Colorado, in the month of July experienced a drastic fall in the number of foreclosures. As per the observations of the RealtyTrac Inc., despite this Colorado managed to hold it position at No. 9 in the list of filings in the country regarding foreclosures.

In the month of June, Colorado was at the 10th position concerning the filings of foreclosures. Going by the observations of RealtyTrac which is a marketer of foreclosed properties based in Irvine, Calif, on the whole 5,488 homes in Colorado had reached the stage where they had to go through the process of foreclosures in the month of July.

The figure of the foreclosures in Colorado in the month of July fell by 4.12% compared to the figures of the previous month. However, compared to last year’s record of July this year’s July records featured a 2.08% increased according to the reports of the RealtyTrac

Nevada had the highest rate of foreclosures in the country for 31 consecutive months. In the month of July Nevada featured approx 1 out of every 56 houses which received filings for foreclosures. In fact, in the previous month there were 19,535 homes which got filings for foreclosures.

As per the observations of RealtyTrac, California received approx 108,104 filings for foreclosures while Florida got foreclosure filings rising to 56,486 and Arizona received 19,694 foreclosure filings including Nevada which was responsible for almost 57% of the foreclosures that amounts to at least more than half of the foreclosures in the country amounting to 360,149 foreclosures in the month of July.

In the month of July the record of U.S. foreclosure created another record. Though the attempts by the federal and state government the distressed homeowners and borrowers could not be protected much from the clutches of foreclosure procedures and in the last month the number of foreclosures increased from 7% from the month of June and compared to July 2008 this figure showed a mammoth 32% hike.

According to the RealtyTrac’s CEO,James Saccacio, “July marks the third time in the last five months where we’ve seen a new record set for foreclosure activity. … We’re seeing significant growth in both initial notices of default and in bank repossessions.”

With approx 1 in every 47 houses Las Vegas featured as the state with the highest number of foreclosures in the month of July. The Californian metros like Riverside-San Bernardino-Ontario, Bakersfield, Modesto, Merced, Vallejo-Fairfield and the Sacramento area, where among the top rankers alone in the country. Texas, Georgia, Ohio, Michigan and New Jersey are the other states with high rate of foreclosures.

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The $75 billion program by the Obama government intending to cut down on foreclosures for sale has suffered major setbacks. A major chunk of homeowners complained about certain inaccuracies in the information by the lenders and many more commented that they did not receive any help.

This plan by the Obama administration primarily intended to avoid at least 4 million foreclosures from coming into action. This mainly needed the banks to alter the loan structure into a comparatively affordable deal for the borrowers.

This plan has resulted to alterations in above 190,000 mortgages as observed by the Treasury Department. As noted by RealtyTrac most of the lenders had almost taken to legal proceedings of foreclosures against 1 million homeowners and above. Out of this approx, 20% of the homes, went through foreclosure and were repossessed by the banks.

Almost 2.4 million Americans are prone to facing foreclosures in 2009 according to the Center for Responsible Lending. They further emphasize that at least 8.1 million home might be foreclosed during the upcoming four years.

According to most homeowners attempting for alteration in their loans, the banks are not responding to their demands within 45 to 60 days. This point was strongly emphasized in the monthly report of NeighborWorks America, which acts as a counseling agency for prevention of foreclosures.

The homeowners applying for mortgage alterations are still in a perilous condition as they are unable to arrange for money to pay the monthly amounts and this has added to their uncertainty about retention of their homes.

According to Joel Naroff from Naroff Economic Advisors, “Some lenders may not be turning (homeowners) down right away because it might be politically easier to push them off and delay. No one will admit they’re doing this.”

Naroff further stressed on the fact that currently the banks are faced with maximum number of requirements for mortgages and re-financing options too. This situation will worsen with the growing joblessness among the homeowners.

The defaulting with mortgages has mainly increased in those areas where joblessness is on the rise. In fact, the homeowners who have successfully got their loans modified may face trouble if there is a fall in their income levels or in the prices of the homes.

Though the lenders claim that they are trying greatly to deal with the increasing number of requests but according to the officers, despite the attempts to bring about a turn around in the real estate market, these backlogs are having negative impacts.

The CEO of Realogy, the parent body of Century 21, Coldwell Banker, Sotheby’s International Realty and ERA, Richard A. Smith observed that, “The loan-modification program is suffering. The delays are horrible. Banks, unfortunately, just weren’t geared up for this.” This seemed more like a difficult situation for the banks to act so fast in response to so many requests of loan modification from so many borrowers.

Jack Reed, D-R.I., including 14 more senators attempted to write a letter to Shaun Donovan, the Secretary of the Housing and Urban Development (HUD) requesting for a new means to ensure that the lenders take actions in support of the homeowners more promptly. According to this letter, “Of particular concern are homeowners who have been instructed by HUD-approved counselors to contact their (loan) servicers only to be rebuffed or, worse, never even reach their servicer.”

Since February, Robin and Craig Doyle staying in Woodland Hills, Calif., were trying incessantly to get their loan modified with the help of their lender JPMorgan Chase. Robin being a freelance writer was advised to send a letter about her difficulties and to mention her paycheck counterfoil, and tax returns among her personal information. Despite sending a huge amount of information within a month, she was asked to update her details and send another file as this information was outdated. This entire procedure became futile for her.

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There has been a 48 percent increase in the month of May, 2008 in the US Foreclosure filings. A minimum of one foreclosure filing has been received by about 261,255 households throughout the nation in May. This is a great crisis situation that has provided a major setback to the real estate sector of US. A total of 10 states have been affected by the foreclosures. Among them, Michigan, Arizona, California, Nevada and Florida foreclosures are the highest rate of foreclosed homes.

The situation in Florida and California metropolitan areas is all the more worse. These include Cape Coral-Fort Myers in Florida, Calif and Stockton in California. A foreclosure filing has been received by one in every 118 homes in the month of May in Nevada. It is almost four times the US rate. Coming to California, a foreclosure filing has been received by one in every 183 homes. Some of the reasons that have been instrumental in avoiding the house foreclosures by the homeowners are as follows:

• A hammered criteria of mortgage lending
• Rising mortgage rates
• A fall in the value of home
• A weak housing sale strategy
• A decelerating economy of US

This has further aggravated the real estate scenario of US. According to a company based in Calif., California, the lenders in the month of May approximately took back 74,000 properties across the nation. Moreover, about 58,000 have been sent default notices. Though the government as well as the mortgage industry has taken initiatives to tackle the problem of foreclosures, but there is still a long way to go to manage it.

Rick Sharga, the vice president of marketing of RealtyTrac, a company that keeps monitoring the default notices, feels that about an approximate of 50-60 percent borrowers who gets default notice will likely have to part with their homes. The increase in foreclosures will bring down the prices of the properties, which is detrimental to the growth of real estate sector. This phenomenon has been markedly noticed in Arizona, California, Nevada, and Florida where the price during the heydays were sky-high and has fallen like anything presently.

The sale of foreclosure and distressed properties is highly visible in some parts of the nation. Even in some neighborhoods, a major cutting down on prices is being done by the lenders in order to free them from a tremendous figure of foreclosed properties providing a positive push to the real estate.

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Foreclosed homes are a serious problem that has put the homeowners in a situation of utmost despair. It has caused a great harm to the real estate as well. The Humboldt County foreclosures has shown its highest record of foreclosure filings this April over the last 30 years. There has been a total of 63 NODs this April and happens to be the highest. It was 51 NODs in January, 1981 and that was the second-highest record in Humboldt.

The defaulters have been sent notices after they have failed to repay within a deadline of 90 days. The condition has become all the more difficult as there has been an increase in the price of food and gas. The economists are highly tensed about this particular situation. Even the real estate is suffering a great loss due to this. The price of houses has gone down. The interest rates being high, the foreclosures problem is on the rise. However, Tom Hiller, the President of Humboldt Association of Realtors thinks that Humboldt County is still in a better off situation than other places in the state. He has said:

“Even with these new figures, Humboldt County ranks 53rd out of 55 counties in California as far as the population per number of foreclosure sales. In other words, our numbers are at the bottom of the heap.”

Erick Eschker, HSU Economics professor, has said that, “When prices go down, especially for people who purchased a home with no money down, they immediately have negative equity. They owe more than the house is worth.” Many of the homeowners of the Humboldt County are finding themselves in exactly the same setting. For example- A house that is on auction at Eureka has been estimated at $160,059 whose market value should be $217,902.

Tom Hiller expects that the demand for homes will climb up soon. It has been seen that the sales of home has shown a good prospect in the month of May. The low interest rates and prices are surely going to attract the buyers to buy homes. This is expected to reduce the home foreclosures in the near future. However, on the other hand, if there is a deceleration in the economic condition then the problem is going to continue. Various measures are needed to be introduced to combat the foreclosure problem and get rid of it as soon as possible.

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When it comes to foreclosure auctioning, often, as no third party bidders offered to buy the foreclosed properties the estates got auctioned off with the mortgage lenders repossessing their claims through the reclamation of these properties. Sean O’Toole of ForeclosureRadar.com has said that despite the situations of lenders often offering bigger discounts at courthouses and to auctioneers, 98% of the state’s foreclosed properties in April failed to draw much attention to seek buyers. The result was that the lenders took the bulk possession of these properties en masse. These properties come to be known as REOs due to their real estate ownership possessed by banks and other such financial institutions. The banks also try to sell off their homes through the real estate agents on the list of local listing services, in terms of property related issues.

The Santa Clara County averaged a discount of 15% off of the value being tracked as mortgage foreclosures. This means that the previous homeowner had held a mortgage rate balance of $400,000 while the lender had started the initial auction of bidding at $340,000. O’Toole has also suggested that the notifications of defaults are on the rise still with the foreclosure crisis still at a stage where it needs immense help and resurgence to get the overall economy coming back to stabilized normalization. The situation is deepening instead of balancing off on a level. In April, 44,101 notices of foreclosure had risen on a state-wide level. There has been a hike of 14% in April, as compared to January 2008. He has even commented that lenders failing to start approving their short sale periods rather quickly, would have to take the homeowners through the foreclosure process as soon as they can sense an end approaching.

A short sale occurs when a lender lets a homeowner sell part of the property for less than the balance acquired through mortgage so that long-term foreclosure gets avoided. But the approval process getting to be slow eats up a lot of time. Realtors tend to complain daily that to pay market for a particular house there has to be nodding and willing lenders who are simply not there at the most needed times. O’Toole has even said that the lenders’ best interests may be preserved in making a rapid short sale process and as the home prices keep dwindling down there comes the greater necessity to do so soon.

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The foreclosure filings occurring throughout the first quarter of the year had been some of the worst in recorded history. In Florida, at least one out of 242 households has had a filing. Locally, one out of every 311 households has received a filing.

The current announcement may be taken further ahead with the hope that the foreclosure trend is looking to be on a reversal stage. March had seen Florida and other local areas going through a phase of bad filings. Daren Blomquist of RealtyTrac has said that the month by month data could not be used to keep a track of these foreclosures until such events happened several times.

Mike Larson of Weiss Research, a housing analyst firm, has said that housing sales prices and foreclosure rates will continue to get worse over a period of time for this year. This prognosticated downfall will also see the biggest booms about to be hurt the most during this period.

While home values will keep dropping, the homeowners would get into serious financial trouble. More likely being foreclosed would be their only resort. In this rather unsettling and tough economy, there aren’t many options left in dealing with their properties. So, getting foreclosed seems to be the only way left for most of them.

The combination of weak housing sales along with decelerating home prices, as well as the mortgage lending crisis, and the slow process of the U.S. economy, have all left the entire nation strapped with few options rather than avoiding foreclosures. Many of the buyers cannot get the real value for their homes and get refinanced for an affordable loan. Both the government and the mortgage industry have been trying together in their attempt to stem over the foreclosure tide. However, the rising number of falling home prices has not lessened in any degree.

The statistics in April show that nearly half of the properties of the initial default prices have resulted in new entrants of homes under the list of foreclosed procedures. Roughly the equal amount of home loan percentage has been handled in the most successful way a year back. According to Rick Sharga of RealtyTrac, whatever marketing policy they have tried – to ward off foreclosures does not seem to have really worked for them.

The number of foreclosed homes too do not look to be falling any time soon. More than 54,500 properties have been repossessed by lenders all across the nation in April alone.

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California-based real estate tracker RealtyTrac reports that foreclosures have reached an unexpected 64,711 homes last month. Florida and Ohio has in fact got the dubious distinction of coming second and third in rank following suite to the Golden State.

Rick Sharga of RealtyTrac has said that the huge acceleration in the number of foreclosures have been a part of the continued fall from the down sliding of the housing market. With all these foreclosure issues taking a high toll, pessimistic Americans now fear buying new properties.

Sharga, the vice-president of his institution, also adds that there has been a massive amount of underwriting. About two years back, sub-prime mortgage loans along with adjustable rate loans that came back home to corrode homeowners on mortgage were under large spread circulation.

A lot of activity has been going on recently to take on constructive measures with foreclosures as the reality has taken a rather grim turn. Most of the problems have come out of affordability problems with people constantly ending up with properties that they simply could not afford in the first place. A careful review on this aspect might not have led to such a toxic rise in foreclosures.

Another problem in the housing sector has been bemoaning for months. Sharga has commented that without the federal government’s intervention, foreclosure filings might not have as high a rise as expected. The filings might not reach their peak until the third quarter of the year would come. There is also a major probability of a whole lot of bank-owned homes coming to the market this year. This increase of inventory of new homes meant for sale, would be working onto bring about a sustainable change in California real estate business.

Repossessed homes reached a high of 129% compared to the previous year, while foreclosure auctions had just shown an increase of a mere 32% in the current year. This is a sure sign of more homeowners now turning to their lenders other than spending money on buying foreclosed homes.

The major default rise in foreclosures have been due to homeowners simply walking away during a major sale, reports James J. Saccaccio of RealtyTrac. The different homeowners have differing drives for foreclose filings, considering their diverse situation. Shagra has said that in California, a number of overhauled homes and loans have been made available due to the overpaying of people which have actually resulted in a large number of foreclosures. With an election year coming up next year, it remains to be seen if the government will indeed take the necessary measures to further curb foreclosures in the country.

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As there are news being reported from the different counties about the court rulings bringing down the rate of foreclosures in the case of real estate properties, the latest addition is the ruling by an Ohio court that denied a bank to foreclose on a home in the lack of the strong proofs about the ownership of the mortgage by the bank.

In the similar cases, the county with the maximum cases of foreclosed houses, that is Ohio, saw the rulings on the similar lines by Attorney General Marc Dann. The trend is seen as the taming force to fight the crises put forward by the foreclosures.

The suit filed by the Wells Fargo Bank to foreclose on a North College Hill home was reported to witness the similar ruling by Common Pleas Judge Steven E. Martin in Hamilton County. The reason behind the ruling was again the weak proofs put forward by the bank’s lawyer to prove the mortgage ownership of the bank.

In a letter written by Martin to the lawyer of the bank mentioned that the plaintiff failed to justify its interest in the real estate property. The letter also warned the bank’s legal advisory firm, which is third highest in filing foreclosure suits, to come up with strong evidences in the future, while filing a case for the foreclosures.

The actual issue with the real estate mortgages is that the identity of the true mortgage owner is not known in most of the cases. These mortgages are sold from one hand to the other and thus, the banks are not the true owners of the mortgages. This is the reason that puts the banks in the hard situations.

The 40 percent of the total 1,733 cases related to foreclosures have been found to be lacking the true identities of the mortgage owners by law professor Katherine Porter.

Kevin Flynn, a lawyer and a teacher, is of the belief that the banks could easily prove their ownership for the real estate mortgage. However, he is also of the view, that the ruling by the court is an effective approach to bring down the percentage of foreclosures.

The former Methodist minister, Gloria Byrd is of the view that there is need to fight against this and take some revolutionary stands against such rulings. Nadine Ballard, who is the chief of the attorney general’s Consumer Protection Section, supports the view.

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Everywhere in the country, the much dreaded word is foreclosures but it has become such an avoidable word pertaining to real estate. This is because it is happening across the nation in massive numbers. Foreclosure filings doubled in the month of September 2007 vis-à-vis September 2006. This maybe due to the fact that those homeowners who are badly behind on mortgage payments defaulted further on their loans. Thus, it is estimated that a total of 223,538 foreclosure filings were reported in September, up from 112,210 in the same month a year ago, according to Irvine, California-based RealtyTrac. However, it was revealed that the number of filings in September lessened by 8 percent from August’s 243,947.

Despite the sequential decline, the September figures are not too reassuring at all. On the contrary, it represents the second-highest total for filings in a single month since the company began tracking monthly filings two years ago.

Take the example of recent burst of foreclosures in Nassau and Suffolk counties. The figures are unbelievable but true. The numbers rose by double digits. This was just for the third quarter, according to latest reports. The real estate segment has been really hit in the worst possible way.

Nassau, for instance, witnessed 1,241 foreclosure filings. This happened during July to September, wherein the obvious increase by 27.4 percent from the previous three months is a stunning fact. This is based on the details provided by RealtyTrac, which happens to be a highly reputed online marketplace for foreclosure properties.

Suffolk, another example for review, came up with 1,080 foreclosure notices. This means it was up by 14.4 percent from the prior quarter.

The facts gathered by RealtyTrac’s numbers are based on actual filings that happen during the three phases of foreclosure in real estate segment. These three phases are default, auction and bank reposessions. This is because each property is counted just once. There are some experts who are not too happy with the findings that are shared by RealtyTrac and even pinpointed to suggest that these numbers are inaccurate. In return, RealtyTrac acknowledged having some data collecting troubles during the year in specific places.

In comparison, the situation in Long Island is much worse than most people can imagine. Caught in the hotbed of foreclosure crisis, the figures are pretty bad. The number of statewide foreclosures rose from 12.1 percent to 14,272. With fewer alternatives, the homeowners are forced to lose their homes because they are unable to sell their homes or get a refinance option on their mortgages.

While there were always people in financial trouble, in the past they could sell their homes or refinance their mortgages to alleviate their burden, he said. That’s no longer as easy to do. The alternatives are becoming fewer and fewer. The future, in turn, looks bleaker than ever.

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A mortgage data company said on Thursday, that U.S. homeowners struggled in large numbers to meet their monthly mortgage payments this quarter, causing various properties at some stage of foreclosure or the other to double from last year.

According to Irvine-based RealtyTrac Inc. a sum of 446,726 households countrywide were involved in some sort of foreclosure activity from the period of July to September this year. This was an increase of 100.1% from the 223,233 properties in the same time last year.

Even over the last quarter this year, the current figure was higher by 33.9% over the 333,731 foreclosed properties in this year’s second quarter.

This made it one foreclosure filing for every 196 homes in the country for this quarter, according to RealtyTrac.

According to the report, only five states did not show an annual increase in foreclosure filings, including default notices, auction sale notices as well as bank repossessions.

Sometimes, one property may receive more than one notice in a quarter. Keeping all this in mind, 635,159 foreclosure filings took place this quarter, which was higher by 99.5% from a year-ago, and more by 30% from this year’s second quarter.

CEO of RealtyTrac, James J. Saccacio, issued a statement saying that August and September reported the highest monthly totals since January 2005, when the company started reporting foreclosure filings.

“Given the number of loans due to reset through the middle of 2008, and the continuing weakness in home sales, we would expect foreclosure activity to remain high and even increase over the next year in many markets,” he said.

Predatory loans started off as attractive options for homebuyers due to their cheap “teaser” interest rates, which kept monthly payments affordable, though just a small percentage increase in interest rates could translate into much higher payments, which is what happened.

With sales of homes on the decline, and property prices moving down or staying flat across many parts of the country, a lot of house owners are facing foreclosure as they can no longer afford to sell the houses they bought, despite the fact that they are unable to meet their mortgage payments.

RealtyTrac said that Nevada, California and Florida made up the three states with the highest foreclosure rates during the third quarter.

Nevada had a foreclosure filing for every 61 households, and16,817 filings for 12,982 properties.

California stood at the top when it came to net foreclosure filings, reporting a filing for every 88 homes.

Florida’s foreclosures stood at a filing for every 95 homes.

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For the plan, it has been decided that the site of a pilot program would start at Lawrence. This way, it would be an effective way to establish a dialogue with lenders and encourage these lenders to make the homes available for purchase in real estate segment. After all, this would be a blessing of sorts for most of the enthusiastic and anxious first-time buyers or local community development agencies. This would also be a more preferred and profitable option in comparison with the foreclosures process through public auction.

The full details of the new series of initiatives would be declared and explained without further delay. The fact that this program is part of a five-part plan is not known by every one. The purpose of this is mostly to bring about some stabilizing factors for those sensitive neighborhoods where the number of homes that are undergoing the process of foreclosures is mounting steadily. This point was specifically reiterated by the state undersecretary for Housing and Community Development.

While it would not be realistic to put an end to all foreclosures happening in Lawrence, a great number of families would still be saved from losing their homes. This is a stabilizing aspect.

The advantage of the proposed pilot program is that it persuades most lenders to agree for a short sale, rather than initiate foreclosures process. In a short sale, the lender accepts from the homeowner a sum that is less than the full mortgage balance due. This is mostly a cost based on the home’s assessed value of a home. Short sales are a great way to extend valuable help to homeowners who are in a state of extreme financial difficulty.

It would be noteworthy to mention in this context that Lawrence foreclosures doubled up 165 percent. This estimate is for the year that ends on July 31, according to ForeclosuresMass.com. Meanwhile in Essex County, the foreclosures increased 90 percent. This constitutes an increase of 76 percent. The figures simply go on…up, up and up.

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In Atlanta, foreclosures have just hit a new high, causing experts to comment once again that the sub-prime mortgage lending issue is still far from over.

Statistics in October which were released this Monday by Equity Depot, based in Alpharetta, stated that around 6,809 homes in around thirteen counties are in the process of being auctioned due to foreclosure. This is a massive thirty-eight percent rise over September, and an even bigger increase of 49% over the same month last year.

The total figure in net value of properties in the process of foreclosure in Atlanta has crossed one billion dollars! Barry Bramlett, an Equity Depot vice president said that “This is the largest swing we have ever seen from month to month”.

These statistics include those foreclosure properties filed in November as well as those which have already been served with legal notices to make it in time to go to foreclosure next month.

Bramlett commented that high interest rate mortgages or sub-prime loans are causing this growth in foreclosures in metropolitan Atlanta. These adjustable rate mortgages make up around 50% of foreclosure notices in 2007. “It truly looks like a sub-prime mortgage problem” Bramlett said. “We’re not seeing that many prime mortgages.”

For every four homes in metro Atlanta, one homeowner has depended on “sub-prime” mortgages. This has been an emerging trend over the last few years. These loans have a higher interest rate than normal loans, and are offered to those who don’t have good credit or have poor credit, or insufficient money to put down for a down payment.

It has been seen that sub-prime loans are likely to fail more than 10 times as compared to prime loans. Largely driven by interest rate resets in these adjustable-rate mortgages, experts anticipate that this will cause a further hike in foreclosures in the next three months, as homeowners will find it difficult to meet their monthly installments.

A Georgia Tech professor, Dan Immergluck, who is an expert on foreclosures, said
“Now that we are at this kind of quantum level up in terms of foreclosure activity, I think we’re going to start really seeing the effects on housing prices”.

Prices of real estate California and Florida already have declined, affected by this rise in the number of foreclosures. It is likely that a decline in prices will also take place in Atlanta, where foreclosures are already making more homes available in the market at a point in time when there is a slack in demand, Immergluck said. He also said that he feels that government action is required, especially to aid new buyers in getting a loan.

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CEO of RealtyTrac, James J. Saccacio said the national decline from a 32-month high in August was “a fairly broad-based retreat” with 39 states reporting fewer foreclosure filings than in August.

“Nevertheless, it’s important to note that September’s total was still the second highest monthly total we’ve seen since we began issuing our report in January of 2005″ Saccacio also said.

In a written statement he said that statistics provided by September’s numbers are too early to say whether there would be a lull for a month or whether they could signify that discount foreclosure properties are being snatched up as more buyers and investors are getting back into the market.

There was a national beginning of the wave of foreclosures which has been blamed on a variety of factors including the so-called subprime loans which was made to buyers with poor credit and adjustable rate loans with “teaser” interest rates that eventually reset to a much higher rate which was around 50 to 100 percent. So when the homebuyer fall behind in mortgage payments, the lender can go to court and have the property sold of at an auction.

Kentucky is another state where mortgage foreclosures dropped 17.6 percent and 8.4 percent nationally in September compare with August according to the RealtyTrac report. Kentucky had 751 new foreclosures in September, or one for every 2,484 households, RealtyTrac said. The national average was one foreclosure for every 557 households. Kentucky was ranked 36th among the 50 states, down from 34th in August.

RealtyTrac is a California based firm that compiles foreclosure data nationwide, said Kentucky’s total foreclosures in September were down 15.8 percent from September 2006, when the national foreclosure rush was just beginning.

The national foreclosures for September were up 99.2 percent from September 2006, the firm said.

For nine months in a row, Nevada had the highest foreclosure rate among the states — one for every 585 households – although there was a drop to an 11.2 percent drop from August in new filings.

Nevada was followed by Florida, California, Michigan and Arizona, RealtyTrac said.

There are six California metros and two from Florida, plus Detroit at No. 5 and Las Vegas at No. 9.in the top 10 in foreclosure filings for metropolitan areas.

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Florida, Nevada and California are the three states worst affected by foreclosure. Florida had one foreclosure filing for every 248 households. 33,354 foreclosure filings were reported by the State in September, down just less than 2 percent from August, though it was more than three times greater than September 2006’s total. California rate was one foreclosure filling in every 253 households. The state reported the most foreclosure filings of any single state with 51,259, down 11 percent from August but a fourfold increase from September of last year. Nevada was no better. It had one foreclosure filing for every 185 households which earned it the highest foreclosure rate for nine months in a row. The rate was down 11.2 percent from August and more than triple from September 2006 at 5504 filings for the month of September.

The other top 7 foreclosure rates were Michigan, Arizona, Georgia, Ohio, Colorado, Texas and Indiana. The foreclosure rate for the nation in September was one foreclosure filing for every 557 households. These statistics were given by California.-based RealtyTrac Inc who said that a total of 223,538 foreclosure filings were reported in September, up from 112,210 in the same month a year ago. The firm also said that the number of filings in September was down 8 percent from August’s 243,947.

Rick Shagra, Realtytracs Vice president for Marketing said that “august was an extraordinarily high month for foreclosure activity, so some falloff was almost predictable.”

In Manatee County, the foreclosures filed are already double of what it was in 2002, the earliest of its record. In the Manatee County Courthouse, foreclosure filings through Sept. 30 totaled a record 1,574 for the year. Very Reyna a court clerk who handles foreclosure auctions said “The County’s previous highest annual foreclosure filing record was only 901 in 2002.”

A real estate company said a few days back that foreclosure filings across the U.S. nearly doubled last month compared with September 2006, as financially strapped homeowners came closer to losing their homes to foreclosure and well as defaulted on their loans.

The filings include default notices, auction sale notices and bank repossessions. Some properties might have received more than one notice if the owners have multiple mortgages.

A borrower to be considered in default by a borrower must be 60 to 90 days past due on their mortgage payments which is the first stage of the foreclosure process. The home eventually goes to the bank, if a homeowner can’t find a way to get current on payments, after which the home is then often put up for auction, if it doesn’t sell.

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RealtyTrac Inc, a company based in California which tracks foreclosures across the country, says that since September last year, foreclosure prices have simply doubled as borrowers who have lower incomes are struggling to make payments on the mortgages. Foreclosure filings were huge a month back. California had the most with 51,259 filings and Florida was second with 33,354 foreclosure filings. The national foreclosure rate was one for every 557 households.

According to a report by the Credit Suisse Group, many subprime borrowers may lose homes because it is impossible for them to afford such high payments. Borrowers whose mortgages will reset through November face this problem and this amount up to as many as half of 450000 subprime borrowers.

Rick Sharga, executive vice president of marketing at Irvine, Calif.-based RealtyTrac believes that as soon as adjustments begin the borrowers are going default. This company keeps a track of foreclosures and says that foreclosure rate in August in some places in America were the highest in 42 months.

National Association of Realtors say that there will be decline of 24 percent of home sales making it a 10-year low of 804,000 and a fall of 11 percent to a five year low of the existing homes. According to the S&P/Case-Shiller home-price index, prices in 20 US Metropolitan areas fell 3.9% in the 12 months through July.

Mortgage Bankers Association in Washington gave a startling statistics which says that 7.3% of all home loans accounted for people lower incomes and this meant 44% of all new foreclosures.

Sharga puts forward two very interesting propositions. He says that the discount on unsold homes, offered by builders put pricing pressures on resale properties and the people who cannot afford that pressure are the ones who really need to sell their homes. These are the people in economic distress and give in to mortgage pressures. He also says that although the adjustable loans have lower introductory rates also know as the ‘teaser’, these rates can be manipulated by 50 to 100 percent over a period of two or three years. This means that a mortgage payment of 1500$ can increase to 3000$ after the adjustment.

Sharga also believes that there is a cyclic arrangement to this which means loans made in 2005 may “start to wind down” at the end of the year, while loans made in the first half of 2006 will probably lead to additional foreclosures in the middle of 2008.

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The number of properties in Maryland seen to be going in for foreclosure have gone up more than three times last month as compared to a year back, just as the country homeowners are found struggling with decreasing real estate prices and increasing interest rates.

Around 1,730 impending action notices were sent out in the last month, up from around 550 back in September last year. This was reported by California based RealtyTrac Inc. yesterday.

Unsold properties which had to revert back to lenders in September after there were no buyers at the auction went up 10 times from September 2006, to around 220 homes. Though there are a few commercial properties, the bulk of the homes on the list were residential real estate properties.

There has been a rapid rise in foreclosures nationwide, but no where it is as high as Maryland, says the RealtyTrac numbers. Auction notices shot up by 70 percent all over the country in the last month, and lenders had to take back more than double the properties than last year.

“The picture in Maryland is a troubling picture, and we cannot deny that. In virtually every corner of the state, foreclosure events have increased dramatically” said Thomas E. Perez, who is the state secretary of labor, licensing and regulation here. He added that “Given that there are so many adjustable-rate mortgage loans that are going to adjust upward in the near future, I’m very fearful that it will be some time before the problem truly abates.”

Foreclosures have been widely known to be largely affected by adjustable-rate and other so-called ‘special’ mortgages, which did add fuel to the boom in real estate in the past few years.

It’s quite a vicious cycle: With an increase in interest rates, lenders react to an increase in foreclosures by making credit availability tighter, due to which it becomes even more difficult for homeowners to refinance and stay out of trouble. A slowdown in real estate is another factor which dissuades borrowers from selling their homes in the market.

Housing counselors are of the opinion that a few borrowers took loans they couldn’t have afforded anyway right in the beginning, let alone making the higher mortgage payments which increased when rates shot up.

This problem seems to be far more serious in certain states which had a once smoldering real estate market and are now going through a slump like Nevada or Florida, and in few states facing economic problems, like Michigan and Ohio.

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As per the “Colorado Housing Division” (CHD), the rate of foreclosure filings will leap by 31 percent this year. CHD released the Projections last week. It was for the second time that the CHD has made such a statement. The news has been taken as being highly detrimental for the residents of the state.

In Pueblo too, foreclosure counts will soar as per the estimation of CHD. Records say that Pueblo County could experience an increase of 20% in foreclosure filings by the end of 2007.

The housing division also said that there will probably be a major increase in foreclosure cases in Adam County, Denver County and El Paso County.

In the data released for the last six months of this year, as per the housing division’s research amongst the Front Range Counties, Pueblo County ranks fifth in foreclosure filings on a per housing unit basis. There is at least one foreclosure filing for every seventy-eight inhabitant houses in Pueblo County. The figure was quite devastating for owners in the county.

In the foreclosure ranking list, Adam County is at the apex. The ratio of filings in this county is one foreclosure for every forty-five occupied homes. Amidst 2003 and 2006, the number of foreclosure filings has increased more than double. In 2006, this count soared by thirty-one percent, and this year there are chances that the number will further increase by thirty-four percent.

Foreclosure filing statistics released by the housing division form the basis of all the above estimations. Not all the foreclosure filings terminate in the form of home sales. However, the number of foreclosure sales is not good either. A foreclosure sale is the last stage in any foreclosure proceedings. Here, the house or the property of the owner is at a point of being sold in an auction, generally to recover as much of the remaining mortgage as possible. At this stage, the owner cannot take back the property even by re-paying the loan amount.

The housing division recorded 11,909 foreclosure sales in the entire first half of 2007 in Colorado. It is very likely that by the end of this year the situation will become worse than it was last year. In 2006, the number of foreclosure sales reported was 13,645.

Until now in 2007, Pueblo County saw 540 foreclosure sales, as per the report of the housing division. Data for 2006 is unfortunately not available to the housing division for foreclosure sales in the county. However, they said that they expect the figure to go up by seventeen percent this year.

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Experts are finding it very difficult to predict whether the foreclosure count will slow down this year in Colorado or not! Fear about the foreclosure filings touching levels of 40,100 by the end of 2007 is tormenting many homeowners. If it happens, then there will be an increase of 42 percent from last year’s 28,436 count.

In a recent report released by the Colorado Housing Division, around 19,467 foreclosures were reported in the state between January and July in 2007. As per their report, the expected figure of foreclosures by the end of this year is between 37000 and 38,100 homes. Division official, Ryan McMaken, added that the figures projected are little modest. He said they are very certain that the foreclosure filings will touch 40,100 this year. According to him, foreclosure proceedings generally gear up in the later half of the year. Public trustees too do not think that the count will go down.

In June, there were 10,015 foreclosure filings and more than half of these filings were reported through the second quarter. Kathi Williams, head of the Colorado Housing Division, is very certain that there will be a further increment in foreclosure filings. According to her, a decline in filings is very unlikely. The driving factor for this increase is the expected leap in the adjustable-rate mortgages and the piling stock of empty homes already present in the market.

Front Range has been adversely affected by foreclosures as the market is already loaded with dozens of inventories. Therefore, owners who want to pay back their mortgages by selling off their homes are unable to do so since there are very few buyers available for trading.

Colorado Housing and Finance Authority head, Roy Alexander, quoted last week that the situation in Colorado and at the national level will degrade more than what it is right now. However, he said that the homeowners who have bought homes by making use of CHFA financing are less likely to fall in the bracket of foreclosure. The reason, he said, is that they provide loans to low and moderate-income group people qualifying for these loans, and before availing these CHFA loans, they have to attend homeowner classes. In these classes, they are educated about the pros and cons of housing deals.

Through the CHFA financing scheme, 1576 houses were sold in the second quarter of this year for $ 140.93 million (mortgage) and $ 181 million was reserved for an extra 2045 loans.

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