Archive for the 'States' Category

As the economic recession endures, more and more Bay residents are finding themselves with no other option but to file for bankruptcy. Amid job loss, huge consumer debt and growing number of bank forclosed homes, it is not a least bit surprising.

The subprime mortgage crisis may be on its last phase but the number of bank foreclosure homes will continue to rise. This is the somewhat bleak prognosis from industry experts who claimed that the rising unemployment rate is forcing many homeowners to miss mortgage payments and hindering efforts of the federal government to alleviate the foreclosure problem.

Arizona has the second highest number of Bank Foreclosure Properties in the country in the first six months of this year. According to recent data, Arizona posted 90,000 filings of foreclosures from January to June this year, representing a 55 percent increase from the same period last year and 13 percent from the second half of 2008.

Market data showed that the number of properties on bank foreclosure list in Idaho continues to climb in June.

When a bank foreclosure property is neglected, neighbors usually do not know who to contact for its maintenance. Abandoned and vacant foreclosure properties are becoming a thorny issue on several neighborhoods in New Jersey as they could become blights and pull down home values of surrounding properties.

Florida is one of the states hardest hit by the foreclosure crisis. And the growing number of bank foreclosure property is becoming a major problem that needed immediate attention from the local governments.

A Southern Nevada county and three cities are planning to ask the federal government for additional funding to boost their programs designed to ease bank forclosure listings.

The John Doe Movement has partnered with several organizations in Wisconsin for a project that is designed to contain Bank Foreclosure List in Rock County. Since last year, foreclosure rates in the county surged to 1,400 percent.

Foreclosure is relentlessly creating devastation in Arizona. Now, its brunt is being experienced by hotel and resort industries in Phoenix where many are being added to the growing list of bank owned foreclosures.

Growth in 29 cities in Palm Beach and Broward counties has been severely affected by the increasing number of bank foreclosure homes and the worsening economy.

Next year until 2012, the number of foreclosed homes for sales in Riverside, California will increase significantly as borrowers who took out adjustable rate mortgage loans in the past 3 years will default, according to a study submitted to the County Board of Supervisors by scholars of California State Fullerton.

Vermont recorded an increase in the number of properties on Bank Foreclosure Listings in May. About 801 properties were included in foreclosure proceedings last month, an increase of 10 percent or 730 properties from last year's May total.

Economists and local realtors agree that now is the right time to buy a property in Texas to take advantage of its buyer's market. The stabilizing number of bank foreclosure homes in Texas and the fair performance of the housing market have made the state an ideal buyer's market.

The biggest wholesale trading center in South Florida is facing the possibility of inclusion on bank foreclosure list.

Arizona has received about $121 million in federal grants under the Neighborhood Stabilization Program (NSP). The federal housing fund will be used to help people purchase bank owned homes sales in neighborhoods severely affected by foreclosure.