According to new statistics, Louisiana’s foreclosure rate ranked 39th among other states in the nation during the third quarter of 2006. This number may be surprisingly low too many, but can probably be explained by the presence of a federal moratorium on foreclosures in the area following Hurricane Katrine. That moratorium recently ended however, and it is worht noting that the the number of foreclosures increased by 155% from the second quarter to the third. This could signal a rising trend in foreclosure in an area that is still far from rebuilt after the storm.

[via Baton Rouge Business Report]

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Colorado, the state with the highest foreclosure rate in the country, introduced a new hotline for those homeowners in danger of foreclosure last week, and since then, the phones have been ringing off the hook.

The number, 877-601-HOPE, was designed to give homeowners facing foreclosure a place to turn for advice. Operators can help get homeowners in touch with lending institutions and government agencies that can help, or to advice them on selling to avoid foreclosure.

Learn more via the Denver Post

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Foreclosures in the San Francisco Bay Area have gone up nearly 90% from September 2005 to 2006. While Marin and Santa Clara counties say the lowest increases in foreclosure, San Francisco has seen an increase of nearly 110% since last year. Much of these foreclosures are due to people investing in urban properties through Adjustable Rate Mortgages. Now that interest rates are rising, homeowners are unable to keep up with bigger payments, and therefore succumb to foreclosure.

There are all kinds of availabilities for foreclosure homes in San Francisco, so now might be an excellent time to get involved with buying foreclosures in the area.

[via CBS 5 San Francisco]

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It’s no secret that Massachusetts has one of the slowest real estate markets in the country right now. Falling home values and a flooded market have led to a state of stasis where not much is moving in Massachusetts at all.

In fact, the one thing that is moving is the interest rate. As the market slows and interest rates rise, more homeowners are finding it difficult to keep up with their monthly mortgage payments. In fact, the rate of foreclosure in the greater Boston area alone is currently nearly ten times higher than it was in 2004.

City officials, in partnership with a number of local banks, have teamed up to set aside $100 million to donate to people in bad loans who need to refinance. During the housing market upsurge that occured earlier in the decade, many homeowners got involved with Adjustable Rate Mortgages, attracted by the low initial cost and the propsect of owning a home so “easily”. Now that these rates have begn to rise, and people are unable to sell their homes in the flooded market, people are stuck with mortgage payments they cannot afford, which leads to foreclosure.

By refinancing, a homeowner can instate a new, fixed rate loan, for which payments will not rise and fall month to month. Many are applauding the city’s effort to get the market back on track. However, for foreclosure investors, the prospect of buying a pre-foreclosure in the greater Boston area may have gotten a little bleaker.

[via the Boston Herald]

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