August 18th, 2008
The problem of foreclosures has also been hitting the middle and upper middle class families. This is affecting people from all income groups and professions. The scenario is worsening day by day. The slow pace of US economy together with the tight mortgage terms and conditions are responsible for it. Hampton Township is one of the well to do areas with a large number of upper middle class families living there. It has been observed that about 30 homes have been foreclosed in 2007. About 7 years ago, only two homes were foreclosed. It can be seen that the upper middle class families are also not left out from the problem of foreclosures besides the working class. The real estate is heavily suffering for that.
Dan Murrer of RealSTATs has prepared a report on the foreclosure filing in about 32 well-off neighborhoods and towns. He has said, “It’s hitting people of all professions and backgrounds,” According to his findings, there has been a 210 percent increase in foreclosures. From 180 foreclosures in 2000, it has increased to 558 in 2007. This is indeed a huge increase. This reveals that this problem of real estate is increasing beyond sub-prime loans in low income places.
Mt. Lebanon has recorded a jump from 10 to 25 foreclosures while in Bethel Park, the number of foreclosures have increased from 12 to 38. In the year 2007, the number of foreclosures in Ross was 38. This is in fact a big increase from what it was in 2000. The number of foreclosures then was only 5. The other areas that are facing the brunt of foreclosures are Plum Boro in the east and Moon Township in the west. There has been an increase in foreclosures from 12 to 35 in Plum Boro and 8 to 27 in Moon Township.
Murrer has said, “The fact that foreclosures are increasing in these middle-class neighborhoods is indicating that the ‘average Joe’ with a standard mortgage is the one who’s getting foreclosed on,” According to Ray Dietz of Allstate Financial, it is the greed of both the buyers and lenders that have led to the increasing rate of foreclosures today. In a bid to buy a larger home the buyers did not submit the proof of income to get the mortgage and at the same time the lender did not ask for it. However, others who once were able to afford their mortgage are also facing the danger of losing their home due to high living cost or due to loss of their job.
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August 15th, 2008
Alabama has shown a record of 3,529 homes facing the problem of foreclosures from January to June of 2008 according to RealtyTrac, a real estate company that keeps a check on foreclosures. It is actually a 10.1 percent hike from what it was during the same period in the last year. About 3,203 homes in Alabama were facing the problem of foreclosures in 2007. Although there has been an increase from the last year in foreclosure filings, but Alabama has somewhat slowed down in its foreclosure filings during the first six months of 2008. According to some attorneys this does not necessarily mean an end to mortgage crisis but is basically an increasing interest from banks and lenders who does not want any further foreclosures that would lead them to work out the problem of re-payment with the buyers.
From January to June of 2008, one of every 600 homes of Alabama has been in foreclosure. This means about 16.7 percent of 1 percent have faced the problem of foreclosures in Alabama during this period. The state of Alabama has ranked 43rd in foreclosures during the second quarter. Last year, this state owned the 38th position in the second quarter. Although the real estate condition in Alabama is better than anywhere else within the country, but there is no guarantee that it cannot face a crisis in the upcoming days.
According to attorney Bowdy Brown, the economic condition of Alabama is far better off. Therefore, it will be an easier affair for the lenders and borrowers to come to compromising loan terms which would allow the borrower to keep the home to himself. A bill has been recently signed by President Bush that would help the bothered homeowners to restore their home. However, it won’t be helping everybody in foreclosures related matters. This will help out those who have borrowed on bad loans and will be able to refinance into government-backed mortgages under favorable terms and conditions. This won’t help in replacing income.
According to RealtyTrac, nationally about 1.4 million homes have faced foreclosures in the period from January to June of 2008. This is almost a 142 percent hike from 2007. This means that there has been an increase of 573,397 homes with foreclosure filing from the last year during the same quarter. Whether the condition will improve or not depends upon a number of factors, the most important being an improvement in the slow US economy.
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August 15th, 2008
The foreclosures in the county of Broomfield and Boulder of Colorado are increasing day by day which is having a very negative effect on the real estate of the region. From January to June, it has been observed that there has been a 16 percent increase in the foreclosure filings in Colorado as compared to the last year during the same period of time. According to the Colorado Division of Housing’s Department of Local Affairs, it decelerated by 6 percent from the first quarter to the second quarter.
However, some observers are very positive that there will be an easing in the foreclosures very soon. The community relations director of the Colorado Division of Housing Ryan McMaken has said that an increase of 16 percent is not that big when seen in the national context. The number of foreclosure filings from 2005 to 2006 has shown a 30 percent increase and that from 2006 to 2007 has shown a 40 percent increase. Thus the scenario now is much better when compared to these periods.
The number of foreclosures in the counties of Boulder and Broomfield is the highest. From January to June, it has been recorded that there were 575 foreclosure filings. In Boulder County, there has been one foreclosure filing per 197 houses. This is considered to the lowest in the whole metro area of Denver. On the other hand, there have been about 152 foreclosure filings in Broomfield County with one foreclosure for every 112 households. The number of foreclosure filing in the real estate of Boulder and Broomfield has increased over the years in the period from January to June. They have shown an increase of 35 and 48 percent respectively. The Douglas County foreclosures have spurted to 49 percent from January to June of 2008 in comparison to the first quarter of 2007.
The increase in the Weld County during the second quarter and from January to June stands respectively at 20 and 23 percent. There has been one foreclosure filing for every 44 households in Adams County, one foreclosure filing for every 65 households in Denver County, and one foreclosure filing for every 344 households in Garfield County. A buffer in foreclosures is there in the Boulder City due to the increasing demand of real estate and growth controlling measures. It is anticipated that there can be an increase in foreclosures in the Broomfield County in the near future. The betterment of the situation depends on how fast the US can come out of its sluggish pace of economy.
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August 14th, 2008
Richard Blumenthal, Attorney General along with the commissioners of the Department of Banking and Department of Consumer Protection has filed a case on 6th August against the Countrywide Financial Corp at the State Superior Court, Hartford. The allegation is that the Countrywide Financial Corp has violated several consumer protection as well as banking laws. It [...]
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August 14th, 2008
The US other than the foreclosure homes is also facing the problem of tax foreclosures. It has been observed that about $6.6 billion worth property in 2007 were in the tax foreclosure market. Besides, about $558 billion worth property were in the pre-foreclosure process last year. This is in fact a huge amount. Thus in [...]
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August 13th, 2008
The state of Wisconsin has made a record in its foreclosure filing in July. There has been a 31 percent increase from January to July of 2008 as compared to what it was in 2007 during the same period. It has been recorded that about 14,300 homes in the state of Wisconsin has faced a [...]
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August 12th, 2008
Foreclosure homes in New York have gone up by 67 percent in July in comparison to what it was last year during the same month. This is in fact a big setback to the real estate industry of the city. This is mainly due to the slow pace of the US economy. The homeowners are [...]
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August 11th, 2008
A family in Grand Rapids, Michigan is facing foreclosure again due to their secret dealing. It is Jason and Tricia Wise who at the time of losing their home suddenly received a mail from a company named Canal Street Financial that wrote about saving their home on Grand Rapids’ northwest side. They called this to [...]
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August 11th, 2008
Utah has earned the 14th position in the country in its foreclosures filing rate in the second quarter of 2008. As per a new report, there has been one foreclosure filing per 226 households in the second quarter in the state. It has increased by 113 percent from what it was during the same time [...]
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August 8th, 2008
The rate of foreclosures in the state of Ohio is flattening as per the reports of a firm that keeps a check on the US real estate foreclosures. It has also been stated by a lawyer, who has been playing a great role in providing help to the homeowners of Ohio to prevent foreclosures, that [...]
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