales of Ford cars declined in the area and throughout the U.S., Champion Ford faced severe financial difficulties. It shuttered its business in early 2008 and then leased the property to a Kia dealer called Anderson Kia.

Kia also later closed in the last months of 2008 as car sales continued to decline.

Last May, Bank of Choice finally filed foreclosure proceedings after John Chamberlain and his Champion Ford dealership failed to make the needed deals to pay the $4.2-million remaining loan balance.

According to Bill Beamer, vice president for special assets at Bank of Choice, after the bank resolves a junior lien claim and gains complete ownership of the property, it will include the dealership location in its bank foreclosed properties for sale.