Archive for the 'States' Category

The state legislature has recently approved a bill designed to provide more protection to military personnel who are facing potential North Carolina foreclosures. Governor Bev Perdue must sign the bill first for it to become a law. Insiders at the governor's office have hinted that Perdue is likely to approve the bill.

In an effort to address the problem of mortgage delinquency and foreclosure in the state, legislators have established a new law that will speed up the process of Colorado foreclosures. The law will take effect on August 1, 2010 and lenders who own abandoned collateral can take advantage of this regulation by then.

The problem of Pennsylvania foreclosures, coupled with high unemployment rates, is creating economic stress among the state's residents and businesses. According to the latest Associated Press (AP) report on economic conditions around the U.S., Pennsylvania is among a handful of states that posted increased economic stress during the month of May.

After a substantial slowdown in April, Illinois foreclosures could surge again if the economic problems are not solved. According to a report from the state comptroller for the fiscal year ended June 30, the state has unpaid bills amounting to $4.7 billion and a general revenue balance of negative $4.69 billion.

Buyers of New Jersey foreclosures from lenders for the period January to March got an average sales price discount of 47.78 percent, based on sales figures from a research firm.

A huge 52-percent in average price discount was given to buyers of New York foreclosures for the period January to March, based on a foreclosure sales report issued by a property research firm. These sales referred to sales of bank properties for sale during the quarter.

The drop in Nevada foreclosures in May and the rise in house sales in June are raising hopes of recovery in the state. The millions in federal financial assistance to Nevada, the improving reviews of the economic situation, and the low tax burden in the state are some of the other positive factors helping Nevada.

Buyers of Alabama foreclosures in the first three months this year saved 15.2 percent, based on a foreclosure sales report.

Buyers of Arizona foreclosures for the first three months of this year got substantial price discounts, as sales of distressed and repossessed homes accounted for more than 50 percent of all homes and condos sold statewide during the quarter.

More than 20% of residential properties sold in the 2010 first quarter are South Carolina foreclosures. This represents an increase from previous year's figures when 19.8% of houses sold were foreclosed properties. It is also higher when compared with the 2009 fourth quarter which showed that 15.88% of total dwellings sold are foreclosed residential properties.

The state plan of containing Michigan foreclosures will be the first to be carried out among the five state plans submitted to the Hardest Hit Fund of the U.S. Housing and Urban Development Department and the Treasury Department.

Millions in federal funds are expected to contain North Carolina foreclosures which are still surging. In May, foreclosure filings in North Carolina increased to 4,357, up by almost 12 percent from 3,902 in April.

The still high number of Illinois foreclosures is a reflection of current economic and social challenges faced by the state, but it also presents investment opportunities. The pace of foreclosure slowed and the unemployment rate dropped, but the resulting numbers are still high.

The slowdown in Ohio foreclosures has been improving prices in Ohio. In May, the average sales price for pre-owned homes or new homes in the state rose by 4 percent over the year to $137,310, based on sales data from the Ohio Association of Realtors.

A lot of homeowners facing Texas foreclosures have been receiving advice from mortgage service providers and lenders to opt for the process called deeds in lieu. A big number of lenders are also reportedly targeting certain borrowers by offering them cash incentives to convince them to forego the long and complicated process of foreclosures or short sales by deeding titles.