As the number of foreclosures have become steady in few states, they have continued to rise in Georgia. However, Albany is supposed to see some positive changes mainly due to the fresh federal funded project. Usually when we think about home for the masses we imagine the construction of a brand new house, but soon enough the issue of Flint River regarding homes for the masses will result to a new development.

As observed by Stacey Odom-Driggers, the Executive Director for Flint River Habitat, “We are just now starting a rehab program we are doing a partner ship with the city of Albany the department of economic development and through government funds, the neighborhood stabilization moneys 500,000 has been earmarked to work with habitat.” The officials of the habitat commented that due to operating in partnership with Albany as they intend to use 500,000 dollars of federal funds to provide maximum homes.

Lenders are mostly attempting to recognize the homes having lesser rates of acquisition and till date only 10 such homes have been identified. Stacey emphasized, “It probably will take a more skilled volunteer so were hoping they come out which they usually do but yes were hoping we should be able to get more than 10 houses done with this money.”

According to Habitat, the attempt to build homes for the masses will continue. At the same time they expect that this project will probably turn out to be an affordable deal. As per the observations of Torsha Walker, who is a Habitat Homeowner, “Its definitely cheaper and most of the houses if they were foreclosed on they were lived in so there is not as much maintain and things to do to get it livable again so that’s a really goo thing.”

In fact, it is not only that Torsha Walker works for the project of Habitat but, she is also one of the present day Habitat Homeowner. According to her there are almost 4 such vacant and foreclosed houses in her list. In fact, according to her, having so many neighbors around her gives her the feeling of being more safe and secured. She commented that, “That’s a really good thing because then we don’t have to worry about people breaking in or staying in the houses and it makes you feel a little safer.”

The project of Habitat for Humanity actually has recognized numerous such homes being foreclosed. These houses are mostly located in the Albany region, while Habitat for Humanity intends to start working within September.

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According to a report that came out recently, houses that have been abandoned after facing foreclosure are fast becoming a haven for criminals and squatters. Houses that have been left empty after being foreclosed are quickly being populated by criminals. Those that are deemed unsuitable by them are seeing squatters move in to them over time.
Kew Gardens / Woodhaven, Jackson Heights Rockaway / Broad Channel and Jamaica / Hollis are the main areas in Queens, New York, where crime was on a rise between 2006 and 2008. All these areas saw high foreclosure rates, according to the study that was released on Thursday by ACORN, the advocacy group.
Only two neighbourhoods which had high foreclosure rates saw a decline in crime – South Ozone Park and Queens Village, while crime dipped in most of the areas where there were low-foreclosure rates like Flushing, Astoria, and Forest Hills.
According to NY State ACORN President Pat Boone, "It is common sense that foreclosure and crime go together. Thousands of families across New York have lost their homes to foreclosure. In turn, their communities have lost neighbors who care for their homes and help keep an eye on everyone’s safety." This study was compiled by cross-referencing foreclosure notices with FBI and NYPD data on crimes such as murders, burglaries, autho thefts and robberies.
The study showed that there were an average of 424 more crime incidents in high-foreclosure neighbourhoods compared to low-foreclosure neighbourhoods last year, which is a jump of almost 150% since 2006. These foreclosed houses are looted, but the study says that "the increasing displacement of homeowners leaves neighborhoods without the deterrent presence of concerned neighbors’ watchful eyes" which could have helped protect the homes from crime.
The study gave the example of two serial rapists last summer that were terrorizing South-eastern Queens and attacking more than a dozen women in a vacant church along with other empty buildings. Linda Bowman, ACORN member from Far Rockaway, said abandoned homes were "an invitation for kids to get into trouble."
She added that "I’ve seen more and more abandoned homes on my block, and sometimes there are people sleeping in them. We need to make sure people can stay in their homes so our communities are safe."
Other high-foreclosure areas like Brooklyn, Albany and Nassau County were also linked with crime. According to the study, foreclosure auctions went up from 290 homes in January 2008 by 62%, to 472 homes in just one year till January 2009.

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According to data released by real estate data company Radar Logic, there was a 7% increase in home sales in 2008 largely due to foreclosures, after falling around 40% the year before, mainly by buyers looking to buy at the bottom and those lured by low loan rates.

There was an increase of a whopping 177% last year of the so-called "motivated sales," segment, which are essentially foreclosed houses which are sold at auctions or through financial institutions. On the other hand, Radar logic reported that in the 25 metro areas tracked by them, all other sales in the 25 metro areas saw a fall of 17%.

Talking to Reuters, chief executive of Radar Logic, Michael Feder, said that "The market seems to have migrated to the point where motivated sales have become a far more constant part of the housing sales market," He added that the transactions in these distressed properties comprised as much as one third of all sales activity in the previous year.

There has been a massive fall in the real estate market compared to its 2006 record highs, and the market is flooded with unsold homes, which include foreclosed properties as well as new constructions that are empty.

Feder added that "Buyers recognize that those are at significant discounts versus what all other people are asking for homes and are migrating to those first." He feels that this will turn out to be positive for the real estate sector, giving us an indication that a bottom was in place.

The Radar Logic composite index was down by 22% this year on the back of prices falling in all of the 25 metro areas it tracks. Among them Nevada, Arizona, California, and Florida, which showed the largest gains in sales in areas which had the biggest decline in prices.

Up from 23% last year, motivated sales made up 47% of December’s net sales in California, according to Radar Logic’s data. Freddie Mac was offering its 30-year loan rate at a low rate of 5.1% – its lowest since it started keeping track in 1971.

Feder contends that "We get a turnaround in all three of those and I think we’ll have a housing recovery." He added that "We hear anecdotally that there are a lot of deals that are cut, but then buyers can’t get mortgages for more than 60 percent of the purchase prices, even though it’s at this ‘motivated’ price level." According to him, home prices are not likely to go up until the supply imbalance improves.

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Detroit, the metro county seat of Wayne saw a decline in the foreclosure rates in the end of last year. The number of foreclosures decreased almost by 5 percent in the month of December last year compared with the foreclosure rate in December, 2007. This came as a surprise amidst the massive foreclosures and the terrible market in and around a region. The Wayne County was the only one to have seen a reduction in the foreclosure rate amidst a situation, when properties are always threatened by foreclosures.

These figures were reported by RealtyTrac, a foreclosure listing firm, based in Irvine, Calif. The company is recognized for compiling foreclosure information all over the nation. The Detroit area was incidentally one of those regions of the country to be worst-affected by the foreclosure crisis. The area also witnessed a substantial increase in the number of foreclosures filed in the counties of Oakland, Macomb and Livingston.

The foreclosure filings in December itself were up by 16 percent for the entire state compared to the filings of foreclosures carried out in December, 2007. The large number of foreclosures gave the state the No. 5 position in the country. The state also witnessed one in every 224 homes brought into a state of foreclosures.

About 4,279 homes were brought into foreclosure proceedings in the Wayne County last month, with one of every 197 households being filed for foreclosure. This was a marked reduction of about 25 percent from the previous year, which witnessed approximately 5,730 filings for foreclosure.

The Oakland County was reported to have witnessed about 2,213 foreclosure filings during the previous month. One of every 236 households was sent for foreclosure filings. This was a 52 percent increase from the situation in 2007, which saw about 1,458 foreclosed properties in December, 2007.

Foreclosure filings were up by 56 percent in the Livingston County in December as compared to the number of foreclosure filings in December, 2007. There were about 236 foreclosure filings in this county. One of every 305 properties was sent for foreclosures, which was an estimated 151 increase over foreclosures in the previous year.

Macomb County had the lowest increase in foreclosure filings in December last year compared to the foreclosure filings in December 2007. Foreclosures were up by 15 percent. 1,236 were reported to have been filed for foreclosure last month. One of every 283 properties was sent for foreclosures. Over 106,000 properties were foreclosed in the Michigan state all over the year.

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Filings of property foreclosures increased by 151 percent in the previous year in Albany, in N.Y, region. The figures brought out a few days ago estimated that the number of householders threatened with the foreclosure crisis is a small fraction of the property stocks.

RealtyTrac, a foreclosure listing firm based in Irvine, Calif reported that the Albany-Schenectady-Troy region faced foreclosures of 2,416 homes in the year 2008. Properties plunge with further downturns in the market.

The number of foreclosed homes in Albany is only 0.6 percent of the properties in the MSA, which covers the Rensselaer, Saratoga, Schenectady Schoharie and Albany Counties. Albany is estimated to be at No. 93 amongst the leading 100 metro areas across the nation to be affected by the foreclosure crisis. Stockton, Calif., was reported leading with the highest ratio of foreclosed properties, 9.5 percent in 2008. Stockton, Calif was followed by Las Vegas with 8.9 percent of foreclosed properties.

There were about 3.15 million filings of properties to be foreclosed on 2.33 million homes in the United States in 2008. These figures were reportedly an 81 percent increase in the number of properties foreclosed in the previous year 2007 and a 225 percent increase compared to the number of foreclosures in the year 2006.

Property foreclosures speeded up as interest rates shot up on variable mortgages in the middle of 2000. Property owners as a result found difficulty in bearing exorbitant payments every month. They were also not in a position to put their houses on sale, as markets sunk.

The foreclosure crisis also led to a slowdown on Wall Street as big financial firms were affected due to massive financial losses. Consumers have retreated from spending and several big organizations have cut down on the payrolls, bringing the economy further down.

Lawmakers in New York realized that new steps were necessary to make the legal action less severe and thus preventing the foreclosure problem from aggravating further. Those laws had proved effective in the latter part if 2008. James J. Saccacio, the CEO of RealtyTrac commented that the potential of the new laws to fight the foreclosure issue had weakened by December.

Foreclosure filings shot up by 17 percent in December compared to 41 percent in December 2007. Saccacio opined “Clearly the foreclosure prevention programs implemented to date have not had any real success in slowing down this foreclosure tsunami”. California was reported to experience the highest number of foreclosures in 2008, with about 523,624 properties being repossessed by banks.

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It has been found that the home prices in four out of the five cities of United States have declined heavily in the third quarter. The low cost foreclosures have swamped the real estate market of US. This has affected the whole country very badly. According to the survey conducted by a trade group, out of 152 metropolitan areas, 120 areas have seen declines in the median sales price. On a national basis, the home sales have fallen by nearly 8 percent during the third quarter in comparison to what it was a year back. The sales activity of distressed and foreclosed properties has made for nearly 40 percent of the real estate transactions in the third quarter. It has brought down the median price of homes to $200,500.

However, the median homes price in the states of Arizona, Nevada, Virginia, and California has not fallen as is the case with other places. In these four states, the buyers were successful in snapping up the homes facing foreclosure at a bargain. According to real estate expert Charles McMillan, “A very large proportion of distressed home sales are taking place at discounted prices compared to more normal conditions a year ago,”

This holds very true for places such as Riverside and Sacramento of California. Here the price of homes has gone down respectively by 39 percent and 37 percent from what the figure was a year back. It has been found that these two cities of California had the maximum decline in its annual price. It is being envisioned that the foreclosure listing is going to be over million by the close of this year. There will be a large number of bank owned properties piled up in the real estate market. This will likely represent nearly a third of all the ‘for sale’ properties in the United States. The decline in home values together with the strict lending standards and a sluggish economy is badly sinking the real estate market.

The economists believe that the economy of US is going through a recession and this could be the most defective downtrend in over two decades. With the acceleration in layoffs, there is going to be probably more decline on the value of homes. Freddie Mac has a total number of 28,000 properties facing foreclosure in its record book and Fannie Mae, which happens to Freddie Mac’s sister company, has 67,500 foreclosed properties.

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Default Research provider has given a report on the growing foreclosure prices in Seattle. In this area there has been a current upsurge of 47% in foreclosures. This being a relatively low number compared to the rest of the strenuous coverage area led by the Default Research.

Seattle had primarily been able to escape the foreclosure built due to less speculative activities. It had even invested in a high median income rate as opposed to the home prices along with the less unstable home prices.

In King County itself there have been approximately 0.49% of households entering into the process of foreclosures in the last 12 months. Seattle had an average for homes in foreclosures which went far below other regions as covered by the Default Research coverage area. The examples are that of Southern California and Phoenix which only went for a 2 to 3% of increase in foreclosures.

The Washington State’s foreclosures were under control in 2007, according to Serdar Bankaci or the President of Default Research the abovementioned strategies worked well for the state. The piece of good news advocated by the provider of the present and accurate database of foreclosed properties and real estate dealings is that foreclosed homes will keep growing in a limited number. With home inventories being at relatively low levels and stable home prices coming up the year will be a hot deal for property sales.

Foreclosures and the subprime crisis may have caused instability in the real estate market, but foreclosed real estate can be an excellent investment market through which people can make a profit and help their families in case of financial crisis.

Bankaci’s clients in fact keep on receiving the latest and smartest updates in foreclosure dealings. So they can usually rely to make the most of their dealings. With this great ammunition the foreclosure investors are ready to have discretionary conditions exercised before making headlong purchase. The clients under Bankaci always receive an edge over other possible buyers as they can approach the homeowners themselves.

The inventory of foreclosures is also much lower in the state of Seattle and thus it becomes important to Bankaci that his clients get the best deal and contact the home-owners first. He also makes the foreclosure lists available to the clients and he can boast of success rate in foreclosure business with his clients almost greater than 20 times than that of the hub of the competition.

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The number of houses sold at an auction is increasing each day in Fayette County, and new records are set after every sale of a foreclosed home.

Clyde L. Stapleton, who works as a Master Commissioner for Fayette Circuit Court, is quite sure about breaking the old record of housing sales in his next sale. Stapleton says that by October 22 this year, his agency will sell approximately 628 houses. This figure is 11.9 percent more than last year. In 2006, his office sold 562 homes. He is very certain that the figure will cross 750 by this year-end with few more sales occurring after October 22.

Stapleton finds the right home, which will give his agency good returns, very easily. This is happening because of the current downturn in the housing industry, and a tremendous increase in adjustable-rate mortgage interest rates, which are causing a credit crisis and making homeowners incapable of paying their monthly mortgage payments. Moreover, personal problems like unemployment, divorce, health related issues etc are also causing additional problems contributing towards losing homes to foreclosure. Stapleton believes that lenders were never rushing to court to solve property related matters the way they are doing now.

As per the Stapleton’s observations, records are set every year in Fayette. A situation similar to this increase in foreclosures can be seen across the nation.

California based real estate tracking company RealtyTrac’s recently released data confirms the nationwide spread of foreclosure. Two months ago in July, the number of foreclosures was highest in Nevada, Michigan and Georgia. Nevada was at the top for seven consecutive months. In Nevada, there is one foreclosure for every 198 houses.

However, in Kentucky the figures were conservative compared to other places, according to the data of RealtyTrac. In July, Kentucky ranked 33rd in the list of foreclosures with 645 foreclosures in its profile. However, when compared with its own records, its figure is 19 percent more than last year. The ratio of foreclosure in Kentucky is one fresh foreclosure for every 2,896 houses.

According to Stapleton, there were many foreclosures initiated by lenders in Fayette County that were not completed. He assumes that in those cases borrowers might have paid their outstanding amount through refinancing of their properties. Borrowers get six to seven months time before foreclosure proceedings actually get over, said Stapleton.

Each auction and the property sold in the auction have to be advertised first. This adds to the cost of the agency. However, serious bidders collect this information from the website of the agency, said Stapleton.

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