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Bank Foreclosed Home Listings Grow as Loan Defaults Rise
Bank foreclosed home listings are expected to grow further as the number of prime borrowers in serious default continues to increase sharply. In the third quarter, 6.2 percent of all residential mortgages were in seriously delinquent.
San Jose Foreclosures for Sale Cut Home Values by Billions
San Jose foreclosures for sale contributed substantially to the drop in total home values in the area in the 11-month period ended November this year. San Jose lost $9.3 billion in residential property values during the 11-month.
Bank Foreclosure Prevention Program by Citi Up by 20 Percent
The bank foreclosure prevention program of CitiMortgage has been improving significantly. CEO Sanjiv Das also said that the bank has started implementing principal reduction for some deserving borrowers.
Listing of Foreclosed Homes Record High in McLennan, Texas
The listing of foreclosed homes rose this year in McLennan County, Texas as unemployment continued to force homeowners into default. A total of 1,387 residential units in McLennan were posted for foreclosure auctions this year.
Georgia Foreclosure Homes for Sale Still Growing in Number
Georgia foreclosure homes for sale are still growing in number due to job losses. Foreclosure filings climbed up by 25 percent in the third quarter, compared to last year's third quarter.
Florida Foreclosure Listings Still Growing, Prices Falling
Florida foreclosure listings are still growing and prices are still falling as unemployment continues to rise. Miami has been suffering the steepest home price declines.
Pre Foreclosures Strategy to Help Borrowers Avoid Foreclosures
A short sale or pre foreclosures strategy has been developed in Colorado to help distressed homeowners sell their properties easily and avoid the trouble of foreclosures. Lenders in the state that offer mortgage modification are encouraged to join the initiative.
Stop Foreclosure Process Stepped Up in Indiana
The stop foreclosure process has been intensified in Indiana. Over 1,000 judges, lawyers and professionals were trained to mediate foreclosure prevention meetings to increase mediation success rates.
California Foreclosure Homes for Sale Still High in Number
California foreclosure homes for sale are still among the country&'s highest in number in September and in the whole third quarter of this year, based on data released by a foreclosure tracking firm.
New York Bank Foreclosures in Housing Sector Rose in 3Q
New York bank foreclosures in the housing sector increased in September and in the third quarter. Almost 15,300 foreclosure notices were filed in New York in the August to September quarter.
Appraisal Services Prompting Rise in Tax Appeals in Ohio
Lower valuations by appraisal services have prompted many Ohio homeowners to file complaints about their property tax bills. The number of tax appeals rose by 80 percent over the past 3 months.
Stopping the Foreclosure Process for 500,000 Homeowners
Stopping the foreclosure process for 500,000 homeowners by November 1, which was the goal set by the Obama administration in July, was achieved, according to federal officials. Saxon Mortgage Services was the top performer, modifying 41 percent of qualified loans.
Cheap Foreclosed Homes for Sale Aplenty in Florida
Cheap foreclosed homes for sale are in abundance in Florida. Home buyers are getting a median discount of $17,586, especially in Miami and in Fort Lauderdale.
Stockton Bank Foreclosures Continue to Attract Attention
Stockton bank foreclosures continue to attract the attention of housing counseling organizations and foreclosure prevention nonprofits. Foreclosures are still at high level in Stockton because of unemployment and poverty.
Fort Worth Foreclosure Homes for Sale Still Rising
The number of Fort Worth foreclosure homes for sale is still rising because of the addition of housing units from delayed foreclosure proceedings. Foreclosures in previous months were delayed because of loan modification efforts which subsequently failed.
Lis Pendens Slowed Down in Seven Counties
Lis pendens slowed down in seven of eight counties surveyed by Default Research in August. Lis pendens is the first step of the foreclosure process in judicial foreclosure states.
San Jose Foreclosure Listings Growing Because of Job Loss
San Jose foreclosure listings are still growing largely because of job loss. The unemployment rate in the Silicon Valley hit its record level of 12 percent in August.
Homes Foreclosed in New York’s Erie County Declined
Homes foreclosed in Erie County declined in August, indicating that the Obama foreclosure prevention program is working in the county. The Western New York Law Center reported that more homeowners have been seeking help.
Repossession Houses Hold the Fate of FHA
Repossession houses in the FHA loan portfolio will contribute significantly to the ability of the FHA to survive its falling cash reserves. FHA has been increasingly reliant on loan modifications to control its bad loans.
Foreclosure Property Is a Viable and Affordable Investment
Foreclosure property investment is an affordable option to secure your financial future, based on data compiled by foreclosure analysts. The prices of foreclosure properties are still much lower than at any time in the recent past.
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