Bank Foreclosures Sale Articles

Record bank foreclosure list growth delivered a sharp blow to banks, closing banks long struggling from the weight of residential and commercial foreclosures. Just these first three few weeks of the year 2010, nine banks already succumbed to financial pressures and closed. They followed the fate of 140 banks that failed last year.

The number of bank homes for sale in Florida and in Georgia in 2009 was cut down by two major regional banks operating in these two states.

The number of bank foreclosed hotels soared to 62 in California in 2009, an overwhelming 313-percent increase from only 15 in 2008, based on research done by Irvine-based Atlas Hospitality Group.

Over 1,200 Miami foreclosures will be purchased, rehabilitated and rented out or sold to lower-income families by Miami-Dade-based nonprofits that comprise the consortium Neighborhood Housing Services of South Florida Inc., which received a total of $89.375 million from the U.S. Department Housing and Urban Development under the second allocation round of its second Neighborhood Stabilization Program.

One can find a bank foreclosed home in Las Vegas priced at around $116,000 this year, according to real estate analyst Larry Murphy who heads Las Vegas-based firm SalesTraq.

A big number of Los Angeles foreclosures will be fixed with the $100 million received by the city from the second Neighborhood Stabilization Program funding round of the U.S. Department of Housing and Urban Development.

Bank foreclosed hotels in the cities of Las Vegas, Dallas and Springfield in Ohio have various troubles, but all these problems result from difficulties with their finances.

Las Vegas foreclosures are expected to rise further this year with the planned release into the Nevada market of about 6,000 foreclosure homes by Bank of America over the next several months. According to a BofA executive, the foreclosures could be released at about 500 units a month.

Foreclosures sale activities fueled the increase in home sales and in pending home sales in the Twin Cities of Saint Paul and Minneapolis in 2009.

Properties listed for bank foreclosure homes sale are still surging in Orlando as unemployment in the area continues to worsen, based on data from the Florida Agency for Workforce Innovation and real estate information providers.

Jacksonville foreclosures continue to rise in the residential sector, particularly in the multifamily subsector. Last December, a number of apartment and condominium buildings were taken back by their lenders.