In the last quarter, at least 561 houses faced auctioning and at the same time, there were at least, 500 such houses that got default notices within the 3rd quarter this year. This elevated the number of defaults in loan repayments to approximately 1,688 houses. This featured a 12% increase compared to the last year’s records. However, the total number of defaults in the Monterey County was quite high with 4,490.

The mortgage lenders with maximum number of default loans during the months of July to September featured an approx number of 7,583 default loans. There were 5,146 loan defaults with Washington Mutual and Wells Fargo had 4,425 loans. Wachovia, featured a default rate of 12%, and due to this, the default postings for loans numbered to a great amount like 4,237.

These lenders continued rising in sales of foreclosed houses in California. As per the observation of the foreclosure analysts majority people defaulted with their loan repayments in California during the mid and end of 2006. These loans were, primarily made by financial companies including the lenders, who serviced the other loans.

As per the studies of the foreclosure analysts the majority delinquent accounts in California belong to the services like Cal-Western Reconveyance, ReconTrust Company including the Quality Loan Service Corp. most homeowners received a default notice when they had already crossed 5 months of their payments.

This also indicates the fact that the servicing companies are going steady as they do not want to overload the property market in California as excessive foreclosures might just push down the prices of the homes sharply. The sales from the foreclosure auctions in September fell throughout the state by at least 37%.

The number of default notices in totality that the homeowners of Santa Cruz had to receive in 2009 highly increased by 12% and this led to increasing the number of houses to 1,688 as compared to 1,511 houses during the foreclosures last year. At the same time, the number of sales in the auctions of foreclosed houses literally fell by 25% in Santa Cruz within this quarter. The sales of traditional homes increased by 1,750 houses from 1,726 houses.

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The term foreclosure is now linked with defaulters who overextended their credit on home loans and now run the risk of losing their homes to the process of law. Most of the real estate specialists predict that the rising trends of foreclosures throughout the country is bound to gather strongly than ever before because more and more homeowners are unable to make payments.

For example, Texas has now emerged as one of the main markets for foreclosures auctions. In the U.S., foreclosure auctions have become a natural way of life because of the terrible crisis and turmoil that the real estate segment is going through. As a result of this crisis, banks find themselves in an unenviable position because they are literally stuck with properties. So the only options banks have is to check out for some great ways to sell off properties through auctions that spell an epidemic of sorts in the real estate scenario now. Indications are that foreclosures auctions are going to turn more active as per the latest trends. Realtors look for quick ways to unload the ones that don’t sell right away.

Hudson & Marshall deal with most of the auctions but on an annual basis, an average of 1,200 homes in Texas were easily sold by them during the span of the last five years. Hudson & Marshall estimate that another 2,000 homes would be sold off by them this year and 2,500 by the following year 2008. They have clearly identified Texas as one of their major markets followed by Houston where the trends are now picking up. It doesn’t come as a big wonder that at the Hudson & Marshall auctions, there is an all pervasive atmosphere of professionalism as real estate agents are well represented.

Another company Irvine, which is based in California, is geared up for foreclosure auctions of more than 150 houses in counties comprising including Harris, Brazoria, Fort Bend, Galveston and Grimes.

There are some real estate experts who point out that properties sold off at foreclosures auctions don’t really turn out to be the kind of great bargains they’re made out to be. It is also a fact that several auction houses insist that buyers must pay a premium of 5 percent on the successful bid. This payment is supposedly to cover costs and pay commissions.

A lot of people who visit these auctions are those who hope to find some great discounts on homes so that they don’t have to get involved with brokers or other intermediaries. The homes are kept open for public scrutiny so that any prospective buyer has a clear idea beforehand as to what he is investing in, whether or not the risk factors are too high or not.

The real estate crisis seems to be taking a worse turn while foreclosure auctions are spiraling like hot favorites. Tomorrow is uncertain, even as the country waits with baited breath.

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Amplified number of foreclosure auctions can really put a dampener in the dreams of many property owners. With the intent of buying their dream home, homeowners indulge themselves into mortgages which they cannot afford to pay off later.

Banker & Tradesman publisher, The Warren Group, provided the data of an increasing number of foreclosures. There is a huge difference in the figures of this year’s first half compared to same period last year. More than 4745 homeowners in Massachusetts are on the periphery of sacrificing their homes due to lack of finance and are about 7540 homeowners have received a foreclosure announcement of an awaiting auction.

The single month of June in 2007 has also experienced the increased number of announcements for an auction than the same month last year. The increase is about 84 % i.e. from 720 announcements last year in June to 1321 in June this year.

Foreclosed properties have become now a separate category in real estate. It is a growing market. Various sites and magazines carry information about foreclosed properties which act as a very important tool for those who consider buying at an auction as a good investment in Real estate. The general perception among investors is that buying a foreclosed house will save them money, though this is not always true, and this to some extent generally increases the number of announcements of an auction. The suffering this trend causes is to the common middle class homeowner, who buys a house at low interest rates thinking that the rate will not change much in the future.

The date of auction is published in the newspaper. Auctions don’t always end up in foreclosure. Foreclosure is the final stage and there are various steps involved in it. It starts from filing a case by the lender and this is called a petition. The entire process takes about 7-8 months. At some places it can also take about 15 months. Case can be filed in court or outside court. Meanwhile, many homeowners manage to sell their house or refinance it.

People in almost every county are affected by foreclosure. They are finding it very difficult to keep up with the changing interest rates. Though some people may find foreclosed properties an interesting investment in real estate, but it is slowly turning into a big problem. For some, buying a dream home and then retaining them will become a dream itself if the pace of the number of auctions and petition filings are not curtailed, and nothing substantial is done to protect the interest of the homeowner.

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One of the world’s most densely populated cities in the world, New York is facing yet another threat. This one being the threat from foreclosures. The number of homeowners in NYC, facing the threat is on all time high. It is estimated that the number of foreclosures this year will reach a record highest.

According to reports submitted by the neighborhood Economic Development Advocacy Project, foreclosure auctions on 3000 homes was conducted by lenders since January this year. It is expected that the number is going to rise by the end of this year. According to research, the number will rise above 14000 and this number represents a 60 percent increase from 2006.

Sarah Ludwig, executive director of NEDPA, suggests that homeowners and investment companies should gear up for tough times as things will become worse before there is even slight improvement in the condition.

The major cause of increase in the number of closures this year is attributed to the increase in the sub prime adjustable rate mortgages. There will be changes in the subprime ARM in the coming six to eighteen months. If this happens, homeowners may have to sell their homes to mortgages. This they have to do in order to clear mortgage payments that increase by hundreds of dollars every month. Due to this middle-class neighborhood, where bad loans is common will be hard hit. Neighborhood like Bedford STUYVESANT, Flatbush and East New York-all of which are situated in Brooklyn are the hardest hit says NEDPA. Two of them in in Queens- Rochdale and Jamaica are also suffering from foreclosures.

Agencies and housing group are intervening to bring the situation under control. The State of New York Mortgage on Friday announced that they will invest $100 million to help homeowners to refinance their homes. Nevertheless, it is unlikely that the amount put in will be enough as the number of homeowners at the risk of foreclosures is much more. The State has put in money enough for about 500 homeowners statewide. Plus, owners of multiple family homes are not eligible.

Housing counseling agencies like Neighborhood Housing Services of New York Inc. are being flooded with phone calls of grieving homeowners. It has received 800 calls per month as compared to 300 it received last year.

The increase in the number of homes lost either through forced sales or foreclosures have one common effect- detoriating neighborhoods. The homes, especially single family homes, as a result of this are not being well tended. This is something that is not seen in years and is a cause of worry, says Sarah Gerecke, NHS executive director.

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Gradually the number of Harris County homes victimized by foreclosures seems to be reducing, according to the data provided by Foreclosure Information & Listing Service. Though foreclosures in Harris County came down six percent from the same month of the previous year, the numbers do not essentially signify that foreclosures are essentially declining. By June 2006, foreclosures in Harris County have again begun to rise in number and after that it has risen to about 1000 per month. It was noted that the general rise in foreclosure rate has been due hike in the national rate of foreclosures.

Though foreclosures can take place due to a wide range of reasons like divorce, rising bills or maybe even due to loss of jobs, but recently the problem has been seen amo9ngst those homeowners who had so sub-prime loans. Sub-prime loans are directed towards those home buyers who have bad credit ratings. In fact many of these sub- prime loans are also adjustable- rate mortgages that are now rearranging at elevated rates.

In recent years, borrowers have access to wide range of products: interest-only loans, low or no down-payment loans, adjustable-rate mortgages, low documentation loans and 100 percent financing. Due to rise in the rate of foreclosures, lenders have to cut down on giving such loans. Additionally, stricter guidelines are implemented by regulators. However, in no way does this indicate that foreclosures are about to decline soon.

Harris County had around 9357 foreclosures in the year 2006, as per the listing services. It is said that with the rise in the interest rates and a decline in the real estate market leaves many delinquent borrowers with very little options other than foreclosures. In fact Ralph Murdock of The Woodlands-based listing service noticed that the number of homes posted for the foreclosure sale in August summed up to 2,700 which is the highest total in one-month since September 1998. On the first Tuesday of every month, posted homes are sold at auctions and once they are sold off, they are taken as foreclosed by the listing services.

Foreclosures are said to have little effect on the housing market according top studies. In fact investors and bargain hunters have been grabbing these foreclosed homes so fast that the homes do not require to be discounted. Foreclosure is a phenomenon which is becoming regular in today’s scenario where due to multiple reasons; many homeowners have to give in to foreclosure.

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RealtyTrac.com, an online research and marketing website dealing with foreclosures and other real estate issues, has prepared a report on foreclosures around the country. According to it the number of foreclosure notices filed has gone up by 87% throughout the country. The term “foreclosure notices” encompasses all the three stages of a foreclosure. It refers to default notices as well as notices for trustee sales and repossession of property.

While not all foreclosure notices end in repossession, the study gives a good idea about the situation in various parts of the country.

Though the percentage of foreclosure notices is high, the situation is not the same all over the country. In some regions the situation is alarming while other places do not reflect the national figure.

In the Bay area, foreclosures are presenting a serious problem for homeowners. According to the RealtyTrac report the number of foreclosure notices in this area was 5018 in June. This number is significantly higher than the figures for June 2006 which stood at 1780.

Default notices were served to 3383 homes in June 2007 as compared to 1460 in June 2006. Of the nine counties in this region, Alameda and Contra Costa ranked the highest closely followed by Solano. These counties also had the highest number of notices for trustee sales. The number of bank possessions too showed a dramatic jump from a mere 39 in June 2006 to 624 this year.

Taken altogether, the most foreclosure activity took place in Solano. Here there was one foreclosure for every 149 households. The least activity was in Maine County which had one foreclosure for every 2625 households and San Francisco which had one foreclosure notice for every 2179 households.

It is significant that California was second when it came to foreclosures in the whole country. This state also had six of the top ten metropolitan areas experiencing foreclosure activity.

In New York however the situation is vastly different. While the region has seen its fair share of foreclosures the rate at which they are taking place is slower than in the rest of the country.

According to the RealtyTrac study, the increase in the number of foreclosure filings was 42 % in New York this year as compared to June 2006. This is at a time when the national rates showed a 87% increase.

Another research website PropertyShark.com conducted a study which showed that the number of foreclosure auctions in New York City increased by 19% in comparison to last year. Elsewhere in the country the same figures were as high as 202 %.

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