MostlyForeclosures Articles: Online Foreclosure Homes Database And Foreclosure Information

January 16th, 2010

Florida’s  home sales rose in November 2009 have risen- which represents 15 month rise in sales activity in year to year comparative analysis, as  per data revealed from Florida realtors. Orlando Foreclosures have had an impact on home sales this year.

Current home sales in Florida rose by 61% in November 2009 with a sum of 14,026 homes sold state wise compared to 8694 houses sold in November last year. Sale of condos in the state rose by 111% last month compared to 2008 November figures.

In a repeat of two months, home sales rose in all of Florida’s Metropolitan Statistical areas. Most of MSA’s have reported higher sales in 17 consecutive months.

One of the causes is the rise in federal home buyer credit that inspires people to invest in homes in Florida and Orlando.

But the more pertinent reason is that sales of Orlando foreclosures and other distressed properties rose to distort the median price downwards. This is because these properties sell commonly at a lower price than ordinary properties.

In Florida’s comparison of 2008 to 2009, there was an increase in condo sales by 111% in November. The Florida wide median price of condos was $104,400 in 2008 and $104,400 in 2009, a 21% decrease over the year.

A study has revealed that while US foreclosure crisis has resulted in a tumble down in prices of homes, home affordability has worsened for Orlando and Florida families. The study was conducted on comparative affordability of homes for low income and medium income home owners from 2005 to 2008.

In Florida it was found that 30 per cent of households spend over half of their household income on housing expenditure. California heads the line of states with 32%. In the Orlando area, the percent of households that were substantially burdened was 33%.

The main reason why decline in home prices haven’t impacted home affordability is because of lack of movement of home owners to take advantage of the opportunity.

Home sales have increased across Orlando and Florida due to drop in prices as part of foreclosure crisis. However lowering of prices as part of  Orlando Foreclosures has not increased affordability as home owners have not taken advantage of lowering of prices.

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January 15th, 2010

Dallas and Fort Worth foreclosures exceeded 61,000 homes in 2009, according to a report. The rate of delinquency also reached 9.6% of all mortgaged loans in the city area.

Total foreclosures achieved an increase of 23% from total filings last year and a hike in fixed rate mortgages entering into default.

According to Mortgage Banker’s Association, nearly one third of foreclosure filings in Third Quarter ending September consisted of loans taken by borrowers with strong credit records and who invested in fixed rate loans. The percentage represented a sharp increase of 21 % from last year when sub primes made for most foreclosures.

Most increases in Fort Worth Foreclosures are due to loan modification programs that have delayed foreclosures from previous months. Many home owners who are attempting to avoid foreclosure through loan modification are in a state of uncertainty as mortgage lenders are delaying the process. Many lenders will not respond till many months of default have passed and even then there is no guarantee of loan modification.

Many home owners who try for loan modification finally file for bankruptcy in a bid to avoid foreclosure. The filing of bankruptcy stops the foreclosure process and forces the lender to negotiate.

The City of Fort Worth has many innovative programs to help potential home owners like those who intend to buy foreclosed property. The Neighborhood Stabilization Down Payment Assistance Program (DPAP) is a new initiative funded by the Department of Housing and Urban Development (HUD).It provides finance to qualified buyers to purchase foreclosed homes within target areas of Fort Worth city.

DPAP offers a total of $25,000 as financial assistance. $5000 to be used as closing costs as well as $5000 on simple repairs. The balance amount can be utilized as down payment.

To obtain funds form the DPAP, it is necessary that the property be located within Fort Worth limits as also the buyer must use the home as his primary residence. Fort Worth Foreclosures can be purchased with the help of DPAP.

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January 14th, 2010

Indianapolis Foreclosures have been continuing to exert influence on home affordability and home ownership.

According to industry experts, Indianapolis topped the chart of cheap housing in the third quarter ending in September. Index of NAHB/Wells Fargo revealed that almost 95% of homes in the city are affordable by all families that earn the median income of $68,100.

An expert study revealed that Indianapolis was seen to have been enjoying the highest position in US affordability index in the past seventeen quarters. This was partly because of the comparably higher levels of income of Indianapolis.

Some other main factors that determined affordability in the city and also in other US states are the unprecedented low mortgages, low cost foreclosures and small prices of homes.

All over the US, affordability of homes soared to the top most level in the third quarter ending September unabatedly since 1991.Studies revealed that more than seventy percent of  newly built or previously owned homes sold around the third quarter, were feasible to those  earning around $64,000 that is the US  median income.

The affordability level in the third quarter indicated an increase of 56% from the same period in 2008 though a drop of 72% from the quarter ending in June.

Indianapolis foreclosures not only impacted home affordability levels but also home ownership patterns. Rising foreclosures tended to make the youth hesitate to purchase homes on mortgage.

The spiraling unemployment rate that hit a record of 10.2% nationally along with danger of default as well as  foreclosures have prevented new graduates and professionals to invest in their first houses on mortgage.

Despite increasing affordability total homes sales fell by 8% compared to last year but increased marginally compared to last month (November 2009).Improvement in affordability as well as federal tax credit caused the hike in sales.

The entry of large number of Indianapolis foreclosures has pushed down the prices of homes and improved levels of home affordability. In the first two quarters, over 11,000 homes received foreclosure closings including many repossessed by banks and added to their Indianapolis foreclosures listings.

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January 14th, 2010

Tampa Foreclosures continued its trend of decreasing activity in spite of increasing foreclosure in the rest of Florida.

Tampa Foreclosures dropped by 1% over October and by 9% on a yearly count. Tampa’s rate of foreclosure was one filing over every 214 households. Florida figures were 8% increase in filings from last year and 2% increase from October. Florida in fact overtook California with the second biggest foreclosure rate in the country.

Tampa’s figures are not a fluke. The increases follow decreases in the previous months. October’s decline of 18% was the largest fall since January 2008.The decrease is attributed to declining home prices and distress sales.

Nationwide there was also a decline in filings, an 8% decline over the previous month but still up 18% from a year ago.

Every borrower purchases a home with full intention of repaying the loan but some unforeseen circumstances may force them to default. These include contingencies like loss of job, divorce, major illness etc. Whatever be the reason for defaulting on mortgage payments, the home owner faces impending foreclosure of property.

Tampa foreclosures are not desired by the bank but sometime sit is an unavoidable situation. With a weak economy and rising unemployment more people are facing mortgage foreclosures. When mortgage foreclosure takes place, banks will start legal proceedings to repossess property. Once the property is repossessed, they will try to sell the property via public auction to recover the money.

You must avoid a mortgage foreclosure at all cost. The ideal way is to work together with your lender. When you sense the first sign of financial difficulties, contact your lender and make them aware of the budding situation. Usually the lenders will help you in any possible way.

The lender may defer payments for a month or two till you get on your feet. They may offer a mortgage refinance that will extend your loan but will lower monthly payments. There are many ways to stall a foreclosure especially if you work with your lender.

Tampa Foreclosures are on the decline. Foreclosure occurs when home owner defaults on mortgage payments. One must avoid foreclosure at any cost and this can be done by working along with the lender.

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January 10th, 2010

Foreclosures in Florida especially Naples are on the rise due to the economic crisis. Naples Foreclosures have left residents in the lurch but they are a boon for foreclosure buyers but how do they proceed to buy foreclosures.

First it is key to understand the process of foreclosure. Any real estate transaction has two documents: promissory note as well as the mortgage. The Note will contain the borrowed amount, interest rate and loan duration. The Mortgage pledges the property as collateral for non payment of the note.

Home owners who default on mortgage payments have several options other than out right foreclosure. They are: a) Loan modification b) short sale c) Deed in Lieu of foreclosure

Loan modification involves negotiating with lenders to decrease monthly installments, or prolonging the loan term. Short sales are selling the property at a lower rate than that amount owed in the promissory note. The lender supports the short sale as he makes a better deal than the possible losses he will incur after a foreclosure sale.

The concept of deed in lieu of Naples foreclosures is the situation when the homeowner stops foreclosure by transferring property title on to the lender directly. This is possible if junior liens are absent on the property. Similar to a short sale the home owner as well as the lender forms a contract which specifies the conditions for acceptance of the deed in lieu.

When a home owner fails to pay the amount due in the note and a modification, short sale or deed in lieu is not possible, the lender has three legal courses before him:

a)      Sue on the promissory note b) forecloses on the mortgage and c) enter into a single law suit that sues on the note and forecloses on the mortgage.

In May 2008, a new taskforce was formed in Colliers County to save homes from foreclosure. It is a collaboration between Legal Aid service of Colliers County and the Collier County Bar association. The new group based its efforts on education, prevention and intervention. It works in tandem with local associations like the Great Naples Chamber of Commerce. They have conducted work shops on topics like how to work with your lender and how to avoid Naples Foreclosures.

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January 5th, 2010

By increasing energy efficiency we can not only reduce the harmful effects of using up the earth’s irreplaceable resources but we can save some money on our energy bills as well. Some of the ways to increase efficiency will be examined here as well as products that can help us achieve this goal.

Increased efficiency through products such as CFL (compact fluorescent lights) and energy star qualified products is possible with a little research and common sense. Energy star products such as windows, doors, insulation, or appliances are great ways for everyone to benefit from money savings as well as decreased energy consumption.

Water heaters that are energy star qualified have greater efficiency than water heaters of the past. Windows and doors that are made with quality materials and have the energy star logo are also more energy efficient than their older counterparts. Adding any of these items to your home not only makes it more energy efficient but adds to the home’s value and may even qualify for government rebates and incentives.

Some easier ways to increase efficiency are changing light bulbs, insulating your water heater, tuning up your HVAC system and turning down your thermostat. Through changing your light bulbs to CFL bulbs which use up to 75% less energy you can notice a savings of hundreds of dollars per year. Insulating your water heater can increase its efficiency by up to 15% and lowering your thermostat from 70 degrees to 68 can significantly reduce your heating bills.

Increased energy efficiency by using some or all of the products and ideas mentioned here can have a great impact on your energy use as well as save a lot of money on your energy bills. Even on a tight budget almost everyone can afford to change their light bulbs and insulate their water heater. These two steps alone can easily save hundreds of dollars every year and thousands of dollars over the life of these products.

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January 4th, 2010

Cape Coral- Fort Myers got the number 4 rank in the nation for its November 2009 foreclosure rate. One out of every 96 dwellings received a foreclosure notice in this period. It was more than four percent decline since the last month and 35% from one year back.

Top Ten List of foreclosure rates contained two Florida cities. One was Cape Coral Fort Myers and the second was Orlando- Kissimmee at number 8.

Nevada topped the list among states with one out of every 119 households receiving default notice last month. This was 3.5 times the average of the nation.

Florida stood at second spot with foreclosures notices for one out of every 165 households. It raced ahead of California which stood at third spot.

November saw a decline in US foreclosure activity, the lowest since February. Anti foreclosure measures like loan modification and expanded home buyer tax credit have led to decrease in foreclosure as well as increase in property values. However a full recovery is expected only if the unemployment situation improves and credit becomes more available.

Nationally, notices of default were down 8% from October but 22% from a year ago. However, Median prices continued to drop.

The Cape Coral- Fort Myers area saw a drop of 50% in home values. Here the homes inventory needs to be sold off before the economy can heal.

In Cape Coral foreclosures, unlike elsewhere in the US, investors were the primary buyers of homes. Behind them are second time purchasers of homes, who are making use of the drop in prices. Most investors buying homes in Cape Coral are renting it out to locals or reselling after 3 to 4 years.

Recent legislation has prevented investors to flip homes quickly thus driving up prices. As a result Cape Coral has started to rebound from the bottom position in the market.

In the last three weeks, cost of homes under $100,000 has increased from $50 per square feet to $58 per square feet. Two years of inventory that lay with the Cape Coral foreclosures has now reduced to 8 months.

The fight against Cape Coral Foreclosures has initiated the following programs:

-Volunteers offering to clean up derelict property through ‘Take Pride in the Cape”

-An in-house program for abandoned homes

-A registration program where every house is entered in a database and the owner tracked down.

-Waste management to remove all trash leftovers of the city.

Thus Cape Coral foreclosures are highly recommended to buy.

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December 31st, 2009

The number of Jacksonville Foreclosures declined in October 2009 but it continued to depress prices of houses in the area. In October the median cost of Jacksonville homes declined to $ 147,200

The number of Jacksonville Foreclosures decreased in October but the median price was only 5% higher than the previous month. The October median was also 13% below the median price the same month, previous year.

The real estate agents negotiated the median cost of $147,200 in October 2009, a 13% drop from median cost in 2008 October. The falling median cost followed the trend begun in November 2008 when median declined to $150,000 from its top value at $200,000 in early 2007.

The number of Jacksonville foreclosures dropped considerably in October, declining by 21% over September. October fall counted for the second straight drop from August peak.

Foreclosure per dwelling stood at one home out of very 218 in October. This gave Jacksonville the rank of 33 among US cities of 200,000 population or more. Orlando was the highest foreclosure city of Florida with one home out of 117.

Jacksonville Foreclosure levels have been spiking and falling intermittently since 2008. The difference between October 2008 level and 2009 level shows a decline of 1 %.

Jacksonville took certain measures to reduce the number of foreclosures and help those afflicted by Jacksonville foreclosures. A brochure was designed for those facing first notice of foreclosure to help them in the process of handling their property. The brochure answers frequently asked questions like, “what to do if I receive a foreclosure notice”, and it gives a list of counseling services and legal agencies.

The US government is spending millions of dollars to fight the foreclosure crisis in five Jacksonville neighborhoods. HUD (Housing and Urban Development) is backing a $26 million ‘neighborhood stabilization program’.

As part of it, expert developers buy the foreclosed homes and renovate them, improving their water and sewage systems, repairing carpet and kitchen appliances. The houses are then sold to attract families in the middle income group of the neighborhood.

The NSP program is expected to improve employment in the housing sector, give affordable housing to poor families and stability to neighborhoods.

Thus Jacksonville foreclosures are a good bargain and are recommended to buy.

Tags: Jacksonville foreclosures
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December 30th, 2009

Number of foreclosures is on the rise in Charlotte, due to growing unemployment in the metro area according to data garnered from Mecklenburg County in North Carolina.

In October this year following a 10-month period, Mecklenburg County’s foreclosure postings rose by 44% since last year. Experts point out that the foreclosure rates in Mecklenburg County have outpaced Greensboro and Raleigh areas because of Charlotte area’s high unemployment and poverty levels.

Charlotte Metro area’s foreclosure filings in the third quarter increased by 46% over the second quarter and compared to the same quarter last year, it increased by 34%.

In Charlotte area, a total of 4231 homes received foreclosure filings amounting to 0.6% of the total dwellings in the area. Getting a record of one out of every 167 units being hit by a foreclosure notice, the Charlotte area got a rank of 71 in a roll of 203 large metropolitan areas in US in terms of intensity of foreclosure activity.

Foreclosure activity rose in Charlotte area due to the following reasons: unemployment in the financial sector, high number of citizens below poverty level and high number of home owners who took loans that they don’t have the capacity to repay.

The city of Charlotte revolved around the financial sector, so when the mortgage industry and stock market collapsed, the unemployment rate soared. Also compared to other regions of North Carolina, Charlotte has a higher population of poor households. A large number of properties were sold to those who could not afford to pay back the mortgage.

Median Income was $56,100 in Mecklenburg County compared to $61,700 in Wake County. Unemployment rate was 11% compared to 8.3% in Wake County. Unemployment rate in Charlotte city touched 12% in October.

Meanwhile the government came out with measures to reduce the number of foreclosed homes in Charlotte. According to the North Carolina Office of the Commissioner of Banks, the lender must put a stop to the foreclosure process as soon as home owners declare distress and ask for modification of loans.

The lenders are required to respond at the earliest to home owners who declare to be in distress and modify their loans at the earliest. The new regulations are targeted at brokers, banks and lenders.

Great opportunities lie ahead to buy Charlotte Foreclosures. Go through latest Charlotte foreclosure news and get the latest information before taking a buying decision.

Tags: Charlotte Foreclosures
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December 29th, 2009

Las Vegas reclaimed the title of Foreclosure capital of the country in early 2009 and set the record of most number of house owners delinquent on their mortgage payments.

Las Vegas is the most populous city in the state of Nevada. It is a world famous entertainment, shopping, vacation and gambling centre of the USA. It is called as the ‘entertainment capital of the world’ as well as “Sin City’.

Real estate in Las Vegas is much prized. In October 2009, investors made a big effort to purchase foreclosure properties in Las Vegas. Investors purchased 41.2% of homes in Las Vegas area in October 2009, the highest ever in this decade. Cash payment made purchases constituted 47% of sales.

Buyers for first time made up a large proportion of the market with Government sponsored FHA loans constituting 53% of total purchases. The homes demand remained strong due to low cost and mortgage rates being low. It is foreclosures which accounted for rising sales.

New homes market remained weak as new homes couldn’t match up with foreclosures in terms of prices. New homes’ median prices in October were $204,910. In October, Foreclosures had a cost of $135,000.

The number of homes and condos lost to foreclosure in October was up 14% from October, last year. The market had peaked at 3,718 foreclosures in February.

In September 2009, however Las Vegas had its second straight monthly decline in foreclosures with a decline of 21%. In the case of the sixth month in row, foreclosures sold exceeded foreclosures created.

The number of REO foreclosures had topped in February reaching 16, 411.By August it slided down by 23%. Foreclosures on offer in the market are decreasing.

Nearly 3 out of 5 of existing homes closing in October were REO homes. The median price of a bank owned home (REO) was $106,000. The remaining 44% were non REO’s owned homes with $130,000 median price.

In total, the median pricing of existing homes slid down reaching $120,000, about 40% of the level the previous year. Existing home inventory also declined touching 11,356 a number unseen since 2005.Basically there is in the resale market about 2.8 months of inventory – just short of the three month inventory specification of a ‘Hot Market.’

Thus this is the right time to invest in Las Vegas Foreclosures.

Tags: LAs Vegas Foreclosures
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