Bank Foreclosures Sale Articles

Orlando foreclosures for sale are still high in number despite a decrease in foreclosure postings in October, based on a foreclosure report released by a real estate research company based in California.

In October, the four-county Orlando metro area had 7,552 of its housing units in foreclosure, marking a one-percent drop from filings in the previous month but still higher than filings in October last year. In September, a total of 7,618 residential units were hit with foreclosure actions while in October last year, a total of 7,041 units received foreclosure notices.

According to the research firm, October was the second consecutive month that foreclosure filings dropped slightly in the Orlando metropolitan area. The decreases however do not necessarily show a trend, the researchers said. They contended that the decreases may just have resulted from delays in foreclosure actions from lenders which are trying to comply with the Home Affordable Modification Program or with state mediation programs.

Among the 4 counties that comprise the Orlando metropolitan area, Osceola showed the biggest drop in foreclosure filings, with a drop of 25 percent from September. Filings dropped by 3 percent in Lake; one percent in Orange; and also 25 percent in Seminole.

Nearby but outside the Orlando area, Volusia County posted an increase of 3 percent, with nearly 1,500 of its housing units receiving a foreclosure filing.

Compared to foreclosure activity in other Florida metro areas, Orlando foreclosures for sale ranked second only to the Miami metro area. With a foreclosure pace of one out of every 117 households, the Orlando area was 9th in a ranking of the country’s biggest metro areas based on foreclosure rates.

In the Miami area, nearly 18,000 residential units were hit with foreclosure actions, the highest in the state. The area covered by Tampa, Saint Petersburg and Clearwater was third, with more than 6,200 of its housing units in foreclosure.

Meanwhile, Florida ranked third in the country based on pace of foreclosure activity in October, with one out of every 168 residential units in foreclosure.

Nearly 52,000 households in Florida were hit with foreclosure actions, marking a six-percent drop from September this year and a four-percent decrease from October last year. Only Nevada and California had higher foreclosure rates than Florida. Nevada posted a foreclosure rate of 1 in every 80 units while California posted a rate of 1 in every 186 units.

Bank foreclosures listings in the San Francisco Bay Area slowed in October, but defaults continued to rise, based on data from a real estate firm that tracks nationwide foreclosures.

In October, more than 5,600 residential units in the Bay Area were hit with default or foreclosure filings, a substantial drop of 34 percent from September but nearly 17 percent higher than filings in October last year.

Of the over 5,600 foreclosure filings, the number of units repossessed by banks significantly decreased while the number of default notices substantially increased.

The drop in REO units, according to analysts, is largely due to the stepped up efforts of the Home Affordable Modification Program to modify more distressed mortgages and prevent them from going into foreclosure.

But according to Mark Hanson, director of real estate research company Field Check Group, many borrowers whose mortgages were modified are expected to redefault, increasing the number of Bay Area foreclosures in the coming months.

Hanson explained that loan modifications create a huge backlog of foreclosures, temporarily holding off foreclosure properties from entering bank foreclosures listings. Based on foreclosure reports studied by Hanson, about 50 to 70 percent of all owners of modified mortgages redefaulted.

In October, over 2,400 Bay Area households were given notices of default, a substantial increase of more than 72 percent from October last year. Another 2,234 households went on to the next stage of foreclosure – the provision of notices of trustee sale, marking an increase of more than 37 percent. Another 947 homes were finally repossessed by banks, representing more than 46 percent of increase.

The trustee sale documents notify homeowners that their houses are up for foreclosure auction, and most of these properties end up being repossessed by banks, but recently, because of the increase in loan modifications, the number of REO units has been dropping.

Foreclosure researchers contended that the major reasons for foreclosures in October were unemployment and the resetting of pay option adjustable-rate mortgage loans. They said that borrowers who took out ARM loans usually had higher credit scores than subprime mortgage borrowers, but chose lower monthly payments during the initial years of the loan term.

Based on the nationwide foreclosure report for October, 7 of the country’s large metro areas with the highest rates of properties entering bank foreclosure listings were in California, topped by the Vallejo and Modesto areas which both had a foreclosure rate of one out of every 81 households in foreclosure.

New York foreclosures for sale declined in October as more distressed homeowners were able to negotiate loan modifications with their lenders.

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.

Miami foreclosures for sale have been rising in number in the multifamily sector. Investors interested in apartment, condominium and other multifamily properties can take a look at these properties which are being foreclosed and repossessed by banks in Miami.

Bank foreclosures for sale pushed house sales up and drove prices down in the Twin Cities of Minnesota in October, based on reports from realtor associations in the area.

About 50 families living in Fort Worth foreclosures for sale are given a chance to remain in their houses. The Texas city has helped 50 lower-income families become first-time buyers under a federal initiate aimed at reducing the number of foreclosure properties.

The city council of Cranston in Rhode Island has approved ordinances that would have prevented further spread of bank foreclosed home in the area. When it approved the foreclosure ordinances, the council was expecting some legal challenges. But they never expected that the city mayor would be the one to oppose the measures.

Los Angeles foreclosures for sale slowed in October as banks held off pursuing foreclosure actions on defaulting mortgages and complied with state moratorium and federal loan modification programs.

Foreclosures for sale are contributing significantly to the economic challenges faced by 10 U.S. states, according to a report from the Pew Center.

The percentage of Las Vegas foreclosures for sale that closed in October declined, but the percentage was still high, keeping at bay home price increases, based on data from the Greater Las Vegas Association of Realtors.